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  1. Replies
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    People may say I'm biased, but I'd suggest the...

    People may say I'm biased, but I'd suggest the above.
  2. Replies
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    @Martin/Contratax - you're right that bold bit...

    @Martin/Contratax - you're right that bold bit does sound clear. Got a feeling I'd loosely seen that before but didn't read in detail, and thought it was just clarifying that it would be deemed...
  3. As NLUK suggests, the monthly fee is covering a...

    As NLUK suggests, the monthly fee is covering a variety of things. Glad you've been generally happy to date. When you say there's "no accounting work left" for us to do, we're still:
    - paying for...
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    We used to, reluctantly, and for a £200 premium...

    We used to, reluctantly, and for a £200 premium (ie £1,195+VAT+disbursements). However, there was an article in Taxation magazine circa 18 months ago that HMRC were starting to challenge these....
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    It will depend on the final situation with...

    It will depend on the final situation with regards to director loan/S.455. If those aren't resolved fully before you enter liquidation, expect a higher fee quote as the liquidator has to deal with...
  6. Yes...I'm on the fence whether it's a good thing...

    Yes...I'm on the fence whether it's a good thing overall (certainly part of me is inclined to think it is, even if it's accompanied by a big tax hike on dividends), but it does seem they'd be getting...
  7. This. Plus another joy we often see is HMRC amend...

    This. Plus another joy we often see is HMRC amend a tax code to collect a historic underpaid debt. The individual then does a personal tax return, where they don't mention the historic underpaid...
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    Naaa, don't speak to me(!) I wish small...

    Naaa, don't speak to me(!)

    I wish small company owners didn't take director loans! Always seems great in the short term, often causes problems further down the line. I didn't think there was a...
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    This. It is of course easy to muck up...

    This. It is of course easy to muck up bookkeeping, but that's (part of) why you have an accountant to periodically check in.

    FreeAgent's the market leader for contractors/freelancers. One beauty...
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    1,886

    That case is statutory redundancy, which is only...

    That case is statutory redundancy, which is only a non-trivial sum if you've been employed somewhere a while. IMO entirely different kettle of fish to ex gratia payments (the up to £30k tax free)....
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    Hmmm...if you're thinking that the average...

    Hmmm...if you're thinking that the average contractor can say "my client insisted I went PAYE" as a valid reason for paying themselves £30k redundancy, claiming it's personal tax free whilst also...
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    From my understanding, there's no suggestion of...

    From my understanding, there's no suggestion of stopping people leaving profits in the company. It would suffer corporation tax but no personal tax (no different to now).

    Seems all the parties are...
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    My views coincide with this post...

    My views coincide with this post. Short answer is "no", I don't see that contractors can claim £30k tax free redundancy from their company (assuming that's what you're considering).
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    Yes, I imagine that's the point. People working...

    Yes, I imagine that's the point. People working day in day out in their businesses (whether they be contractors with questionable IR35 status or owners of bigger companies) who want to take an income...
  15. I think it's worth distinguishing between: -...

    I think it's worth distinguishing between:
    - what is legally possible,
    - what is likely.

    Companies can be resurrected, even after being fully dissolved. Main times you'll see that mentioned on...
  16. Cynic would suggest they're hoping to snap up...

    Cynic would suggest they're hoping to snap up lots of potentially nervous/desperate ex contractors as PAYE employees. They can then be "sold" back to the same big corporates they used to work for at...
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    That's how I (naively!) anticipated most...

    That's how I (naively!) anticipated most corporates would react. Sounds promising like you suggest.
  18. Replies
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    Like you suggest if final net assets end up being...

    Like you suggest if final net assets end up being sub £25k, you can get CGT treatment via a cheap and cheerful strike off (no need for a formal MVL). The actual strike off costs about a tenner to...
  19. Agreed...so if lots of Ltd Co contractors are...

    Agreed...so if lots of Ltd Co contractors are already moving to umbrellas/permie anyway, it surely eliminates that motive?

    There will likely be lots of closures over the next 6-12 months. HMRC...
  20. *barrel? :wink I personally don't think you're...

    *barrel? :wink

    I personally don't think you're right on this. I've explained why in another thread recently, but in short, it's not worth their while. Lots of effort, for individually modest gains...
  21. My general view would be to keep the company...

    My general view would be to keep the company ticking over a short while, until you're more confident of the future of your umbrella role. If 3 months in you're happy with them, they're happy with...
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    I just think it relies on quite a few steps: 1)...

    I just think it relies on quite a few steps:
    1) I don't think HMRC will know who your Ltd Co's clients are, they'll just know overall turnover figures.
    2) I don't think HMRC will know who the end...
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    To answer your second question, our sister...

    To answer your second question, our sister company MVL Online tends to suggest 4-6 weeks to get first distribution of ~75% of the company's funds, and 4-6 months to get clearance and pay out the...
  24. My understanding is it's basically impossible for...

    My understanding is it's basically impossible for a contractor to qualify for this. See here for an article of a few years ago.
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    Assuming these are valid business expenses, then...

    Assuming these are valid business expenses, then they are fully deductible. I think the 19% has confused you. I highly doubt the accountant was saying you can only claim 19% of your travel costs. I...
  26. Even I don't feel IR35 changes should be scrapped...

    Even I don't feel IR35 changes should be scrapped just to keep contractor specialist accountancy firms in business...and I'm of course going to be at one extreme when it comes to bias re this!

