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  1. It's the lower of £2917 or 80% of your net earnings

    As per the Coronavirus bill which is currently going through the parliament it is lower of either £2917 or 80% of average earnings last three years.

    We don't know yet Director/Shareholder...
  2. Covid-19 rescue deal for Self employed.

    Daily mail reports Chancellor might announce a rescue deal for self employed today.
    Watch this space, will update when I get more details.
    More likely to be three year average of your SA302.
  3. Yes It is postponed

    You can see the link in here

    Parliamentlive.tv - House of Commons

    Change the start time to 18:50

    Thanks
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    Have you spoken to your accountant and considered...

    Have you spoken to your accountant and considered implications on S455?
  5. Replies
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    Welcome back!

    Startup entreprenuers like us strive to be like you one day! What you did for contractors and freelancers is quite legendary! Welcome back and wish you all the very best....
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    Excel is fine for record keeping but ensure 10K...

    Excel is fine for record keeping but ensure 10K miles are accumulated correctly for personal Financial year. In addition to recording miles, we advise clients to keep fuel receipts, Yearly MOT certs,...
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    No Changes to Corp tax rates. If you live in...

    No Changes to Corp tax rates. If you live in Scotland - Your tax rates way different.
    Higher tax band is £44,274.
  8. Sticky: Calculators are based on assumptions (some are...

    Calculators are based on assumptions (some are not realistic). Each individual has different circumstances so best to do one for your self on an excel. Happy to share a template we use for our...
  9. I wish he quoted as "We are the party of small...

    I wish he quoted as "We are the party of small business and the champion of the entrepreneurs, Contractors and Freelancers" :tongue
  10. Nothing... Worth reading this....

    Nothing...
    Worth reading this.
    https://www.contractoruk.com/news/0013494ir35_consultation_delay_puts_april_2019_start_doubt.html
  11. Spot on!

    Spot on!
  12. BIK is calculated based on list price, CO2...

    BIK is calculated based on list price, CO2 emission etc. You cant claim full VAT either I suggest you speak to your Accountant to understand this.
  13. Spring Statement 2018 - Like to hear the feedback from the contractors.

    "We are the party of small business and the champion of the entrepreneur," said the Chancellor...True?
  14. You can speak to WIS Mortgages - They should be...

    You can speak to WIS Mortgages - They should be able to help...
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    You also need to consider whether accountancy...

    You also need to consider whether accountancy firm will offer free online portal/software (replacing excel) and ready to answer your questions quickly and accurately....
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    Even though you contracted for 6 months - the...

    Even though you contracted for 6 months - the work involved in filling accounts is the same. But I agree its on the higher side.
  17. you are right - Its me and not you...

    you are right - Its me and not you...
  18. :violin::music:

    :violin::music:
  19. Replies
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    Yes you can apply for exemption from pension...

    Yes you can apply for exemption from pension regulation. You need to tell them your company is not a employer for pension regulation purposes via this link....
  20. Best you sit with an accountant who can take you...

    Best you sit with an accountant who can take you through the differences Employer/Employee, Opt in/Opt Out etc. Pension regulators penalties are quite hefty compared to HMRC so best you speak to an...
  21. Your company = Employer, You = Employee. See...

    Your company = Employer, You = Employee. See below from Pension regulator

    Automatic enrolment for directors

    I'm the only director of my own company - do automatic enrolment duties apply to me?...
  22. Lot of confusion about this from every client I...

    Lot of confusion about this from every client I speak to, you can "exempt" your self as an "Employer" for pensions if you are the only one in the company.
    ...
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    1. Check whether the accounts have a) Aberiviated...

    1. Check whether the accounts have a) Aberiviated Companies House accounts b) Detailed Profit and Loss for HMRC c) Detailed balance sheet d) CT600 (Corporation Tax return)
    2. Go through each number...
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    Hi Myright, Contractor accountants specialise in...

    Hi Myright,
    Contractor accountants specialise in clients who are similar to you. They go extra mile to review your contract for IR35, Provide with you a structure to maximise your return. Some of...
  25. Both do not support UK accounting, best to go...

    Both do not support UK accounting, best to go with an accountant who offers free online software, which meets your needs. If you are thinking of forming a UK company, you also need to think about...
  26. There are plenty of contract specialised small...

    There are plenty of contract specialised small accountancy firms like us who do not charge. You can buy them a coffee if you wish :-).
  27. Sticky: Check the accountants who offer free online Portal without additional charge!

