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  1. This sounds like the government backed...

    This sounds like the government backed incentivised switching scheme. I would treat the £4k as "other income" and subject to CT.
  2. Yes you can. If the loan amount is outstanding...

    Yes you can. If the loan amount is outstanding when the year end passes, you have 9 months to repay it back to the company. Any loan balance outstanding after 9 months after the company year end...
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    Yes.

    Yes.
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    Yes it would be allowed. All I'm saying is there...

    Yes it would be allowed. All I'm saying is there is no tax advantage to gain from claiming AIA if you're going to get rid of the bike when you wind the company up as you'll be hit with a balancing...
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    The limited company has to pay the corporation...

    The limited company has to pay the corporation tax for the previous financial year. If the company doesn't have the funds to pay it, call up HMRC and request a payment plan. If you ignore it, the...
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    When you sell the iMac, raise an invoice for it. ...

    When you sell the iMac, raise an invoice for it. The money received from the sale goes into the company bank account. Let your accountant know that you've sold it.
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    In terms of claiming AIA. A balancing charge...

    In terms of claiming AIA. A balancing charge deals with any overclaim of capital allowances so if you're looking to complete a financial year just to claim AIA in relation to the disposal of a bike...
  8. If HMRC aren't expecting you to submit a tax...

    If HMRC aren't expecting you to submit a tax return and all your other income is through PAYE then you don't need to create and file one as the capital gain is less than the allowance amount.

    If...
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    From a corporation tax point of view it makes no...

    From a corporation tax point of view it makes no difference.
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    Write it straight off to the P&L and post the...

    Write it straight off to the P&L and post the proceeds to the same account to either create a profit or loss on the disposal of the asset. There won't be a balancing charge as you've not capitalised...
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    How much was it?

    How much was it?
  12. Short answer is yes. Calculate the tax due on...

    Short answer is yes. Calculate the tax due on the above for this tax year. Divide it by 2 and round it up conservatively to cover any shortfall. Then go on HMRC online and simply punch in the...
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    Is the bike purchased and disposed of in the same...

    Is the bike purchased and disposed of in the same financial year?
  14. If you're no where near the VAT registration...

    If you're no where near the VAT registration limit and don't want to be VAT registered then you don't have to. As Lance has said, just tell them you're not VAT registered. Simples.
  15. I just had to do an internet search for Pandle. ...

    I just had to do an internet search for Pandle. Never heard of it before! As others have recommended (assuming you're in the contracting market), Freeagent is probably the best fit in terms of...
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    Depends on your circumstances but I wouldn't rule...

    Depends on your circumstances but I wouldn't rule it out but rather tailor it to your requirements. We'd be upfront and if agreed a discount, then be clear what work is involved and what is not. I...
  17. Is wholly, exclusive and necessary in the...

    Is wholly, exclusive and necessary in the performance of the duties of the employment? If not, then no it's not deductible as an expense under ITEPA 2003, s. 336
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    What does going into "inactivity" mean? are you...

    What does going into "inactivity" mean? are you going to stop paying them altogether or pay a reduce fee whilst they take care of the usual things such as VAT submission, RTI submissions,...
  19. Whether to charge for additional work due to...

    Whether to charge for additional work due to COVID is a difficult to say. From our point of view, COVID has definitely increased our workload with furlough claims, advice on SEISS, grants, loans etc...
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    Feels like a decade. More like 4/5 years but...

    Feels like a decade. More like 4/5 years but you're right. Dispensations are no more. They were replaced by exemptions which is similar. Still no idea what was advised to the OP though :smile
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    It's possible the advice was misunderstood. It's...

    It's possible the advice was misunderstood. It's also possible that a dispensation was applied for but £1,000 does seem very high even if one was in place. Why not £2,000 or £3,000? It's hard to...
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    If you accountant has completed and filed your...

    If you accountant has completed and filed your tax returns, it's likely they'll have done it via third party software so you won't have access to your SA302's online. The only way SA302's would show...
  23. Could be...Which would be around 1/2 mil SME's. ...

    Could be...Which would be around 1/2 mil SME's. Probably less now in the current pandemic!
  24. Unless the end client is a small private sector...

    Unless the end client is a small private sector client then it remains with the contractor.
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    In short, you would pay this out of your business...

    In short, you would pay this out of your business as it's owed to you as a wage. The process would be to submit your RTI and then give HMRC a call once they've logged the submission to request a...
  26. 2.6% pro rata on the outstanding amount due from...

