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Where Taxpayers and Advisers Meet

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by jpcentral
Sat May 14, 2016 4:28 pm
Forum: Company Taxation
Topic: Unususal Query
Replies: 3
Views: 1273

Re: Unususal Query

This gets quite complicated. If you, as director, allowed the company to be dissolved incorrectly, you can be prosecuted because you didn't fulfil your legal responsibilities. If the company was dissolved with assets (money or physical assets), which seems quite likely if you were paid legal dividen...
by jpcentral
Fri May 13, 2016 5:23 pm
Forum: Business Tax
Topic: Directors loan or business expenses?
Replies: 2
Views: 1195

Re: Directors loan or business expenses?

Maybe not what you want to hear but you should really go and discuss your plans with a local accountant. Keeping proper records for a business which hires out equipment and, presumably takes refundable deposits, and probably sells consumables, is not straightforward. If you don't get your record kee...
by jpcentral
Fri May 13, 2016 1:13 pm
Forum: Company Taxation
Topic: Unususal Query
Replies: 3
Views: 1273

Re: Unususal Query

A few things on your post aren't 100% clear but I think I get the gist. An individual tax return (SA100) doesn't ask for details of each dividend received. All that has to be entered is a total. You could therefore simply submit an amended (or new SA100) with the dividend (and other income) shown an...
by jpcentral
Thu May 12, 2016 9:48 am
Forum: Income Tax
Topic: Idk why im paying tax.
Replies: 6
Views: 1220

Re: Idk why im paying tax.

Probably - It depends on how much you earn each week/month.
by jpcentral
Mon Apr 25, 2016 5:29 pm
Forum: VAT & Excise Duties
Topic: Item exempt from Import Duty - still pay VAT???
Replies: 3
Views: 1030

Re: Item exempt from Import Duty - still pay VAT???

If you are an importer/dealer who will be selling on the goods, I believe that you have to pay the VAT, which you will reclaim, and not charge it to your end customer. If you are the actual end user, and therefore not in business, you have to complete the form and lodge it with Customs at the place ...
by jpcentral
Fri Apr 08, 2016 3:18 pm
Forum: Company Taxation
Topic: Limited compnay tax
Replies: 1
Views: 862

Re: Limited compnay tax

If you only charge £110, the net result will be a loss. You pay VAT on your sale price and reclaim any VAT charged on your purchases. In the case you described, you would actually be paying £18.33 to HMRC so your loss would be around £8.33. The principle is that you should charge £110 + VAT - or £13...
by jpcentral
Fri Apr 08, 2016 3:09 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Single Director, No PAYE, Dividend only...but NIC for 2016/17
Replies: 4
Views: 1141

Re: Single Director, No PAYE, Dividend only...but NIC for 2016/17

You would need to pay a voluntary contribution of £14.10 per week (£733.20 per annum) Not sure why you think it isn't worth the effort of setting up a PAYE scheme. Single director paid £8,060 per annum on a monthly basis saves about £1,612 in corporation tax. I don't know what your accountant charge...
by jpcentral
Wed Apr 06, 2016 12:47 pm
Forum: Business Tax
Topic: Carrying forward a loss
Replies: 3
Views: 1077

Re: Carrying forward a loss

Just because you haven't invoiced the work doesn't mean that it shouldn't appear in your accounts. In accrual (standard) accounting a WIP (Work in Progress) figure would be included to show work which has been carried out but not yet invoiced. If your WIP figure is equal to your calculated loss, the...
by jpcentral
Tue Apr 05, 2016 2:23 pm
Forum: VAT & Excise Duties
Topic: VAT on Polish goods
Replies: 1
Views: 583

Re: VAT on Polish goods

No. He is treated as a private purchaser in Poland in exactly the same way as if he had walked into a shop in Warsaw.
by jpcentral
Mon Apr 04, 2016 5:50 pm
Forum: Professionals in Practice & Industry
Topic: How Should I Prepare my Receipts for Accountant ?
Replies: 2
Views: 12213

Re: How Should I Prepare my Receipts for Accountant ?

Simple answer - Ask him. More complicated. He might prefer a carrier bag. If you sort them, how does he know that you have done them correctly? He will probably end up going through each one to check just in case. If you feel confident about correctly sorting and allocating them, why not speak to hi...

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