    Some contractor specialised accountants offer online portals without additional charge. Best to speak to some of them too!
  28. Sticky: We use our own online portal designed towards...

    We use our own online portal designed towards Contractors - We give it free of charge.
  29. Sticky: If you comparing Prices - check the small prints on T&C

    Hi m00,
    If you are choosing an accountant based on price, you need to ask few more questions, such as Do they charge extra for Self Assessment returns?, Do they charge extra for issuing refference...
  30. Correct - We are a small firm and we like to...

    Correct - We are a small firm and we like to honest and upfront of our fixed fee. We do not treat our clients as commodities so make every effort to meet them personally. If Debz had an idea of...
  31. Biggest Fee I've come across...

    Agree with Kenny..
    I wish there is an comparison website like money supermarket for accountants..:happy
  32. Replies
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    No such limit. Interested to know who told you...

    No such limit. Interested to know who told you...
  33. Replies
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    2,548

    Hi Noobs, When you appoint an accountant you...

    Hi Noobs,
    When you appoint an accountant you need to check whether they offer free company formation (you should have saved £240), fixed fee for all the services (PAYE, VAT, Annual Accounts,...
  34. You also need to be mindful of Accounting year...

    You also need to be mindful of Accounting year end dates, Corp tax filling dates etc. Pls read other things you need to consider on this thread..
    ...
  35. Sticky: Few clients we had recently from other...

    Few clients we had recently from other accountants had the same sentiment. We like to meet our clients face to face, build a relationship and trust. Lot of our clients are referrals and we do not...
  36. try UK Tax Calculator 2015 2016 - Updated for the...

    try UK Tax Calculator 2015 2016 - Updated for the 2015/2016 and 2016/2017 Tax Year you should use multiple income calculator under personal tax.
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    Add to Simon's point - if your spouse currently...

    Add to Simon's point - if your spouse currently benefits from flat rate VAT - combined income might pass Flat rate VAT threshold - this might be an issue too.
    It's hard to advise without looking at...
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    Totaly agree - anyone who thinks of quit...

    Totaly agree - anyone who thinks of quit contracting should do a salary calculator based on PAYE and do a comparison. :smile
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    Need to look at the detail report...

    Lot of questions still outstanding, whether personal allowance can be used against Dividends or just Dividend allowance allowed...
    Anyways time to clear inbox with client queries on Budget 2015.
  40. Replies
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    Knock knock accountant here...

    I did some numbers and as per my workings Optimal salary (if you do not qualify for Employer allowance) is £11,000 for FY 2016/17. Happy to share the excel if anyone is interested.
    Also if your...
  41. Replies
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    Well said...I think if you go into detail -...

    Well said...I think if you go into detail - benefits of Flat rate VAT, ability to employ spouse are still attractive. I agree it's not the same saving as current but this always better than PAYE...
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    Got to look for that silver lining..:-). Thanks...

    Got to look for that silver lining..:-). Thanks for your input into this threat - highly appreciated!
  43. Replies
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    agreed if that the case Osbourne will argue...

    agreed if that the case Osbourne will argue employer allowance is not applicable...
  44. Replies
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    Yes definitely this is a worst budget for...

    Yes definitely this is a worst budget for contractors - I didn't complicate calculations with CT (which I will do shortly). I was trying to highlight the fact that Net Vs Gross dividend impact. Thank...
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    Thank you everyone!

    A Big thank you to everyone for taking time to post on this thread - really appreciate it!
    One thing that was missed or I couldn't see in the discussions was that from 2016/17 Gross Dividend = Net...
  46. Hi, I think you need to look at company and...

    Hi,
    I think you need to look at company and personal tax separately to make it easier to understand. For 2 Director companies (if other director is your spouse) - my understanding is you can claim...
  47. Replies
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    You can't pay £1 per hour - remember the national...

    You can't pay £1 per hour - remember the national minimum living wage will be £9...heheheeee
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    Does this mean HMRC starts dialog with...

    Does this mean HMRC starts dialog with "Contractor" business or with Top 4 accounting firms. Top 4 are really pushing for restrictions on PSC. Greedy to share the fee income by small firms like us....
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    Isn't it cheaper for you to incorporate a new...

    Isn't it cheaper for you to incorporate a new company?
  50. Replies
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    I think thats too big of a statement. Remember...

    I think thats too big of a statement. Remember you still do not pay NI on Divs, plus not forced into contributing into pensions, plus sharing the tax burden with spouse - all this is still possible...
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