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  1. Replies
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    Personally I agree with most of your post. Indeed...

    Personally I agree with most of your post. Indeed when "the dividend tax" came in, I thought effectively this was the government's plan. Make small biz owners (contractors or otherwise) pay a bit...
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    Cater Allen ticks those 3 boxes. Downsides of...

    Cater Allen ticks those 3 boxes. Downsides of Cater Allen from my perspective are:
    - doesn't properly support faster payments (so takes 1-2 working days for payments made to arrive),
    - the account...
  3. Thread: ET/EAT

    by Maslins
    Replies
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    1,227

    Alien with short legs, wanted to call home.

    Alien with short legs, wanted to call home.
  4. Couldn't Mr Ltd Co owner try that too though? Ie...

    Couldn't Mr Ltd Co owner try that too though? Ie is that a differential between sole trader/Ltd Co?
  5. I'm sure there could be some arguments for both...

    I'm sure there could be some arguments for both sides...but I guess I think if the end client is happy to pay you as a sole trader (for UK contractors this often isn't an option), then yeah your...
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    I would hope that the accountant would discuss...

    I would hope that the accountant would discuss this with you at the outset, before you sign up with them. However more generally, yes we charge a monthly fee, and if a client joins us near the end of...
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    Hmmm...yes it's an extra discussion to be had,...

    Hmmm...yes it's an extra discussion to be had, but negligibly different to what accountants would expect to do, for no extra fee, around the time of incorporation. Ie salary/dividend/pension...
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    That sounds a pretty good result TBH. It's a big...

    That sounds a pretty good result TBH. It's a big reduction, that they didn't have to offer. Certainly in your shoes I wouldn't recommend either DIYing or trying to get another accountant involved at...
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    Not really. There will be a trivial amount of...

    Not really. There will be a trivial amount of extra work, like you suggest VAT/PAYE de-registrations, and perhaps a small amount of discussion re balance sheet tidy up, how/when to best take final...
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    What you've currently got sounds like the more...

    What you've currently got sounds like the more traditional approach of accountancy firms. They look at things after the event/only when asked, and charge a variable fee based on time spent. Lots of...
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    Just to give our opinion on this, historically we...

    Just to give our opinion on this, historically we did have a lower cost option, where it was agreed the client would DIY certain things, with us doing a reduced number of what are perhaps the more...
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    Thanks :smile Very handy to know what are the...

    Thanks :smile

    Very handy to know what are the key things people actually look for. In early stages of considering a re-design (as you can see, site has barely changed in 5+ years!) so will take...
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    My personal opinion, your option 1 would make...

    My personal opinion, your option 1 would make more sense to me...though interest rate will likely be staged. Ie 73% LTV will almost certainly be same rate as 75%, may well be same rate as 80% too. So...
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    Yeah I did a bit of research into Trustpilot a...

    Yeah I did a bit of research into Trustpilot a while back, and it seems basically if you pay them enough they'll remove negative reviews of you (under the guise of "removing erroneous/fraudulent...
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    Generally speaking dividends received into a...

    Generally speaking dividends received into a company won't suffer corporation tax...but that's predominantly as remember dividends are a distribution of post corporation tax profits from the company...
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    Potentially via terminal loss relief...but yeah...

    Potentially via terminal loss relief...but yeah one to check with your accountant.


    It's not a "lockout" as such, nothing to stop you liquidating then setting up a new company the next day...you...
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    You may be able to carry back the loss created by...

    You may be able to carry back the loss created by a hefty pension contribution (ie to still get corporation tax relief). Check that with your accountant.

    Otherwise, you should be able to get an...
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    We'd better go with something else then :wink

    We'd better go with something else then :wink
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    Yeah, the funny thing (at least for us) is I'm...

    Yeah, the funny thing (at least for us) is I'm fairly confident the potential client who got the warm and fuzzy feeling spoke to Julie. Julie is originally from the Ukraine, and has a reputation for...
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    A couple of people from Dolan accountancy post on...

    A couple of people from Dolan accountancy post on here from time to time. I think Ron's posted a handful of times. I don't think anyone from Gorilla has posted on here. None of them are very active...
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    Yeah our experience on the phone line recently is...

    Yeah our experience on the phone line recently is similar. Does just seem to be a case of try to figure things out, and if it doesn't work, wait for HMRC to chase you.

    Re your final sentence, HMRC...
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    I've just seen the article BlueSharp refers to,...

    I've just seen the article BlueSharp refers to, then found this thread. Does make me a bit nervous, that other big corporates may follow HSBC's lead here. Perhaps it'll be the bizarre situation of...
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    I think most would agree with you...though HMRC...

    I think most would agree with you...though HMRC have made it clear (for example) liquidating a Ltd Co then setting up a sole trader business doing the same thing would be caught.

    The problem is...
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    If someone contracts inside IR35 (new rules) long...

    If someone contracts inside IR35 (new rules) long term, then my understanding is their company will consistently make a small loss (admin expenses like you suggest). They won't be able to get any tax...
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    Oversimplifying a bit, but if the client treats...

    Oversimplifying a bit, but if the client treats you as inside IR35, your company makes no profit, so there's no CT to pay.

    Turnover £50k
    Salary (£50k)
    Profit £nil
    CT 18% of £nil = £nil

    The...
  26. Unsure how you got to these numbers, but I think...

