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  1. Thread: Loans advice

    by xenomorph
    Replies
    16
    Views
    836

    yes so plan to take out as dividends in next tax...

    yes so plan to take out as dividends in next tax year.
    I got a warchest still in company to pay myself if I am out of contract, then I got my usual dividends for the year which I keep at low tax...
  2. Thread: Loans advice

    by xenomorph
    Replies
    16
    Views
    836

    Some of those assumptions are wrong: - I have...

    Some of those assumptions are wrong:

    - I have 4/5 month warchest in my company the rest of that is for deposit and stamp duty so dont want to dig into that.

    If I used warchest to pay off debt...
  3. Thread: Loans advice

    by xenomorph
    Replies
    16
    Views
    836

    yeah im thinking pay off cards via directors loan...

    yeah im thinking pay off cards via directors loan by xmas and then I will have 4 months of no debt before mortgage in May.
    can think about how to pay off the loan in December next year to avoid...
  4. Thread: Loans advice

    by xenomorph
    Replies
    16
    Views
    836

    yup thats what I been doing. :) however for the...

    yup thats what I been doing. :)
    however for the extra if I do the same then I wont have enough to cover the cards as 32% of that would be saved aside for tax.
    so my option are directors loan which...
  5. Thread: Loans advice

    by xenomorph
    Replies
    16
    Views
    836

    Yes i agree but sadly its not as simple as that....

    Yes i agree but sadly its not as simple as that.
    If I take dividends this tax year to clear all credit cards then I will then need to take some form of credit or loan to pay the extra tax on that....
  6. Thread: Loans advice

    by xenomorph
    Replies
    16
    Views
    836

    So for that option if my account year end is...

    So for that option if my account year end is April 2021 then I have to pay it back to my company by December 2021?
  7. Thread: Loans advice

    by xenomorph
    Replies
    16
    Views
    836

    Not planning on getting property until earliest...

    Not planning on getting property until earliest May 2021.
    My accounting year end is April 2021.
    2 of the cards I am paying interest currently and other 1 interest starts June next year. So ideally...
  8. Thread: Loans advice

    by xenomorph
    Replies
    16
    Views
    836

    Loans advice

    hi all
    I am looking to clear my credit cards before I purchase property next year.
    So far I been looking into personal loans with 6% interest rate vs dividends.
    I want to avoid dividends as...
  9. Replies
    11
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    614

    will take a look at AJ HL are annoying as they...

    will take a look at AJ
    HL are annoying as they are missing my apartment number so want me to post details and fill in form. its the digital age dammit and why do they have flat next to me but not...
  10. Replies
    11
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    614

    nope

    nope
  11. Replies
    11
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    614

    does AJBell do similar to vanguard tracker funds?

    does AJBell do similar to vanguard tracker funds?
  12. Replies
    11
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    614

    looked at II but fees seem to be quite high if...

    looked at II but fees seem to be quite high if your current SIPP value is low.
    Penfold charge 0.25% per year of your SIPP value.
  13. Replies
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    614

    Penfold Pension

    Hi all
    Anyone had experience with Penfold Pension?
    They are meant to be a self employed specialist but also can accept ltd company directors or employees.
  14. Replies
    7
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    610

    Its AXA PPP.Buisness Medical. The same offering...

    Its AXA PPP.Buisness Medical.
    The same offering on the personal one works out £80 a month.
    I have excluded following:
    - No in person Private GP
    - No Cancer cover
    - No physio cover
    - Limited...
  15. Replies
    7
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    610

    thanks Its with AXA PPP Business Select...

    thanks



    Its with AXA PPP Business Select
    Includes full London hospital list
    no cancer cover (NHS only but they pay for medication)
    no dental extra
    full out patient
    full mental health
  16. Replies
    7
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    610

    Group Medical Insurance

    Hi all

    So I have set up a Group/Business Medical Insurance via my Ltd Company.
    Value is less then £50 a month so much cheaper then personal plan.
    Accountant said I will need to fill in P11d but...
  17. Replies
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    190,812

    Sticky: Looks like HL online systems are messed up. They...

    Looks like HL online systems are messed up.
    They dont list my apartment when I put in my postcode!
    So have to do it via post.

    I went Vanguard last month but only just told me they dont support...
  18. Replies
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    1,032,271

    Exactly The biggest issue here with clients...

    Exactly

    The biggest issue here with clients currently is the ways of working needing to change completely. I suspect not all clients will want to make these changes so they will probably stay...
  19. Replies
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    1,032,271

    That maybe true but in my area overseas is not...

    That maybe true but in my area overseas is not possible.
    So its either keep people outside or replace contractors with perm staff.
  20. Replies
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    tell that to others here :) I not applied for one

    tell that to others here :)
    I not applied for one
  21. Replies
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    35,275

    only way I see of using it without increase of...

    only way I see of using it without increase of self assessment taxes is keeping loan in company and then paying it back. so only using it as a backup if you have no clients.
  22. Yes and even from a client perspective its not a...