    2.6% pro rata on the outstanding amount due from 1 Feb.
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    I'm not saying you do. Re-read what I posted.

    I'm not saying you do. Re-read what I posted.
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    FYI - If you have gaps you can make voluntary...

    FYI - If you have gaps you can make voluntary contributions.
  29. My knowledge of Swedish tax is very limited so...

    My knowledge of Swedish tax is very limited so you should seek advice from a Swedish tax expert or the Swedish tax office as to whether you would be taxed in that country and viewed as having...
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    Then you'd be correct. I was just stating it for...

    Then you'd be correct. I was just stating it for the benefit of the OP that's all. :wink
  31. The three point criteria is less than £10k, not...

    The three point criteria is less than £10k, not deliberate and less than four years. This then branches out to the reporting thresholds.

    You can use the advised method as it's below £10k OR...
  32. What's the motive here? If it's for claiming VAT...

    What's the motive here? If it's for claiming VAT back on expenses before registration then you can do this going back four years for goods that you still have or that were used to make other goods...
  33. Correct errors on your VAT Returns - GOV.UK...

    Correct errors on your VAT Returns - GOV.UK
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    Debit Dividends, Credit DLA

    Debit Dividends, Credit DLA
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    What does your dividend document say? The...

    What does your dividend document say? The declaration date is the date that it counts for self assessment tax purposes. The dividend payment date is the earliest date it can be paid which can be...
  36. Just correct it on your next VAT return as the...

    Just correct it on your next VAT return as the reporting threshold is £10k+. How far does the error go back? If it's for an accounting period that ended less than 4 years ago, just do it this way.
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    What's the update on this? There's obviously...

    What's the update on this? There's obviously more pages to the letter you shared on your link which would tell you exactly what tax is owing. The image looks like a standard page they attach to a...
  38. Not a terminology I've come across but at a...

    Not a terminology I've come across but at a guess, I think they want an Accountant's reference or Accountant's visa reference which would state how long they've acted for you, what your company is...
  39. First question I'd ask you which no-one has yet...

    First question I'd ask you which no-one has yet is what do you do? Sounds to me like you're a subbie in construction? If so, the logistics and treatment of invoicing for labour, materials, CIS and...
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    Deferred Income Still deferred income. ...

    Deferred Income



    Still deferred income.



    It's a liability on the balance sheet under Other taxes and social security costs
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    Agreed. As opposed to the golden days when you...

    Agreed. As opposed to the golden days when you get a Woolies voucher for a fiver and you could go and buy something with it and they'd give you cold hard cash as change. Those are not allowed.
  42. ^ This +1 We all know how "expenses...

    ^ This +1


    We all know how "expenses recharged" on your contracting invoices go right?


    Worker incurs expenses, submits it to their own ltd company, their ltd company reimburses the...
  43. I always say what would it fetch on the open...

    I always say what would it fetch on the open market. Like others say, ebay etc. If it's worth £100 then it's £100. If it's worthless, it's worthless.
  44. I'm not sure about HMRC getting "the hump"...

    I'm not sure about HMRC getting "the hump" because of no new sales. If the company has been non-trading for a while, then they maybe suggesting you come up with a reasonable business decision as to...
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    It's been discussed on this forum now and again...

    It's been discussed on this forum now and again for a while now. Some take advantage of it, others don't. We blogged about it when came into effect on 6 April 2016.
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    If you fill all your income details and tax...

    If you fill all your income details and tax deducted at source into HMRC's tax return online, it'll work out the tax due and provide you with a tax calculation which you can check against.
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    Hi Michael, To answer your question in a very...

    Hi Michael,

    To answer your question in a very basic form, you effectively state all your income (both salaries from being a PAYE contractor and limited company contractor, dividends, bank interest...
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    Yes. As people have suggested, ensure you obtain...

    Yes. As people have suggested, ensure you obtain evidence and written confirmation/agreement of your working practices. If the situation was all within the same tax year, HMRC won't be aware of...
  49. Sticky: Could be a whole host of things. What's your...

    Could be a whole host of things. What's your year end? Are you with a high street accountant or contractor specialist?
  50. Sticky: The usual process would be to let them know...

    The usual process would be to let them know you're leaving, agree your final fee and what work they have to complete to the cessation of their service, advise your new accountants and give them...
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