leedswarrior:
Hi Jeff he does everything charges 600 a year but will save me much more than that all I have to do is invoice the client or agency and keep my receipts Quid’s in ; )
Hi Leedswarrior,
Sounds grate that mate I,v just gone LTD start of this month & I’m torn between doing most of the bookkeeping myself with some software called Quick File (which was recommended by someone on here), where you hand it over to the accountant at year end who then prepares the books for submission to company’s house or something like that for £199.
The other scenario involves using this company ( or similar ones ) iv been looking into cheapaccounting co.uk which costs around £50 odd pm with payroll thrown in, don’t know if anyone on here as used them but look pretty competitive, as for Flat rate Vat I’m sure i read some wear that you had to be earning over a certain amount for it to be worthwhile.
Hi Jeff am flat rate vat well worth doing. My accountant has put me on paye with low earnings so pay no tax and its worth getting good accountant stay clear of nova tried best own accountant go for it you won’t look back done 3 day week this week earned more than full on employed happy dayz
leedswarrior:
Hi Jeff am flat rate vat well worth doing. My accountant has put me on paye with low earnings so pay no tax and its worth getting good accountant stay clear of nova tried best own accountant go for it you won’t look back done 3 day week this week earned more than full on employed happy dayz
leedswarrior:
Hi Jeff am flat rate vat well worth doing. My accountant has put me on paye with low earnings so pay no tax and its worth getting good accountant stay clear of nova tried best own accountant go for it you won’t look back done 3 day week this week earned more than full on employed happy dayz
You’ll pay tax on the money you take out of the Ltd Company as a dividend. You cannot avoid paying tax on that.
The low earnings thing will bite you in the arse if you ever want to borrow money say to buy a car, a sofa from DFS and especially if you want to get a mortgage. Dividends are not classed as income for loans as they’re not guaranteed to be paid out unlike a salary. You’ll be asked to provide your wage slips which will show no more than £192 a week, the finance company will apply the affordability test and you’ll be told no.
Conor:
You’ll pay tax on the money you take out of the Ltd Company as a dividend. You cannot avoid paying tax on that.
Just like the old saying gos " The only certainty’s in life are death and taxes." but you can limit your employer & employee NIc with dividend payments if its worked right that’s my understanding.
With regards to
Conor:
The low earnings thing will bite you in the arse if you ever want to borrow money say to buy a car, a sofa from DFS and especially if you want to get a mortgage. Dividends are not classed as income for loans as they’re not guaranteed to be paid out unlike a salary. You’ll be asked to provide your wage slips which will show no more than £192 a week, the finance company will apply the affordability test and you’ll be told no.
(Allegedly) you could pay yourself every thing through your wage slip & no dividends for the required time frame, I don’t know how legal that would be but your accountant would.(Allegedly)
YorkshireJeff:
(Allegedly) you could pay yourself every thing through your wage slip & no dividends for the required time frame, I don’t know how legal that would be but your accountant would.(Allegedly)
Not only would you have to do that for the weekly amount but you’d have to alter the “Gross Taxable Pay To Date” entry on the previous wageslips to make it add up to the figure you claim. That is outright fraud. It would also potentially cause other issues should any govt agency want to see them as pay is recorded in real time with HMRC, ie every time you’re paid under PAYE your employer (accountant in your case) uploads what you’ve been paid to HMRC along with the hours you’ve worked for that. So they’d be very interested in a discrepancy between what your employer has uploaded to HMRC and what is on the wageslips you provide.
Then there’s the P60 which mortgage companies will want to see. No fiddling that legally. In short you either put a decent amount through the books and pay tax on it or avoid tax to the max and accept you’ll not be able to get credit other than for maybe mobile phones or you commit fraud.
Conor:
In short you either put a decent amount through the books and pay tax on it or avoid tax to the max and accept you’ll not be able to get credit other than for maybe mobile phones or you commit fraud.
Not necessarily as taking a minimum wage pm then the rest as a dividend the company will pay corperation tax of that but he shouldn’t pay tax as earnings after all expenses are taken in to account
