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Where Taxpayers and Advisers Meet

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by jpcentral
Sat Feb 06, 2016 2:59 pm
Forum: VAT & Excise Duties
Topic: Intermediary/commission VAT based question
Replies: 6
Views: 1244

Re: Intermediary/commission VAT based question

I can see potential problems with what you are proposing and the simple answer to your question is "it depends". The outline you have given makes It sound as if the end user's contract is with you. If that is the case, the whole amount which you invoice will probably be VATable. Of course, if the co...
by jpcentral
Wed Jan 27, 2016 2:10 pm
Forum: Business Tax
Topic: Question regarding self assessment 2015/2016
Replies: 1
Views: 611

Re: Question regarding self assessment 2015/2016

If you became self employed in October 2015, there will be no income arising in the 2014/15 tax year (to 5 April 2015) and therefore no need for you to include any self employed income on an SA return for that period - due by end of January 2016. That is not to say that there is not another reason w...
by jpcentral
Wed Jan 27, 2016 2:05 pm
Forum: Income Tax
Topic: Employer Medical benefit
Replies: 2
Views: 446

Re: Employer Medical benefit

Yes, you need to include any benefits received in the relevant boxes on the Employment Pages of the SA form. Presumably you received a P11D.
by jpcentral
Mon Jan 25, 2016 1:43 pm
Forum: VAT & Excise Duties
Topic: Vat registration - reissuing 18 month old invoices
Replies: 3
Views: 609

Re: Vat registration - reissuing 18 month old invoices

There is no legal requirement on you to pay the extra VAT, however, as you say, you can reclaim it so, in the long run it is not going to make any difference to you. You will make your supplier very happy though because the supplier will not have to stand the VAT on the invoices (£1,333). Unless you...
by jpcentral
Sat Jan 23, 2016 11:08 am
Forum: Income Tax
Topic: self employed/employed - advantages/disadvantages
Replies: 1
Views: 307

Re: self employed/employed - advantages/disadvantages

Probably not, although if you were only running one business thee might be some saving in costs, particularly registrations where I imagine you need two now. If you operate two separate, identical, businesses from the same premises it must be difficult determining what expenses can be attributed to ...
by jpcentral
Sat Jan 23, 2016 9:54 am
Forum: Company Taxation
Topic: new to this.
Replies: 1
Views: 636

Re: new to this.

You would be very safe putting 20% away because that should considerably exceed the profit. Corporation tax is 20% of profit. Your profit is your sales (£2,295) less allowable expenses. You mentioned a van so presumably the company owns a van on which it will claim either AIA (Annual Investment Allo...
by jpcentral
Fri Jan 22, 2016 5:49 pm
Forum: VAT & Excise Duties
Topic: VAT on materials provided by another company
Replies: 9
Views: 980

Re: VAT on materials provided by another company

Very confusing. If I understand correctly (which I probably don't) you are installing their boiler. The boiler never actually belongs to you? Is there any reason why it should? This is a bit like me buying a car battery from a friend then going to a garage and asking them to fit it. The battery does...
by jpcentral
Fri Jan 22, 2016 9:18 am
Forum: Income Tax
Topic: Payments made to Non Share holder
Replies: 3
Views: 444

Re: Payments made to Non Share holder

It sounds as if you need professional help rather than trying to muddle through yourself. 1. Possibly treat it as dividends paid to your wife although that would put her over the higher rate threshold, although you could possibly treat part of it as a loan made to the director and repay it out of di...
by jpcentral
Fri Jan 22, 2016 9:03 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: New employer tax refund question
Replies: 3
Views: 918

Re: New employer tax refund question

You can apply to HMRC for funding to cover the refund.There is an online form to complete at https://www.gov.uk/payroll-funding You generally receive the funding very quickly. I think the last time we applied for one of our clients it only took about three days. The money goes straight into your ban...
by jpcentral
Thu Jan 21, 2016 9:31 am
Forum: General
Topic: Subcontractor to subcontractor
Replies: 2
Views: 1836

Re: Subcontractor to subcontractor

You will become a contractor so you will need to register as a contractor with HMRC. This is a different registration to registering as a subcontractor. You will then need to verify each subcontractor - before they start working for you - and determine the deduction rate. There are three possible de...

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