Recent content by Adam93

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    Can I claim these as expenses?

    If the property wasn’t run down and uninhabitable, the SDLT reclaim was incorrect, but some of the £50k costs are likely to be deductible revenue expenses. If the property was uninhabitable then the SDLT reclaim was correct but the £50k would mostly be capital expenditure, and the tax relief...
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    Why can't we defer class 4 NI?

    As it is Class 4 NIC, this will be resolved when completing your tax return. Instead of charging 9% (now 10.25%), you should see 2% (now 3.25%) class 4 NIC on your tax return. Have you completed your tax return correctly and included the employment income as well as your self-employed income?
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    Solvent, move assets and cash from company A ltd to company B ltd ?

    I agree with this. No need for an expensive liquidation.
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    Striking off a company

    If the £7k is an overdrawn DLA then i would imagine there are some creditors/liabilities as the balance sheet wouldn’t balance (unless there is £7k of share capital which seems unlikely). Probably a question your accountant can answer in 30 seconds with the figures in front of them.
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    Has my IP set its fees too high?

    The company DOES have assets of at least £36k looking at the OP's original question. An overdrawn director's loan is an asset of the company.
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    paid myself a lower salary than I could Have

    As Talay says, there isn’t much tax at stake so I wouldn’t lose sleep over it. The lower salary is still sufficient to ensure the year is a qualifying one for your state pension, which is more important than a £75 tax saving in my opinion.
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    Making a company dormant during a strike-off process

    If you file dormant accounts, they wouldn't reflect the position of the company as it isn't dormant. There would be liabilities on the balance sheet (namely the BBL) and either corresponding assets or expenses to make the balance sheet 'balance'. Either do nothing, or submit correct accounts...
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    VAT............Am I going to get in trouble?

    When determining the VAT threshold, you do not use the cash basis tax point. Once registered, you can use the cash basis (if your business qualifies) to calculate your VAT returns.
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    VAT............Am I going to get in trouble?

    The people that matter (HMRC) will see a problem with it unfortunately.
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    VAT............Am I going to get in trouble?

    It is all about the time of supply for VAT purposes which isn't always the date of the invoice. https://www.gov.uk/vat-record-keeping/time-of-supply-or-tax-point
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    Self employed trying to buy a house

    Pension contributions are not an expense for a sole trader. They increase the tax bands and the point at which personal allowance is abated, so it will achieve what the OP desires. The real question would be whether the lender would deduct the pension contributions when calculating affordability...
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    New Ltd company - do I HAVE to use an accountant?

    Do you need an accountant.… no. Filing accounts will still cost you though in time and in money (software costs). It’s like most things, you can service your own car, you can carry out your own property renovations etc etc, but people often don’t due to lack of skills and/or time. If your...
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    Avoidance or Evasion

    Also, you wouldn't be able to take any dividends as there will be no profit. Each invoice will get bigger and bigger and impossible to justify.
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    Avoidance or Evasion

    the transaction would be ignored for tax purposes for a few reasons - transactions between connected parties are deemed to occur at market value for tax purposes (so if no services/goods are purchased the market value will be £nil). Also GAAR. Essentially what you describe is a sham...
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    £20billion anticipated write offs...

    I fear there will be many that choose not to repay the loans rather than not being able to afford to.
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