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  1. Replies
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    Thanks everyone. Actually that's as I thought. ...

    Thanks everyone. Actually that's as I thought. My accountancy firm originally said the divvy was disallowed on the basis of the loss, but we're in agreement now. :)

    I have a follow-on question -...
  2. Replies
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    Dividends and CT loss

    Hello :wave:

    Q. Is it allowed to declare and pay a dividend if the company has made a loss in that same year?

    To be clear, that's a loss, and NOT that the company is, was ever, or expects to...
  3. Replies
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    It's the net difference. Effectively...

    It's the net difference.

    Effectively everything (CT, PAYE, divvies) is thrown back into the pot and the calculation is made afresh as if the contract earnings (minus allowable expenses) were paid...
  4. In that case speak to your accountant about...

    In that case speak to your accountant about winding up the company now. Cite not knowing your liabilities as one reason for wanting to wind up. Ask what they need from you.

    If you still need a...
  5. Mine generally turns around the "stuff" (a...

    Mine generally turns around the "stuff" (a spreadsheet) into filed accounts within 48hrs. Sometimes I think he's just showing off, like ha this is so easy and that'll be another grand for a day's...
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    You're right and I stand corrected.

    You're right and I stand corrected.
  7. Replies
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    5,383

    Stop worrying about this. Either you dispute...

    Stop worrying about this.

    Either you dispute the damage or you don't. If you dispute it then stay firm and chase for payment.

    The agent seems to be accepting your case anyway. Show yourself as...
  8. Replies
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    3,059

    Which is fine if all the calls are for business....

    Which is fine if all the calls are for business. Otherwise paying for the contract on a personal phone is to be treated as BiK. That is, if my memory serves correctly and the rules haven't changed...
  9. Replies
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    For a one off tenner six years ago, mine spells...

    For a one off tenner six years ago, mine spells the Co name.

    And straight flush beats three of a kind, so :p
  10. Replies
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    Sorry to hear your news. You are lucky the...

    Sorry to hear your news.

    You are lucky the agency is being (or appears to be) supportive. But it is you that should be calling the shots.

    Based on the facts as presented, IMHO, get a signed...
  11. Replies
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    7,139

    I agree with the sentiment that FRS was too often...

    I agree with the sentiment that FRS was too often viewed purely as 'free profit' ignoring its intended purpose. However the cynic in me thinks this is more than just unintended collateral damage.
    ...
  12. Replies
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    +1. How often have we read moans about being...

    +1.

    How often have we read moans about being "out of pocket" because the client will only reimburse net + VAT ?

    That said, it is quite obviously a punitive tax grab targeted specifically at...
  13. Replies
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    I'm not sure there is a "norm". It's business. ...

    I'm not sure there is a "norm". It's business.

    Just as an anecdote though, I did a one week job to support some work from a previous contract. Asked for a decent increase on the rate and the agent...
  14. Replies
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    The OP asked specifically that. So presumably...

    The OP asked specifically that.

    So presumably they can bothered, even if perhaps the answer wasn't quite what they were hoping for.
  15. Replies
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    It's not valid to judge simply from the bank...

    It's not valid to judge simply from the bank balance.

    At any point in time, say that:
    - all currently outstanding sales invoices have been settled
    - all debts that would be due in the coming...
  16. Because the alternative might be a penalty from...

    Because the alternative might be a penalty from HMRC for wrong assessment.

    Oh, and it's only 20% or so, ... and that is likely to be shared between client, squeezed agency margin, lower rate for...
  17. Replies
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    No. Hector will not stump up the cost of your...

    No. Hector will not stump up the cost of your meal.

    Your company incurs an expense. This reduces the company's profit overall. Less profit means less tax owed.
  18. Replies
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    Good point well made. The answer, theoretically,...

    Good point well made. The answer, theoretically, is that if required by law then they will need to get their tulip together.
  19. The tax must be paid as if subject to PAYE but...

    The tax must be paid as if subject to PAYE but the company is not forced to pay the remainder as salary. It could be retained if the director so decided (not that it makes sense to do so).
  20. AIUI, it was tried and succeeded (HP rings a bell...

    AIUI, it was tried and succeeded (HP rings a bell too). Success being defence of the IR35 investigation, the employment tribunal was lost.

    I'm not sure it deserves to be called a "Nuclear...
  21. Replies
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    That might need some explaining. Are you...

    That might need some explaining.

    Are you referring to this - https://forums.contractoruk.com/

    I'm here via http://forums.contractoruk.com/
  22. Replies
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    The ^.* matches preceding garbage. For the...

    The ^.* matches preceding garbage. For the trailing garbage the $ would be .*$ however both are redundant to your purpose and can be omitted.

    The (.+) matches to end of line and not just the...
  23. Well done for [pretending to] spectacularly...

    Well done for [pretending to] spectacularly missing the point.

    Nobody here actually wants employee rights.
  24. Replies
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    Isn't that how everyone does it? So a £400/pd...

    Isn't that how everyone does it?

    So a £400/pd contractor planning to bench for 12 weeks per year may as well de-register from VAT?
  25. Replies
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    2,993

    It's a fair question. :laugh

    It's a fair question. :laugh
  26. The HMRC guidance is clear. It's not a...

    The HMRC guidance is clear. It's not a disbursement.

    But HMRC don't give a hoot on the amount you recharge, just that you add VAT on top.

