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  1. Replies
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    Can you provide a clarification on the nature of...

    Can you provide a clarification on the nature of this expense?
  2. Replies
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    951

    We recommend to all our clients in addition to...

    We recommend to all our clients in addition to our IR35 assessment to take out an IR35 insurance because of the opinion-based nature of the legislation. HMRC can always disagree with the assessment...
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    NatWest have also recently launched a new digital...

    NatWest have also recently launched a new digital bank account called Mettle which is free and will also give access to FreeAgent.
  4. Replies
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    1,285

    If you will be applying for a voluntary strike...

    If you will be applying for a voluntary strike off and your final distribution is below £25K, the amount distributed will be assessed as a capital distribution. This treatment is automatic and there...
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    1,285

    If I can just clarify to the above that The...

    If I can just clarify to the above that The Targeted Anti-Abuse Rule introduced from 6 April 2016 in order to combat 'phoenixing' (the practice of closing one company and starting a new one...
  6. Replies
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    1,864

    We recommend £791 salary to our clients with 1...

    We recommend £791 salary to our clients with 1 director on the payroll for 2020/21. It is most tax efficient and yes it will require a small payment of Employer's NIC after the end of the tax year.
  7. You have 9 months and 1 day to pay the...

    You have 9 months and 1 day to pay the corporation tax so if you are not close to the due date, would they then hold on transferring your records to the new accountant until then. This is not a valid...
  8. Replies
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    951

    If you were blanket assessed and your engagement...

    If you were blanket assessed and your engagement is outside IR35, you can speak to your accountant to review your personal circumstances and advise you on the risks to do this with your current...
  9. Replies
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    1,104

    Accountants can advise on the most common...

    Accountants can advise on the most common allowable business expenses as a general guidance which we offer to all our clients at the start of our engagement and through regular updates to ensure...
  10. Replies
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    If the retained profit is £34K at the strike off,...

    If the retained profit is £34K at the strike off, then the full amount is taxed as dividends. The £25K cap applies only on the final distribution in "anticipation of dissolution". If you have £34K,...
  11. The end client will likely have an insurance in...

    The end client will likely have an insurance in place in case that HMRC disagreed with their determination. The IR35 court cases history has a mixed outcome with cases won by HMRC and the Contractor,...
  12. If your client is a small company, your PSC will...

    If your client is a small company, your PSC will still be responsible to determine your status. You should enquire on the size of your client. The new rules will require only medium and large...
  13. You could still hire a specialist contractor...

    You could still hire a specialist contractor accountant below this fee to also include FreeAgent. I suspect the £150/month was not including access to cloud software so a monthly fee in the region of...
  14. Replies
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    If you sign up for a monthly accounting package...

    If you sign up for a monthly accounting package with a contractor accountant, the FreeAgent account is offered as part of the monthly accounting fee so you will have a saving overall. Accountants...
  15. Replies
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    4,264

    Do you refer to Dynamo Accounts, they are...

    Do you refer to Dynamo Accounts, they are FreeAgent partners so unlikely that they cannot support MTD.
  16. Replies
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    4,264

    You may wish to look at this software (it has...

    You may wish to look at this software (it has been developed by a forum member) and it works well, we have tried the software: XLVAT | MTD VAT filer for Excel... and anything else that can export an...
  17. Replies
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    1,715

    We set up our clients with 1st Formations for an...

    We set up our clients with 1st Formations for an additional fee of £5 plus VAT per month, you will receive forwarded scanned copies of letters received at the address. You can also purchase the...
  18. Replies
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    2,322

    £45pm for payroll feels expensive. You should not...

    £45pm for payroll feels expensive. You should not pay more than £10 pm for 1 employee on the payroll, and additional employees are charged normally at the higher end at £5pm.
  19. Replies
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    2,322

    A member of this forum has developed software for...

    A member of this forum has developed software for MTD: XLVAT | MTD VAT filer for Excel... and anything else that can export an Excel file
  20. Replies
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    6,193

    The above conversation would have had a small...

    The above conversation would have had a small degree of relevance only if your company was dormant and you were to buy the PC during a year where you want to keep the company dormant. You could have...
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    We partner with 1st formations and find them to...

    We partner with 1st formations and find them to offer excellent service. Post is forwarded as soon as it arrives. We worked with another provider before but post would get 'lost' on occasions or...
  22. The records for an accounting period are to be...

    The records for an accounting period are to be kept for six years from the end of that period, and typical records include evidence of money received and spent by the company, such as receipts,...
  23. In practice, husband and wife would share...

    In practice, husband and wife would share ordinary shares (carrying full rights). Therefore, in order to confirm again what I have said in my original post with the addition of what you have...
  24. If the ER relief has been claimed without...

    If the ER relief has been claimed without satisfying the qualifying conditions by many or without receiving advice if the relief was available, this would not make it more allowable to all that have...
  25. The Settlements legislation (also known as income...

    The Settlements legislation (also known as income shifting) does not apply to spouses, this is covered in section 626 of the Income Tax (Trading and Other Income) Act.