    Yes and even from a client perspective its not a good idea. Yes they may save money but if I left then how long would it take other person to find replacement.
  23. Replies
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    1,032,271

    from just IR35 point, I think its not as black...

    from just IR35 point, I think its not as black and white in terms of no outside roles will be around from next year or very rare ones.
    I not contracted for private sector only public but in Public I...
  24. Replies
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    35,275

    :frown

    :frown
  25. Replies
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    35,275

    oh haha i read that as not if you ARE working...

    oh haha
    i read that as not if you ARE working through LTD
  26. Replies
    328
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    35,275

    how would that work? if you transfer the BBL...

    how would that work?
    if you transfer the BBL amount to your own bank as a Loan then you have to pay back the loan in 9 months which would need to be via extra dividends which will get taxed.
    If you...
  27. Replies
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    35,275

    what do you mean?

    what do you mean?
  28. Replies
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    1,377

    yeah I used the voucher to get the higher cost...

    yeah I used the voucher to get the higher cost option and now thinking do I need it.
    I could have spent that money on IR35 insurance instead which would be handy knowing whats coming next year.
  29. Replies
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    1,907

    Yeah the BBL was only suggested to clear debt and...

    Yeah the BBL was only suggested to clear debt and not use for deposit.
  30. Replies
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    35,275

    the whole using it to clear credit cards dont...

    the whole using it to clear credit cards dont make sense
    if you take out say £8k and cleared off the cards then you would need to take it as dividends and pay income tax on it after 12 months. So...
  31. Replies
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    1,907

    Can you even use BBL to loan yourself for...

    Can you even use BBL to loan yourself for personal use? I thought it was only for business use.
    It states "has been adversely impacted by the coronavirus" is one of the criteria for being eligible....
  32. Replies
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    1,907

    So when I said taking loan out I did not mean...

    So when I said taking loan out I did not mean that I wont have the money left in the company to cover it post CT and VAT.
    That is all under control and I expect to have 6 month warchest left in...
  33. Replies
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    1,907

    The amount is quite high over 30k but if I take...

    The amount is quite high over 30k but if I take it as a loan from my company then some mortgage brokers may not accept it as a form of income for a deposit.
    I will look into personal loan and...
  34. Replies
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    1,907

    Accountant just said only way is taking it as...

    Accountant just said only way is taking it as dividend and accepting that you will go into the second tax bracket.
  35. Replies
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    1,907

    Withdrawing for deposit

    Hi all

    Whats the most tax efficient way of withdrawing large sum from my company account to pay for a house deposit?
    Not buying at the moment but if I find out now best way to do it then can plan...
  36. Yes it would me by company having contract with...

    Yes it would me by company having contract with other persons company.
    Will have a look at those templates and see what they think about payment terms.
    Thanks all
  37. :eek: oops did not even notice that! cant edit...

    :eek:
    oops did not even notice that!
    cant edit it now :(
  38. You mean ensure the contract is checked for...

    You mean ensure the contract is checked for grammar and spelling errors?
    Or you joking? lol



    They mentioned I could get better rate as less fees will be charged on the day rate vs against...
  39. Apart from payment terms is there anything else I...

    Apart from payment terms is there anything else I should be aware of?
    Anything to cause problems.
  40. So there are no non-compete clauses in my current...

    So there are no non-compete clauses in my current contract so that part is fine.

    This is all early talks at the moment, so not seen any contracts.
    However yes I would not be comfortable with...
  41. Yes currently I am working for them via agency.

    Yes currently I am working for them via agency.
  42. Hi So no there is no agency in this situation....

    Hi

    So no there is no agency in this situation. So would look like:

    My LTD Company > Another contractors LTD Company > End Client.
    So essentially the contractor is bidding for a contract with...
  43. Advise on contracting via another ltd company

    Hi all

    So need some advise on any major risk of the following
    If I were to work for a client via another contractors ltd company instead of a agency then what would the main risk for me be? One I...
  44. Thread: warchest etc

    by xenomorph
    Replies
    34
    Views
    2,098

    a lot of my money at the moment goes towards rent...

    a lot of my money at the moment goes towards rent in London and bills. 60% dividends I pay myself goes on just that! :(
  45. Thread: warchest etc

    by xenomorph
    Replies
    34
    Views
    2,098

    well there is a good chance that I go back to...

    well there is a good chance that I go back to being a permie after buying like I mentioned.
    yes I can loose my job still as a permie but risk are less then with contracting as usual
    only issue with...
  46. Thread: warchest etc

    by xenomorph
    Replies
    34
    Views
    2,098

    good points everyone my main thing is getting...

    good points everyone
    my main thing is getting the buying house out of the way.
    reason I left perm job is so that I can save up for deposit so once I done that I can go back to permie as who knows...
  47. Thread: warchest etc

    by xenomorph
    Replies
    34
    Views
    2,098

    haha need to read up on pensions too as...

    haha
    need to read up on pensions too as currently just got Aegon which is what my employer used to use so just stayed with. PensionBee is interesting from what I seen.
  48. Thread: warchest etc

    by xenomorph
    Replies
    34
    Views
    2,098

    yeah I deffo want to leave 6 months worth of cash...

    yeah I deffo want to leave 6 months worth of cash in cmpny in case of problems.
    will look into loans instead if I come to buying property time and I not got enough for deposit withdraw plus 6 months...
  49. Thread: warchest etc

    by xenomorph
    Replies
    34
    Views
    2,098

    You talking about leaving that warchest money in...

    You talking about leaving that warchest money in company accounts right and not withdrawing?
  50. Thread: warchest etc

    by xenomorph
    Replies
    34
    Views
    2,098

    warchest etc

    hi all
    I now been contracting for 9 months.
    My main goal is to purchase a property next year spring/summer time.
    In terms of saving, I been keeping all profits in my ltd company and only paying...
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