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  1. Replies
    12
    Views
    685

    Sounds like there’s still an opportunity to plan...

    Sounds like there’s still an opportunity to plan around this accordingly, eg make sure you don’t take enough dividends to push you into the higher rate and try and time it for the end of the tax year?
  2. Replies
    12
    Views
    685

    I thought the normal CGT rate for basic rate tax...

    I thought the normal CGT rate for basic rate tax payers is 10%?
  3. No you do not. Out of scope supplies are excluded...

    No you do not. Out of scope supplies are excluded from your flat rate turnover and should therefore be excluded from Box 6. Unlike on the standard scheme, out of scope supplies are excluded from your...
  4. So is this a case of it splitting how it applies...

    So is this a case of it splitting how it applies the personal allowance to achieve the most tax efficient result?
  5. Yes, if as a result of a tax code adjustment Joe...

    Yes, if as a result of a tax code adjustment Joe Bloggs has overpaid tax after accounting for underpaid tax from previous years then he would be entitled to a refund at the end of the tax year. If he...
  6. Simple explanation: if Joe Bloggs is a higher...

    Simple explanation: if Joe Bloggs is a higher rate tax payer, then in order to collect £1k in underpaid tax, HMRC would only need to reduce the tax code by £2500 (i.e. 1000L) because the effect of...
  7. It *is* the next £37,500. The table above is only...

    It *is* the next £37,500. The table above is only correct if you have the normal personal allowance.
  8. The basic rate band is not "up to £50,000". It is...

    The basic rate band is not "up to £50,000". It is defined as £37,500 after allowances. If your personal allowance is higher or lower than the normal you still only get £37,500 of basic rate band...
  9. I repeat: your tax code != your personal...

    I repeat: your tax code != your personal allowance, it only affects how your tax is calculated via PAYE.

    You could have a tax code higher than the personal allowance to reflect some additional...
  10. It's as simple as filling out a share transfer...

    It's as simple as filling out a share transfer form (J30), filing it with your records and updating your company register, issuing new share certificates then updating Companies House at your next...
  11. Don't confuse PAYE tax codes with tax bands and...

    Don't confuse PAYE tax codes with tax bands and allowances as they aren't the same thing.

    Changing your tax code does not change your personal allowance or the tax bands, it simply changes how...
  12. The dividend zero rate band applies to whatever...

    The dividend zero rate band applies to whatever tax band your dividend income falls into after accounting for any personal allowance. This depends on a) your other income and b) how you have...
  13. I would continue to assume that you are, or may...

    I would continue to assume that you are, or may be held responsible, for determining your IR35 status just as the case is now. Carry on as usual. If HMRC goes after the foreign client it's their...
  14. Nothing much. I finally got around to starting a...

    Nothing much. I finally got around to starting a regular pension contribution a year ago with a £10k lump sum and now pay £1k a month. I will make additional pension contribs as and when funds allow,...
  15. No.

    No.
  16. No, it is consultancy services. Furthermore,...

    No, it is consultancy services.

    Furthermore, the "VAT MOSS" rules for the supply of digitally supplied services (e.g. software, downloads etc.) only applies to B2C supplies, not B2B supplies.
    ...
  17. Replies
    27
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    2,039

    You'll probably find most online accounting...

    You'll probably find most online accounting providers moving away from Yodlee in favour of open banking feeds - I have a suspicion they may be forced to. I know Yodlee are reputable but let's face...
  18. It's due to be 17% but don't rule anything out...

    It's due to be 17% but don't rule anything out because anything could change between now and April if there is a change of government.
  19. Replies
    58
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    1,538

    Poll: Smacking is a rubbish way of disciplining...

    Smacking is a rubbish way of disciplining children anyway.
  20. Replies
    39
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    2,960

    Simplest solution here is if the client doesn't...

    Simplest solution here is if the client doesn't make any determination or communicate anything to you regarding IR35, assume it is *your* responsibility as it is now. You can't go wrong this way. Do...
  21. Yes, YourCo is responsible for deducting at...

    Yes, YourCo is responsible for deducting at source any necessary taxes from payments made to you where applicable. For salaries this means operating PAYE.

    Dividends are irrelevant. They are not...
  22. I think you should read it carefully. That is...

    I think you should read it carefully. That is *not* what it says. Read ESM2051.

    All it actually says that any remuneration that YourCo pays yourself *in relation to the work performed for the...
  23. All it says is that you agree to deduct the...

    All it says is that you agree to deduct the appropriate income taxes from any remuneration paid in connection with your supplies to the agent.

    Fortunately you are not paid anything in connection...
  24. The obvious answer to this is that Labour can...

    The obvious answer to this is that Labour can call a motion of no confidence at any time. Arguably it would be wise to do so as soon as Parliament reconvenes. Despite the Tory spin about Labour...
  25. Replies
    15
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    453

    Which is why UK regulations do not permit regular...

    Which is why UK regulations do not permit regular plugs in bathrooms (or at least in safe zones). Because some people are that thick...
  26. It's not a company tax exemption, it's a personal...

    It's not a company tax exemption, it's a personal tax exemption. Remember as a rule, company provided benefits are almost always tax-deductible for the company, the issue is whether or not it's...
  27. It just has to be an "annual event", i.e. an...

