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  1. Replies
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    I just think it relies on quite a few steps: 1)...

    I just think it relies on quite a few steps:
    1) I don't think HMRC will know who your Ltd Co's clients are, they'll just know overall turnover figures.
    2) I don't think HMRC will know who the end...
  2. Replies
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    922

    To answer your second question, our sister...

    To answer your second question, our sister company MVL Online tends to suggest 4-6 weeks to get first distribution of ~75% of the company's funds, and 4-6 months to get clearance and pay out the...
  3. My understanding is it's basically impossible for...

    My understanding is it's basically impossible for a contractor to qualify for this. See here for an article of a few years ago.
  4. Replies
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    Assuming these are valid business expenses, then...

    Assuming these are valid business expenses, then they are fully deductible. I think the 19% has confused you. I highly doubt the accountant was saying you can only claim 19% of your travel costs. I...
  5. Even I don't feel IR35 changes should be scrapped...

    Even I don't feel IR35 changes should be scrapped just to keep contractor specialist accountancy firms in business...and I'm of course going to be at one extreme when it comes to bias re this!

    I...
  6. Replies
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    I'm a bit surprised by this. It's one thing using...

    I'm a bit surprised by this. It's one thing using such a tool on your own internal contractors. It's another letting other companies use it for theirs.

    Presumably it would then come with hefty...
  7. Replies
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    3,167

    I (wrongly) thought the introduction of the...

    I (wrongly) thought the introduction of the "dividend tax" was going to lead to the end of IR35. Ie acceptance that IR35 didn't really work, instead just reducing the tax differential of operating...
  8. Sticky: It's something clients do ask about. I think main...

    It's something clients do ask about. I think main reason is from their perspective if they can get everything they need relating to their Ltd Co from one supplier, it makes their life easier.

    We...
  9. Remember the submission would still be going...

    Remember the submission would still be going through under the accountant's HMRC details, so whatever numbers are submitted will be linked with the accountant. So yes, the actual accounting work may...
  10. I did think the same...glad another accountant on...

    I did think the same...glad another accountant on here to back me up on that so it doesn't just look like we massively overcharge!
  11. Hehe, it's nice to see some sympathy for the...

    Hehe, it's nice to see some sympathy for the accountants re all this, I imagine most contractors have a :violin: view on us!

    We're certainly gearing up for a rough 12 months ahead, though we...
  12. Wow...if that's a one off and you have no other...

    Wow...if that's a one off and you have no other working relationship with them, then that's a bargain IMHO.
  13. I imagine that's a bolt on to a Ltd Co package?...

    I imagine that's a bolt on to a Ltd Co package? Ie I highly doubt they'd do a personal tax return for someone they have no other working relationship with, from scratch, for £50. From an accountant's...
  14. Replies
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    I mainly agree with ladymuck here...though there...

    I mainly agree with ladymuck here...though there could certainly be situations a contractor has two concurrent contracts, both being inside IR35. Ie it'd be negligibly different to someone having two...
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    Yeah I'm with Lance on this, I assume the 2 year...

    Yeah I'm with Lance on this, I assume the 2 year thing you're referring to is the TAAR re doing similar activity again soon after liquidating.

    Becoming an employee in a similar sector to where you...
  16. Replies
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    With my understanding of your plan, you wouldn't...

    With my understanding of your plan, you wouldn't need an MVL. At least not for tax reasons. Are you thinking an MVL over a strike off is somehow better to close things off formally (totally ignoring...
  17. Thread: The end of ER?

    by Maslins
    Replies
    17
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    1,692

    Yes, but I imagine the typical person going...

    Yes, but I imagine the typical person going through an MVL will either:
    1) have already taken divis up to top of basic rate band (as 7.5% rather than 10%), and/or
    2) is going into a high paid...
  18. Replies
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    Not that I'm aware of...I just don't think it's a...

    Not that I'm aware of...I just don't think it's a good option. I've elaborated on my views a few times on here before, so apologies but I can't be bothered typing it all up again. I'm sure you can...
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    This. It is an area of growing popularity...

    This. It is an area of growing popularity (personally I'm not convinced it's the best idea, but appreciate it's not clear cut either way). However, because of the increased popularity, it can be a...
  20. If this is bespoke consultancy to one client,...

    If this is bespoke consultancy to one client, then it won't fall under those rules.

    The digital services stuff is more for "produce once, sell to many" situations. Eg you write an app/ebook/video...
  21. Have never done it in practice, but my...

    Have never done it in practice, but my understanding is it will be taxable as dividends in the year of your return. Therefore the rate will depend on tax rates in place at the time, as well as your...
  22. Two separate things here: 1) anti phoenixing...

    Two separate things here:

    1) anti phoenixing (TAAR) rules, that it sounds like you may be aware of. This is only relevant for capital gains following a liquidation anyway, which doesn't sound like...
  23. Thread: ER Advice

    by Maslins
    Replies
    8
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    513

    Use an umbrella for contracts for the next couple...

    Use an umbrella for contracts for the next couple of years? HMRC haven't categorically confirmed that would be safe (like they have with PAYE role for an unconnected employer), but my personal view I...
  24. Replies
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    So just to check, no income has ever gone into...

    So just to check, no income has ever gone into your Ltd Co (either from a client, or you putting personal money into a company bank account)?

    If so, I'd suggest just Googling "DS01", and following...
  25. Your typical inside vs outside IR35 calculator...

    Your typical inside vs outside IR35 calculator should give you a reasonable guide (with the inside figure being equivalent to salary). They're not perfect, and in particular normally assume:
    - that...
  26. Replies
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    That was cojak's prediction, don't blame me ;) ...

