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  1. Replies
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    Gym memberships would have Class 1A due. The...

    Gym memberships would have Class 1A due.

    The annual value of the membership should go into box M on the P11D.

    This should then calculate the 13.8% for you due by your company. Then you will...
  2. Replies
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    It's Friday, I've put the handbags away for the...

    It's Friday, I've put the handbags away for the week!

    :ladybags:
  3. Replies
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    I might be biased... :tongue

    I might be biased... :tongue
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    Agreed, this would not be an allowable deduction...

    Agreed, this would not be an allowable deduction for the deemed salary calculation.

    So, you would still have to calculate the deemed salary based on the receipts in the tax year.

    :happy
  5. Replies
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    And yes a :happy face, as there's bigger things...

    And yes a :happy face, as there's bigger things to be unhappy about. Large APN's, IR35 and bad weather!
  6. Replies
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    Yes, the £5,000 dividends rate at 0% is included...

    Yes, the £5,000 dividends rate at 0% is included within the basic rate band.

    So, with a salary of £11,000 and dividends of £32,000, to take your total income to £43,000. You will pay £2,025...
  7. Replies
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    Purchasing a BTL or a bond would not reduce your...

    Purchasing a BTL or a bond would not reduce your corporation tax, as these would be assets for the company and therefore you'd still pay CT at 20% on your profits in the year.

    However if you had a...
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    Hi Andrew, Your company can pay for all of...

    Hi Andrew,

    Your company can pay for all of these however some may have benefit in kind implications, if the company is paying for a personal policy on your behalf.

    As I would expect some of...
  9. Apple do the same thing as well! As long as...

    Apple do the same thing as well!

    As long as you have the order that confirms that you spent more than £2,000 in the one purchase initially, this would be enough evidence for HMRC.

    So, you can...
  10. Replies
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    If you are on the flat rate scheme, the VAT...

    If you are on the flat rate scheme, the VAT return will be very simple.

    Box 1 will be the flat rate VAT due on the cash receipts for the quarter.

    Box 6 will be the total gross invoices for the...
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    Yes that's correct. The only impact on PSC's for...

    Yes that's correct. The only impact on PSC's for the new travel & subsistence claims - is that if you are caught by IR35 (inside), you are no longer able to claim.

    However if you are not caught...
  12. Replies
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    Yes this would be classed as interest income into...

    Yes this would be classed as interest income into your company.

    And therefore taxable - so you will pay corporation tax on this!

    HMRC have to get something from the interest they pay you :happy
  13. The depreciation will be shown on the accounts. ...

    The depreciation will be shown on the accounts. If you purchased an asset for £900, which is depreciated at 33% straight line; £300 of depreciation would be charged each year in the accounts....
  14. Replies
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    To keep things simple, if you were to pay costs...

    To keep things simple, if you were to pay costs for a virtual office or postal service for your company, this would be wholly and necessary. So therefore allowable.

    If the cost of the £350 is...
  15. Yes as NLUK states, at some point you will need...

    Yes as NLUK states, at some point you will need to repay the money back to the company. At that point, you will have to pay the taxes due on the dividend income - assuming you then take the funds...
  16. The benefit in kind will be calculated on the...

    The benefit in kind will be calculated on the amount of the loan across the tax year and how long it was outstanding for. If you had a loan of £20,000 consistent across the full tax year the cash...
  17. There are two parts to Director's Loans; Any...

    There are two parts to Director's Loans;

    Any loan over £10,000 will be a benefit in kind, and you’ll pay tax on the deemed value of any interest you’ve saved by not going to a bank.

    Keep in...
  18. Replies
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    For those start up costs mentioned, you will be...

    For those start up costs mentioned, you will be reclaiming these back through your company as expenses.

    Your company can reimburse you and this will NOT have any personal income tax implications....
  19. Replies
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    As long as the dividend is declared and the...

    As long as the dividend is declared and the documents confirm this is dated before 06-04-16, then it will be included within the 15-16 tax year.

    You can then make multiple payments to pay out the...
  20. It's still unclear in the legislation. The...

    It's still unclear in the legislation. The cautious approach would be to assume that it might also apply to those in employment doing the same 'activity' or wait and see when it's been clarified.
    ...
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    A P60 is a statement of earnings issued at the...

    A P60 is a statement of earnings issued at the end of the tax year. This has no relation to Companies House winding up your company...

    The P60 should be issued by your new accountant if you are...
  22. That's right! :happy If you are adding a new...

    That's right! :happy

    If you are adding a new shareholder, by transferring existing shares in the company... Then the change will only need to be reported on the next Annual Return.

    If you are...
  23. It's always the tax payers responsibility to file...

    It's always the tax payers responsibility to file a return.

    But HMRC will soon be the first to tell you if you owe any taxes, with some interest and penalties for late returns/payments.

    HMRC...
  24. He will only need to file a return if additional...

    He will only need to file a return if additional tax is due.

    If his total gross income is within the basic rate band, it's unlikely he will need to file one.