    It just has to be an "annual event", i.e. an event one might reasonably expect to occur annually. It could be a Christmas party, or a Summer BBQ etc. You can have multiple annual events but the total...
  28. You only need to prove one of the three main...

    You only need to prove one of the three main pillars of defence. However QDOS will push for you to have all three bases covered. A “fail” doesn’t mean you are caught by IR35 but you will need to...
  29. It’s an exemption, not an allowance. If you...

    It’s an exemption, not an allowance.

    If you have multiple “annual” events you need to consider the aggregate cost per head within the tax year.

    See example 2:

    EIM21691 - Employment Income...
  30. If OP ever works on public WiFi and has a...

    If OP ever works on public WiFi and has a requirement to ensure the secure transmission of client data then that would surely suffice, even if there is incidental private use of said service.

    I...
  31. Replies
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    2,039

    Another good argument for moving banks IMO. I...

    Another good argument for moving banks IMO. I imagine FreeAgent are obliged to do this (is it something to do with the new Strong Customer Authentication thing?). There's no real excuse for banks to...
  32. This sounds like a complete and utter mess. If...

    This sounds like a complete and utter mess.

    If you're planning to retire soon, I would simply look into shutting down and getting all of your retained profit out in the most tax efficient way...
  33. How far back are we talking? Honestly, I don't...

    How far back are we talking? Honestly, I don't know if there's a limit on how far back you can claim, might be worth checking with your accountant. If I were to hazard a guess I would say it should...
  34. Aside from a few niggles with FreeAgent...

    Aside from a few niggles with FreeAgent integration (now sorted), Starling works well for me and is largely free (for now).
  35. Gotta admit, this is the most exciting season of...

    Gotta admit, this is the most exciting season of "Brexit" yet.
  36. It is possible, I did it although we have since...

    It is possible, I did it although we have since married. I only did a 75:25 split though.

    Do a search though, this has been discussed to death on here and I’m so bored of long winded discussions...
  37. Yup, did the manual upload + enable workaround...

    Yup, did the manual upload + enable workaround yesterday and sure enough a new transaction today was automatically guessed.

    Bit pissed off with FreeAgent claiming it "wasn't supported" and trying...
  38. Replies
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    1,317

    You're overthinking it. As QDOS say, it's a very...

    You're overthinking it. As QDOS say, it's a very minor pointer at worst (and could be meaningless). Also, QDOS view is going to carry more weight than anybody on here so if they aren't too fussed by...
  39. Further explanation which might explain why some...

    Further explanation which might explain why some people have this working.

    "Guess" needs to be enabled on a bank account for auto-explanations to work. This is enabled when you check the "Guess my...
  40. Bank statement as a last resort. It's a proof...

    Bank statement as a last resort. It's a proof that you spent something and I think HMIT would be lenient if it reasonably looks like a business expense.

    The real answer is take photos at the time...
  41. I've just been told by FreeAgent support yet...

    I've just been told by FreeAgent support yet again that this isn't possible.

    This is their bulltulip response, completely passing the buck to Starling when clearly this is something FreeAgent...
  42. This is a negotiation to be had with your...

    This is a negotiation to be had with your accountant (assuming you have no contractual basis for such a claim) and nothing more. If you're not happy with them it would be easier to simply move (and...
  43. Replies
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    1,932

    This is a potentially risky approach -...

    This is a potentially risky approach - particularly clearing it annually. If your DLA exceeds £10k then you need to pay interest on the balance or pay tax on the BIK. If you forget to clear it before...
  44. 1. If the client pays for it, happy days. I see...

    1. If the client pays for it, happy days. I see no IR35 implications of this, especially if it works out cheaper for the client this way - it's just a business agreement and its less paperwork.

    2....
  45. I assumed the reason it wasn't working is because...

    I assumed the reason it wasn't working is because it isn't a normal banking integration that FreeAgent have built from their side - it's built entirely from Starling's side (so I assume they are...
  46. It doesn't guess any of mine, even really obvious...

    It doesn't guess any of mine, even really obvious transaction descriptions like "MR CYCLING PROGRAMMER - SALARY - £AMOUNT THAT MATCHES PAYROLL RECORD".
  47. Bumping old thread but has anybody else realised...

    Bumping old thread but has anybody else realised that FreeAgent's Starling integration doesn't support automatic guessing of transactions like all other FreeAgent bank feed/imports since...well...
  48. Replies
    16
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    1,932

    I know of no cases where HMRC have successfully...

    I know of no cases where HMRC have successfully argued that monthly dividends (that are done legally with all of the requisite paperwork and sufficient profits) are actually "salary" so I suspect...
  49. Replies
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    4,274

    Sounds like utter bollocks to me. Tell your...

    Sounds like utter bollocks to me. Tell your accountant you are an IT business and you cannot do any business at all without a contract. That you are outside of a contract is irrelevant...you're still...
  50. I make it happen by telling clients/agents that...

    I make it happen by telling clients/agents that I’m only interested in remote roles from the outset. It may limit your leads but if you make your requirements clear up front then you can avoid...
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