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  1. Replies
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    Own year end accounts

    Hi Chloe,
    I have been doing my own accounts for years now and it isn't complicated. If you have a previous years accounts to hand it is easy to see the figures you will need to tot up. Then work...
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    Time for a change

    I have been contracting since 1988 with very few voids. This time around it has been over a year. First Brexit, then IR35, have both taken their toll on the market, the latter more so. So I have...
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    Yes Yes Yes Yes. OP has paid tax on 25k but...

    Yes Yes Yes Yes.

    OP has paid tax on 25k but only used half allowance. Therefore he could draw 5500 for remainder of year and have already paid correct tax on 25000+5500. Therefore no further tax...
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    Suspect you are right as to confusion. I suppose...

    Suspect you are right as to confusion. I suppose the simplest way of looking at it would be if OP has 11000 allowance and is half way through year he could take 5500 salary over remainder of year and...
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    Thank you! :happy It is relevant to the OP but...

    Thank you! :happy
    It is relevant to the OP but seems to have been hijacked by others and taken off in another direction which wasn't anything to do with the original post.
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    I'm not, but given up trying to convince people....

    I'm not, but given up trying to convince people.
    It isn't the Employers who dictate this it's HMRC.
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    I am sure he is :smile

    I am sure he is :smile
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    Not you NL. You have been unusually quiet :tumble:

    Not you NL. You have been unusually quiet :tumble:
  9. Replies
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    "He seems to think"? I know that is how it works....

    "He seems to think"? I know that is how it works. :smile
    I wasn't saying earning money does not increase your liablity to be taxed on it at any point in my posts. The OP was told he had no more...
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    There really are some ignorant morons on this...

    There really are some ignorant morons on this site!
  11. Replies
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    No idea, but you will not receive 11k tax free....

    No idea, but you will not receive 11k tax free. Only 11k/12 will be tax free IF you are paying it through PAYE using the cumulative method

    See below which both explains and confirms what I have...
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    [/B] No you're wrong (partially). That's not...

    [/B]


    No you're wrong (partially). That's not how it works.

    The tax is calculated on what you have earnt to date not on what you expecting to earn in the rest of the year. Although there is an...
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    I have explained it several times in several ways...

    I have explained it several times in several ways and it appears on a few of you disagree with my statement.

    You need to think about Permiedom and PAYE, not Contractordom and PAYE. We can operate...
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    Well ignoring all the childish insults: The...

    Well ignoring all the childish insults:
    The point I am trying to make is at the end of his permanent employment which was 6 months into the tax year he had only utilised 50% of his annual allowance....
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    OK one last attempt. The fact that the allowance...

    OK one last attempt.
    The fact that the allowance is split up into 12 Monthly chunks makes all the difference. He has only used 6 chunks via PAYE for BigCo. Therefore he has 6 left as he left half...
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    I give up. Talk to your accountant.

    I give up. Talk to your accountant.
  17. Replies
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    As he was under PAYE he would only have used part...

    As he was under PAYE he would only have used part of his allowance (11000/12*6)= 5500 and paid tax on 19500. Therefore he still has 5500 left. The fact he has already been paid over 11k is...
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    Personal Tax Allowance

    Hi,
    I'm not sure you are correct about having no tax allowance left. Under PAYE the annual allowance would normally be broken down into monthly chunks of allowable income before applying tax in a...
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    In the paragraph you are using a 10% dividend...

    In the paragraph you are using a 10% dividend credit to get 32.5 down to 22.5, but there will no longer be this credit. Therefore LTD still pays CT at going rate and you pay full 32.5%
  20. Replies
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    They are also tax accountants. I was pointing out...

    They are also tax accountants. I was pointing out that I have both camps covered
  21. Replies
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    I don't I rely on my tax solicitor and...

    I don't I rely on my tax solicitor and accountant's opinion. I am not saying IPSE do not have their place but they are not the only show in town.





    If HMRC come knocking I simply direct...
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    It is appropriate according to IPSE. However they...

    It is appropriate according to IPSE. However they are not infallible.

    Why would I kid you about being a member of IPSE? I have been in business for over 30 years and more than capable of getting a...
  23. Replies
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    I used be a PCG member, in fact one of the first....

    I used be a PCG member, in fact one of the first. However, I am not an IPSE member as I have no current need.

    Here is the IPSE extract from your above link re: training :-

    Where the purpose of...
  24. Replies
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    As you say this is for SA and therefore personal...

    As you say this is for SA and therefore personal tax. It does not apply to incorporated businesses whereby HMRC 408 spells it out in detail
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    However "personal benefit" does not mean...