    I...
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    I'm a bit surprised by this. It's one thing using...

    I'm a bit surprised by this. It's one thing using such a tool on your own internal contractors. It's another letting other companies use it for theirs.

    Presumably it would then come with hefty...
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    I (wrongly) thought the introduction of the...

    I (wrongly) thought the introduction of the "dividend tax" was going to lead to the end of IR35. Ie acceptance that IR35 didn't really work, instead just reducing the tax differential of operating...
  29. Sticky: It's something clients do ask about. I think main...

    It's something clients do ask about. I think main reason is from their perspective if they can get everything they need relating to their Ltd Co from one supplier, it makes their life easier.

    We...
  30. Remember the submission would still be going...

    Remember the submission would still be going through under the accountant's HMRC details, so whatever numbers are submitted will be linked with the accountant. So yes, the actual accounting work may...
  31. I did think the same...glad another accountant on...

    I did think the same...glad another accountant on here to back me up on that so it doesn't just look like we massively overcharge!
  32. Hehe, it's nice to see some sympathy for the...

    Hehe, it's nice to see some sympathy for the accountants re all this, I imagine most contractors have a :violin: view on us!

    We're certainly gearing up for a rough 12 months ahead, though we...
  33. Wow...if that's a one off and you have no other...

    Wow...if that's a one off and you have no other working relationship with them, then that's a bargain IMHO.
  34. I imagine that's a bolt on to a Ltd Co package?...

    I imagine that's a bolt on to a Ltd Co package? Ie I highly doubt they'd do a personal tax return for someone they have no other working relationship with, from scratch, for £50. From an accountant's...
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    I mainly agree with ladymuck here...though there...

    I mainly agree with ladymuck here...though there could certainly be situations a contractor has two concurrent contracts, both being inside IR35. Ie it'd be negligibly different to someone having two...
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    Yeah I'm with Lance on this, I assume the 2 year...

    Yeah I'm with Lance on this, I assume the 2 year thing you're referring to is the TAAR re doing similar activity again soon after liquidating.

    Becoming an employee in a similar sector to where you...
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    With my understanding of your plan, you wouldn't...

    With my understanding of your plan, you wouldn't need an MVL. At least not for tax reasons. Are you thinking an MVL over a strike off is somehow better to close things off formally (totally ignoring...
  38. Thread: The end of ER?

    by Maslins
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    Yes, but I imagine the typical person going...

    Yes, but I imagine the typical person going through an MVL will either:
    1) have already taken divis up to top of basic rate band (as 7.5% rather than 10%), and/or
    2) is going into a high paid...
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    Not that I'm aware of...I just don't think it's a...

    Not that I'm aware of...I just don't think it's a good option. I've elaborated on my views a few times on here before, so apologies but I can't be bothered typing it all up again. I'm sure you can...
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    This. It is an area of growing popularity...

    This. It is an area of growing popularity (personally I'm not convinced it's the best idea, but appreciate it's not clear cut either way). However, because of the increased popularity, it can be a...
  41. If this is bespoke consultancy to one client,...

    If this is bespoke consultancy to one client, then it won't fall under those rules.

    The digital services stuff is more for "produce once, sell to many" situations. Eg you write an app/ebook/video...
  42. Have never done it in practice, but my...

    Have never done it in practice, but my understanding is it will be taxable as dividends in the year of your return. Therefore the rate will depend on tax rates in place at the time, as well as your...
  43. Two separate things here: 1) anti phoenixing...

    Two separate things here:

    1) anti phoenixing (TAAR) rules, that it sounds like you may be aware of. This is only relevant for capital gains following a liquidation anyway, which doesn't sound like...
  44. Thread: ER Advice

    by Maslins
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    Use an umbrella for contracts for the next couple...

    Use an umbrella for contracts for the next couple of years? HMRC haven't categorically confirmed that would be safe (like they have with PAYE role for an unconnected employer), but my personal view I...
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    So just to check, no income has ever gone into...

    So just to check, no income has ever gone into your Ltd Co (either from a client, or you putting personal money into a company bank account)?

    If so, I'd suggest just Googling "DS01", and following...
  46. Your typical inside vs outside IR35 calculator...

    Your typical inside vs outside IR35 calculator should give you a reasonable guide (with the inside figure being equivalent to salary). They're not perfect, and in particular normally assume:
    - that...
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    That was cojak's prediction, don't blame me ;) ...

    That was cojak's prediction, don't blame me ;)

    Re the OP, fixed deliverable for fixed price should lead to a crystal clear outside IR35 IMHO. Obviously the tricky bit is getting nailed down...
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    Possibly you're thinking of a "CVL" (Creditors...

    Possibly you're thinking of a "CVL" (Creditors Voluntary Liquidation) rather than a CVA? A licensed insolvency practitioner could help with this.

    However, if the main reason the company can't...
  49. Fair point with the second sentence above. I...

    Fair point with the second sentence above. I think people (worker and client) will be more careful this time. Also that was people moving "the other way" so to speak.

    Re first sentence quoted, I'm...
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    ^^This. As things stand, looks like there will...

    ^^This.

    As things stand, looks like there will still be options for outside IR35 opportunities with:
    - "small" UK clients,
    - overseas clients,
    - braver big UK clients.
    NB I appreciate for the...
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