    But from 6 April 2016, if his...
  25. Yes, arrange a call with your personal accountant...

    Yes, arrange a call with your personal accountant and it will give you a good feel in terms of your relationship going forward.

    You can ask them some technical questions too, to make sure you...
  26. Replies
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    Unless you are caught by IR35 (inside), the rules...

    Unless you are caught by IR35 (inside), the rules for PSC's are not changing from April 2016.

    Therefore you can continue to claim your travel and subsistence expenses, based on the 40%/24 month...
  27. Or if they have a husband that can bleed them for...

    Or if they have a husband that can bleed them for you?! :tongue
  28. Most contractor accountants are likely offer...

    Most contractor accountants are likely offer similar packages.

    If it's a monthly fee, I would ask what's not included - in case there are services that you might need as a newbie that you may be...
  29. The company will be deemed to likely have a...

    The company will be deemed to likely have a permanent establishment in each of the countries and so be at risk to all the individual country taxes.

    The country in which it is incorporated would...
  30. It's all LOVE here on CUK :ladybags:

    It's all LOVE here on CUK :ladybags:
  31. You're monthly effort might end up increasing... ...

    You're monthly effort might end up increasing... And you'd lose the support of an accountant that you can ask for advice.

    FreeAgent is only software, it might only cost you a couple of hundred...
  32. General tax and income planning will usually be...

    General tax and income planning will usually be included within any fees.

    However changes in legislation often call for a one off more complex and forward thinking advice.

    It's not unusual for...
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    Nay! :ladybags: There are a lot of alternative...

    Nay! :ladybags:

    There are a lot of alternative Contractor Accountants. Better service and a better price!

    There's some great threads on CUK already to get you started on who you should call......
  34. Hi Phil, In regards to you not taking any...

    Hi Phil,

    In regards to you not taking any salary for the last couple of months in 15/16, this is entirely up to you as the director.

    What is important is that if not all of your basic rate band...
  35. The turnover will be calculated based on the date...

    The turnover will be calculated based on the date that your invoice is issued. Therefore you could declare the dividend before the cash comes into the business bank account.

    So, you can look at...
  36. The turnover will be calculated based on the date...

    The turnover will be calculated based on the date that your invoice is issued. Therefore you could declare the dividend before the cash comes into the business bank account.

    So, you can look at...
  37. Replies
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    Indeed there are! All of whom will be able to...

    Indeed there are! All of whom will be able to help discuss SDC rules in April 2016.

    Plus chat through your circumstances to see the right option for you going forwards :happy
  38. If they are regulated you can make a complaint!...

    If they are regulated you can make a complaint! :spank:

    For example to the ICEAW if they are a regulated firm. Most of the time you will need to make the complaint to the institute and this...
  39. The child benefit clawback is calculated on your...

    The child benefit clawback is calculated on your gross income before the personal allowance is deducted.

    Therefore if you had total income (salary and gross dividends) of £54,999, without the...
  40. You can switch at any time. If you switch at...

    You can switch at any time.

    If you switch at the company year end, this can make it a little easier for you and less time consuming (if you need to pass on/supply all of your previous information...
  41. Do you want a job? As you said it all. :happy ...

    Do you want a job? As you said it all. :happy

    You need to consider 40%/24 month rule when looking at if you can claim for travel and subsistence currently.
    Post April 2016, you will need to...
  42. As a side note to this question... Have you...

    As a side note to this question... Have you checked for sure that you can actually contract through your UK Ltd company in Germany?

    In my experience the majority of UK contractors working with...
  43. Replies
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    You could look at playing it safe and investing...

    You could look at playing it safe and investing in fixed bonds - with interest as the return on this. Or investing in shares but this will be more risky on the returns.

    As long as all of the...
  44. Agreed NLUK! If you plan on contracting for...

    Agreed NLUK!

    If you plan on contracting for the next 20 years, advice would be to leave it in there. If you do want some more cash and likely to go above the basic rate band next year, accelerate...
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    Only thing to consider is the funds you would get...

    Only thing to consider is the funds you would get personally, would be less tax.

    Whereas, if you don't personally need the funds and are looking to invest, the majority of the time your company...
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    It would be a case by case basis. There is no...

    It would be a case by case basis. There is no hard and fast rule.

    For example, your circumstances would depend on your IR35 status and what you need to take out to live on...

    You should...
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    I would suggest that you do update HMRC with the...

    I would suggest that you do update HMRC with the new payment on account figure. As otherwise, they won't know what to do with the payment and you might not ever see that money again...

    However if...
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    Sounds like that are having a good time in the...

    Sounds like that are having a good time in the SJD camp at the moment :eyes
  49. Replies
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    The tax due on the dividends over the higher rate...

    The tax due on the dividends over the higher rate threshold wouldn't be 40%.

    Instead, it will actually only be 25% effectively on the excess net dividends...

    Reducing your thoughts on your tax...
  50. I'm up for a good debate on the answer :tongue

    I'm up for a good debate on the answer :tongue
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