    Unsure how you got to these numbers, but I think it's far worse than that.

    Assuming limited cost trader, and let's give benefit of first year 1% discount, it'd be £90 vs 15.5% of £540 = £83.70. So...
  27. This only tends to be true if your clients are...

    This only tends to be true if your clients are end consumers (not registered for VAT themselves).

    If you'll be selling to VAT registered businesses, you'll virtually always benefit financially...
  28. Sticky: What NLUK said. I wouldn't dare try to move...

    What NLUK said.

    I wouldn't dare try to move all our clients away from FreeAgent, as I imagine on the whole their loyalty to FreeAgent would be stronger than their loyalty to us! I wonder if Orange...
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    I think your final few words are critical here. ...

    I think your final few words are critical here.

    For a lot of contractors, especially those with significant other as 50% shareholder, going umbrella would lead to a lot more tax (predominantly...
  30. Thread: P45 request

    by Maslins
    Replies
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    You need to establish whether they were treating...

    You need to establish whether they were treating you as an employee, or an independent contractor. Your text above is blurry as to this point.

    On the basis you were sending them invoices, I'm...
  31. Replies
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    Wowsers! Does partly make you think "congrats",...

    Wowsers! Does partly make you think "congrats", and partly "lower your prices then"! :laugh
  32. Another thing which may help FreeAgent users, you...

    Another thing which may help FreeAgent users, you can link the tax timeline to your Google/iCal/Outlook calendars. See here.

    Only thing I would warn with the tax timeline generally, is it's just a...
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    Hehe, a nice theory...but if you're the unlucky...

    Hehe, a nice theory...but if you're the unlucky one who got "caught", can you rely on other contractors to bail you out?!


    As well as your * point, I think one key reason IR35 was retained was...
  34. Adding to what others have said, remember you...

    Adding to what others have said, remember you personally aren't VAT registered. Therefore even if VAT was payable on the initial purchase of the laptop from third party supplier, you couldn't reclaim...
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    Agreed. Some contractors will (rightly or...

    Agreed. Some contractors will (rightly or wrongly) be declared inside IR35 by the end client and drift towards umbrellas/PAYE. This will be deemed a "win" by HMRC, much publicised no doubt "nasty tax...
  36. Replies
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    Do remember that from April 2020 the end client...

    Do remember that from April 2020 the end client will care a lot more whether both the contract and working practices suggest outside IR35 or not. Increasingly I'm thinking Apr 2020 changes will be a...
  37. Replies
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    Re VAT on bonds, our understanding is different....

    Re VAT on bonds, our understanding is different. That link specifically refers to "re-charging bond premiums to insolvent estates". We don't re-charge the bond premium, the client's funds pay...
  38. Replies
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    You're comparing VAT inclusive with VAT exclusive...

    You're comparing VAT inclusive with VAT exclusive fees. Assuming not on flat rate scheme, a client should be able to reclaim VAT on SJD's accountancy fees, as well as liquidator fees (though this may...
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    Assuming as a contractor you, rather than your...

    Assuming as a contractor you, rather than your accountant:
    - invoice your clients,
    - chase up payments if required,
    - control the company bank account/make payments,
    then the MSC rules shouldn't...
  40. Replies
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    That is of course an understandable concern. The...

    That is of course an understandable concern. The reality is if you're using a licensed insolvency practitioner (and there has to be one behind a liquodator firm to offer formal liquidations), and...
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    SJD's cheapest pay monthly accounting package...

    SJD's cheapest pay monthly accounting package includes completion of statutory accounts, CT returns, VAT returns, payroll and personal tax. If the client says they want to close and use an external...
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    A client of ours had this issue with HSBC....

    A client of ours had this issue with HSBC. Account frozen, no advanced warning, nothing. If you want to read more, he wrote a blog about it here.

    Another client had a couple of fraudulent...
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    Main reason sole trader isn't viable for...

    Main reason sole trader isn't viable for contractors is risk for end client.

    Umbrella - all taxes done via payroll (oversimplifying, this is the "high tax" route)

    Ltd Co - director decides how...
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    In case any readers are confused I think cojak...

    In case any readers are confused I think cojak means MVL Online, not SJD insolvency here :smile
  45. Replies
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    Makes me think, what happened to Alan at Broome...

    Makes me think, what happened to Alan at Broome Affinity? He was never scared to post contentious comments, though in my opinion in a good way, eg calling out shocking behaviour. Often made me smile!
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    Loads of people have. No idea whether they were...

    Loads of people have. No idea whether they were happy with it or not. Some readers may find this site of interest. Scroll down a bit to the table. It's a rolling chart so constantly changing, but at...
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    I could add a few other big firms as a third...

    I could add a few other big firms as a third option, and still recommend BI :wink

    I've had a couple of slapped wrists on this forum for being a bit too opinionated/unprofessional recently, so I'd...
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    My personal opinion, of the two, go for BI...

    My personal opinion, of the two, go for BI Accountancy.
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    I think it was a formal HMRC response to a...

    I think it was a formal HMRC response to a historic consultation. I spent 30secs trying to Google for the original source and couldn't find it.

    Anyway, sounds like the OP found their answer...
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    Yes...but if you're the one running the business,...

    Yes...but if you're the one running the business, then none of the employees have a role similar to yours, and it's perfectly justifiable that your salary/pension contributions are higher.

    What...
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