    That means for an original £100+VAT expense, you may...
  27. Replies
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    It doesn't matter who pays for the expense or how...

    It doesn't matter who pays for the expense or how - personally, by YourCo, or by ClientCo - the same rules apply. At least that's how it used to be with P11D (disclaimer: I haven't checked recently,...
  28. Replies
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    The taxman only cares that you charge VAT on top...

    The taxman only cares that you charge VAT on top of everything.

    The amount is a contractual matter and needn't even need to bear relation to the original cost.

    Being on FRS has no bearing on...
  29. Replies
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    This all sounds a bit familiar to me. Contract...

    This all sounds a bit familiar to me. Contract negotiated directly with client manager, it even passes with their "legal person", but the payment terms are conveniently overlooked. Your invoice...
  30. Replies
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    Genuine bribes are classed under different rules.

    Genuine bribes are classed under different rules.
  31. Perhaps the accountant is taking a pragmatic view...

    Perhaps the accountant is taking a pragmatic view that HMRC have bigger fish to fry than chasing someone on a technicality for BiK, especially if the phone were genuinely being used for business,...
  32. Replies
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    1. EL isn't strictly a legal requirement in every...

    1. EL isn't strictly a legal requirement in every case - it depends on the nature of subbing - so no bearing on your RoS.

    2. Even where required, say if you employed the sub, EL can be set up in...
  33. Replies
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    There will be others who don't come to learn...

    There will be others who don't come to learn about the divvy tax until Jan 2018.
  34. Replies
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    On the presumption that the VAT man wants an easy...

    On the presumption that the VAT man wants an easy way to spot missing (or bogus) invoices - it breaks that.

    I was offering an opinion that's all. If anyone wants to interpret the rule as...
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    Wong, IMHO. The xxx and yy are ok. The YYY...

    Wong, IMHO.

    The xxx and yy are ok.

    The YYY and MM are not.

    HMRC have their own dictionary. Who knows what they really mean or hope to gain from this, but then what is there to gain from...
  36. Replies
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    Only if that's something you agreed to in the...

    Only if that's something you agreed to in the contract.

    Well that's up to you really. FWIW, my attempt to avoid conflict would go so far as adding detail to my own invoice for the benefit of the...
  37. Replies
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    It will increase the liability. No...

    It will increase the liability.



    No further tax to pay directly. Having overpaid for the first half of the year, the increased liability is being paid out of the refund that would otherwise...
  38. Replies
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    Quite obviously wrong. You seem to be ignoring...

    Quite obviously wrong.

    You seem to be ignoring that the PAYE tax tables are effectively just an 'easy payment method' offered by HMRC, with an end of year adjustment made by HMRC (usually via tax...
  39. Replies
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    The CSV download feature was broken when they...

    The CSV download feature was broken when they revamped the site in 2012. QIF download works fine though and I have been using this since with a short sed script to convert to CSV. Happy to share if...
  40. Replies
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    One of the invoices is valid and the other one...

    One of the invoices is valid and the other one isn't. Which one it is depends on whether you have a self billing agreement and in writing.

    With an agreement in place, however you account...
  41. Replies
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    I beg to differ. Training must be in line with...

    I beg to differ. Training must be in line with the duties of the employee. A "one man band" includes being an officer of the company with some degree of competence for the responsibilities that...
  42. Thread: Dash cam?

    by Contreras
    Replies
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    3,639

    Yes. :D ...

    Yes. :D

    http://www.techmoan.com/blog/2015/3/1/k1s-the-first-front-rear-hidden-1080p-dash-camera.html
  43. Thread: Substitution

    by Contreras
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    2,885

    OK I understand now and agree 99% with the points...

    OK I understand now and agree 99% with the points well made. Only taking issue with one finer point. :wink (selectivity quoted)



    This is different to say where an employee purchases equipment...
  44. Thread: Substitution

    by Contreras
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    2,885

    Subcontracting and substitution are not the same...

    Subcontracting and substitution are not the same thing, I get that. What I don't get is, when YourCo remains responsible for delivery then why either would be any more or less relevant to IR35. A...
  45. Replies
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    Your accountant will explain this to you. The...

    Your accountant will explain this to you. The expense (if wholly and necessary for business) reduces YourCo's profit, before tax, so there's less profit, ergo less tax.

    Doesn't matter if you pay...
  46. Replies
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    Yes and the very same bank will pay you circa £15...

    Yes and the very same bank will pay you circa £15 interest a month for lodging £5k with them in a personal account.
  47. - Rate - Payment terms - Notice period - IR35...

    - Rate
    - Payment terms
    - Notice period
    - IR35

    (roughly in that order, although there can be trade-off between each)

    Not so fussed with handcuff clauses because in reality that's down to...
  48. You know, I'm not so sure that most clients...

    You know, I'm not so sure that most clients really understand that. Certainly not the one's I've dealt with.



    Exactly. And - long notice periods favour the agent* - let's not assume that...
  49. Thread: Dash cam?

    by Contreras
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    3,639

    That's an often reported fault specifically for...

    That's an often reported fault specifically for the 0806, but generally the tiny lithium batteries do not fair well in the sometimes high temperature environment car. I believe the later model...
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    I always assume it to be this ^ unless the call...

    I always assume it to be this ^ unless the call was obviously fishing for contacts.

    Even if they do get back to you some time later, you'll probably never know whether the other contractor got...
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