    The comment above regarding...
  26. Replies
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    If it is a cost consideration, would your...

    If it is a cost consideration, would your accountant not be able to introduce you to Cater Allen (part of the Santander group), we work with them and clients seem happy with the service. Cater Allen...
  27. Holding 5% shares in the company would not be...

    Holding 5% shares in the company would not be sufficient to claim the entrepreneurs relief so this may be rather misleading to say that adding the wife as a shareholder would be of any help to claim...
  28. Replies
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    I believe there will be more demand on Excel...

    I believe there will be more demand on Excel bridging software and accountants are likely to need to connect a spreadsheet at some point with HMRC. For example, whilst most of our VAT registered...
  29. Replies
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    You may want to calculate the BIK on the car and...

    You may want to calculate the BIK on the car and compare the tax due against the corporation tax saving, or ideally your accountant would be able to do this for you. You can calculate the BIK value...
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    As you are paid under commercial terms, you...

    As you are paid under commercial terms, you should have agreed in advance of the journey your fee involved to attend the event. The client can refuse to pay for the two days, if you have not agreed...
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    This should be fine as a supporting proof to...

    This should be fine as a supporting proof to confirm a qualifying business trip. It would just be in cases where you have nothing else to back it up as you are the employer approving the qualifying...
  32. The VAT saving if under the standard scheme will...

    The VAT saving if under the standard scheme will be highly likely higher than the FRS when you lose the 1% discount. The standard scheme would require you though to be more organised with recording...
  33. As above, and per the HMRC guidance, extract...

    As above, and per the HMRC guidance, extract below:

    “With the exception of income from property in the UK and investment income connected to a trade in the UK through a permanent establishment,...
  34. Replies
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    Even with the new rules which are to be...

    Even with the new rules which are to be introduced, you will still struggle to satisfy the qualifying criteria as the employer will need to ensure the employees are undertaking qualifying travel. If...
  35. Replies
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    In addition to the above, HMRC require employers...

    In addition to the above, HMRC require employers to ensure that the subsistence expenses reimbursed at scale rates are not excessive and justified in terms of being actually incurred. HMRC do require...
  36. This would imply that you will be turning your...

    This would imply that you will be turning your existing company into an investment company. If you would like to rather have your current company kept as a trading company, you could look into...
  37. Replies
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    You will unlikely find free software for MTD....

    You will unlikely find free software for MTD. Your alternative is to pay for bridging software if you would like to continue using your spreadsheet. MTD is likely to extend to other taxes in the...
  38. With MTD, it is unlikely you will find a free...

    With MTD, it is unlikely you will find a free software to make the VAT submissions since it is a new requirement and software companies are investing to develop the new connection required for the...
  39. Replies
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    You can make employer pension contributions from...

    You can make employer pension contributions from your company, there are no limits as long as the pension contributions are ‘wholly and exclusively’ for the purpose of the trade.
  40. Replies
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    If they didn’t file your accountants, I would ask...

    If they didn’t file your accountants, I would ask them for a refund, did you receive any other services from them such as payroll, personal tax return?
  41. Replies
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    You can prepare the VAT returns based on the...

    You can prepare the VAT returns based on the sales invoices only if on the FRS. However, you will need to do this on the invoices basis where cash based accounting for VAT is better for your cash...
  42. Replies
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    If you haven't kept your accountant's portal up...

    If you haven't kept your accountant's portal up to date,this would suggest you are not VAT registered. Otherwise, it would be interesting to find out how they would have prepared your VAT returns....
  43. Yes, changes will be introduced to the...

    Yes, changes will be introduced to the requirement for employers to check receipts for subsistence under the benchmark rates, so you may be in a better position to claim for these from the next tax...
  44. Payments at the benchmark rate would require the...

    Payments at the benchmark rate would require the employer to have a checking system in place. In a single director company, this requirement would be difficult to satisfy as someone other than the...
  45. Replies
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    Ideally, you need to ensure clauses to cover no...

    Ideally, you need to ensure clauses to cover no mutuality of obligation, the consultancy exercises control over the provision of the services, and the right to provide a substitute. Most contractor...
  46. Replies
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    If you are moving mid-year to a new accountant,...

    If you are moving mid-year to a new accountant, ask SJD for the management accounts or trial balance at the month end you are leaving. This will capture your company position at the month end, SJD...
  47. All accountants work online so the difference...

    All accountants work online so the difference between a local accountant and the so known 'online' accountants should not be the criteria to choose an accountant. Many online accountants also offer a...
  48. If she is also a director with no employment...

    If she is also a director with no employment contract, there will be no need to justify the level of her salary. If she is not, then the salary she receives will just need to be justified at a level...
  49. It sounds like that you spent the money for your...

    It sounds like that you spent the money for your corporation tax which would have created the issues described. Have you had your first year accounts filed already? If you provide some numbers for...
  50. Replies
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    We had two recent occasions where they have...

    We had two recent occasions where they have missed to claim the employment allowance for clients who did qualify so another thing worth checking...
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