    That was cojak's prediction, don't blame me ;)

    Re the OP, fixed deliverable for fixed price should lead to a crystal clear outside IR35 IMHO. Obviously the tricky bit is getting nailed down...
  27. Replies
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    Possibly you're thinking of a "CVL" (Creditors...

    Possibly you're thinking of a "CVL" (Creditors Voluntary Liquidation) rather than a CVA? A licensed insolvency practitioner could help with this.

    However, if the main reason the company can't...
  28. Fair point with the second sentence above. I...

    Fair point with the second sentence above. I think people (worker and client) will be more careful this time. Also that was people moving "the other way" so to speak.

    Re first sentence quoted, I'm...
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    ^^This. As things stand, looks like there will...

    ^^This.

    As things stand, looks like there will still be options for outside IR35 opportunities with:
    - "small" UK clients,
    - overseas clients,
    - braver big UK clients.
    NB I appreciate for the...
  30. The big boys who have stated their intentions...

    The big boys who have stated their intentions seem fairly clear that inside IR35 PSC isn't an option they'll offer. Most seem to be saying PAYE or sod off (or possibly umbrella).

    Could be a bunch...
  31. Sticky: @BlueSharp there was a thread re this recently....

    @BlueSharp there was a thread re this recently. We've not seen any evidence at all to suggest trying to close a company (whether by MVL or strike off) is triggering investigations. Accountants may be...
  32. Any solicitor worldwide can swear it for you,...

    Any solicitor worldwide can swear it for you, doesn't need to be a UK one.

    A common reason for liquidating is emigration, so it's not rare at all that MVLO gets a declaration sworn by an overseas...
  33. Replies
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    One of the first things a "new" accountant will...

    One of the first things a "new" accountant will do is contact the "old" accountant requesting professional clearance. This is partly an anti fraud thing (eg if you've been doing dodgy stuff the old...
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    Just to add to Martin's comments, remember you...

    Just to add to Martin's comments, remember you need to meet all the criteria to be caught.

    Ie if you don't restart a similar trade within 2 years, it doesn't matter whether (one of) your main...
  35. Replies
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    Yeah, from what I understand your situation...

    Yeah, from what I understand your situation should be safe from a tax perspective. Caveat that I assume the potential new employer will be entirely independent of you...ie doesn't happen to be a...
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    If you're move is expected to be semi permanent,...

    If you're move is expected to be semi permanent, and you move in Dec 19, then I expect you'd become tax resident in NZ from the date you move. Any dividends paid out of your UK company after that...
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    Do you anticipate earning significant money in NZ...

    Do you anticipate earning significant money in NZ from fairly soon after you arrive there (whether that be from some kind of business vehicle you set up, permanent role, or even pension)? If so, then...
  38. I think your cynicism may be justified. ...

    I think your cynicism may be justified.

    Inevitably accountants are going to be nervous about categorically stating you will not get an investigation following an application to close (regardless...
  39. With my MVL Online hat on, we haven't seen a...

    With my MVL Online hat on, we haven't seen a single HMRC enquiry started on a company after it's been put into liquidation.

    If there's already an enquiry and/or your company tax affairs are...
  40. I was at a FreeAgent accountant gathering on...

    I was at a FreeAgent accountant gathering on Thursday, had this discussion with a few people.

    General expectation is that lower earning/skilled contractors (hence more likely to be controlled)...
  41. Replies
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    If hypothetical situation is (simplifying CT rate...

    If hypothetical situation is (simplifying CT rate to 20% for ease of numbers):
    - company makes £10k profit in first 6 months.
    - £2k should be set aside for CT liability.
    - shareholder takes £8k...
  42. Now I feel old...perhaps you can only get an...

    Now I feel old...perhaps you can only get an account by smartphone?! For clarity I've never opened a Starling account, just assumed it could be done from a PC. Maybe I'm wrong and normal PCs are so...
  43. I'm kinda with you on this. However one thing I...

    I'm kinda with you on this. However one thing I have been impressed by is how quickly people can get an account opened with the likes of Starling. I haven't done it myself, but it seems you can get...
  44. Correct. You can't just sell 1 share each year...

    Correct. You can't just sell 1 share each year back to the company for an amount equal to the annual exemption, so a tax free capital gain. I've forgotten the precise rules, but key things is the...
  45. Unsure what you're trying to achieve. Piddly...

    Unsure what you're trying to achieve.

    Piddly share capital (eg 100 x £1 shares) and director loan for the balance would likely be most common...though I'm thinking for a typical contractor...
  46. Replies
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    By going through an MVL, the distributions will...

    By going through an MVL, the distributions will be taxed as capital gains, unless you fall foul of the "TAAR" (basically you restarting doing the same thing within 2 years). If you did contract again...
  47. Being honest I was of the view that the April...

    Being honest I was of the view that the April 2020 changes were effectively HMRC admitting that they can't deal with things as they are (huge number of contractors, no easy way to pick out which...
  48. Then just keep making your mortgage repayments...

    Then just keep making your mortgage repayments from the salary/dividends you take from your company going forward. The simplest solution is often the best.
  49. Nope. I struggle to believe a qualified...

    Nope.

    I struggle to believe a qualified accountant has recommended this. There would be so many negative knock on consequences. Sounds more like the idea of an "expert" you meet in the pub.
  50. Yup, basically this. It's a whole extra step for...

    Yup, basically this. It's a whole extra step for HMRC to argue not only that the company had the PAYE liability, but that the director should be forced to pay it personally.

    There has been a...
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