    However "personal benefit" does not mean knowledge gained. The example given in the document after your extract states:

    If that is the case then the expenditure is not deductible - the business...
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    Extract from HMRC 480(2015)

    OK I have had a search and found the following. Please note "reward" does not relate to knowledge gained and "new job" is not the same as "change of duties or extension thereof":

    5.25
    There is a...
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    I bet Richard Branson said the same thing when he...

    I bet Richard Branson said the same thing when he started out
  28. Replies
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    I am listening, but just pointing out that you...

    I am listening, but just pointing out that you are not looking at the big picture but have been hoodwinked by HMRC "guidelines".
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    No it isn't perfectly simple, or we would not...

    No it isn't perfectly simple, or we would not have this and other ongoing threads.

    An example, off the top of my head, would be IT training. Most of us carry out training/knowledge transfer of...
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    It may be only my perspective, but it would give...

    It may be only my perspective, but it would give the OP or anyone else ammunition against an HMRC challenge as to training expenses being allowable.

    As an aside, I would also point out that a...
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    I am aware of some big companies who will pay for...

    I am aware of some big companies who will pay for all sorts of courses/qualifications that are not directly related to the person's existing role, such as MBA/IT programming courses etc. There is no...
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    In addition don't get tax advice from a general...

    In addition don't get tax advice from a general solicitor; speak to a qualified tax solicitor.
  33. This was nothing to do with IR35 apart from...

    This was nothing to do with IR35 apart from looking into diversifying into non-IR35 businesses. The original question was around can you be self employed whilst also being a post holder i.e....
  34. Yes that is sort of the point I was making. Being...

    Yes that is sort of the point I was making. Being a post holder does not make you employed. You could be self employed via sole trader/partnership/LLP and NOT employed by LtdCo
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    You get to it by clicking the link that was...

    You get to it by clicking the link that was supplied in the reply....Doh!
  36. Ah my question was a general question and not...

    Ah my question was a general question and not specific to the OP. I was trying to broaden the scope of the thread.
  37. I am unsure if are agreeing with me or not

    I am unsure if are agreeing with me or not
  38. Your assumption is that a contractor ONLY...

    Your assumption is that a contractor ONLY contracts. IR35 was a wake up call for diversification and I cannot believe that IT Contractors would not have seen this and set up other businesses.
  39. OK but surely I can therefore also be self...

    OK but surely I can therefore also be self employed AND a post holder? I vaguely remember that Directorships are a separate section to employment on SA
  40. A side question: Would that still apply for...

    A side question: Would that still apply for someone who is a director, i.e. post holder BUT not paid a salary i.e. on PAYE
  41. Replies
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    When has last time HMRC ever made a sensible...

    When has last time HMRC ever made a sensible rule? :tumble:
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    I can recommend Informed Choice in Surrey. They...

    I can recommend Informed Choice in Surrey. They are 100% Kosher and put you before their bottom line. Google them and see what you think.
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    Think you missed the point I was making re...

    Think you missed the point I was making re foreign companies working in the UK. I am sure that some countries have hoops to jump through but that does not stop one from looking as was implied in the...
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    Why wouldn't an Icelandic contractor company look...

    Why wouldn't an Icelandic contractor company look for work in the UK? UK contractors via their UK companies look for work abroad all the time.
  45. Valid reason for second company.......

    I am so sorry to hear that you and your wife are having marital difficulties....... ;)

    In this situation running separate companies is the logical thing to do with each holding 100% of your own...
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    Responsibilty

    Hi. Ultimately you as the director are responsible for ensuring all returns are made. However, if you have paid for a package to have this done for you (and I stress "paid", not just said "OK I will...
  47. Thread: Agency Enquiry

    by pmasoft
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    There are a few threads asking the same question...

    There are a few threads asking the same question on here. The Act does require agencies to supply the information requested plus stuff they will already have, along with payment amount. I believe...
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    Hi, I can't help with an accountant as described,...

    Hi, I can't help with an accountant as described, but not sure you will need one with this skill set.

    1. If you are emigrating you will no longer be tax resident in the UK and not therefore be...
  49. Thread: 24 month rule

    by pmasoft
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    So does Eloise (only "MyCo" one in examples that...

    So does Eloise (only "MyCo" one in examples that I can see) States she cannot claim expenses for first 22 month contract "because she can reasonably expect" to always work in London. Absolute...
  50. Thread: 24 month rule

    by pmasoft
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    1. Although the examples may be intended to be...

    1. Although the examples may be intended to be 100%; I was just pointing out it could be more complicated.

    2. Because something is "universally accepted" does not mean it is correct. Yes I do bill...
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