Recent content by King James

  1. King James

    Use a Directors Loan to push back tax - does this make sense?

    Thank you @Ground Investigator that's good advice. Unfortunately I dont think it would be possible to pay the dividends in a more efficient way over time as I would be above £100k + £125k thresholds anyway (hopefully) as live in high cost area / family etc. I drive a 2006 crap car so not living...
  2. King James

    Use a Directors Loan to push back tax - does this make sense?

    Thanks everyone. I would of course have taken some out earlier if I could but a) I didn't have it b) I was trying to stay within other thresholds for tax/ pension reasons on previous years. I have had a few chats with accountant and a financial advisor but they didn't come up with much ...
  3. King James

    Use a Directors Loan to push back tax - does this make sense?

    Thanks @DWS I don't really have any choice at this point but to take the cash out in one go unfortunately. My understanding is that the BIK means you have to pay it back within 9 months and pay interest. There's no actual tax. Seems there is an NI cost though for the company which I can't...
  4. King James

    Use a Directors Loan to push back tax - does this make sense?

    Thanks Chris - my understanding is that there is no tax to pay unless you do not pay it back within 9 months 1 day of year end. There is interest of 2.25% mind you so if I got the loan today and paid back 5 April that would be £6k ish to pay personally ... although going back into the company...
  5. King James

    Use a Directors Loan to push back tax - does this make sense?

    After running the business for 10 years and not earning much we finally started making a decent profit. I now have £500k in the business which I need to pay myself to buy a house (and pay stamp duty!). I will have a big tax bill to pay obviously if I paid this as a dividend this financial year...
  6. King James

    Help! I'm spending all my time logging into online banking! How to deal with accounts payable as an SME ...

    Hi @Frans VH i think you might be right - funny enough I have buybackyourtime in audio book ... i didn't get to that chapter though. I'm not sure my bank or xero has that option for a VA to create a payment for approval ... I think this is what something like Dext + Teleroo is supposed to do...
  7. King James

    Help! I'm spending all my time logging into online banking! How to deal with accounts payable as an SME ...

    Thanks @MyAccountantOnline we work with an agency style accountant not a local firm and they do all the book keeping just not the payments. I think I'm going to try and get a PA to make the payments. I just need to setup an online banking account for them.
  8. King James

    Help! I'm spending all my time logging into online banking! How to deal with accounts payable as an SME ...

    Hi - @NHAccountant thank you - the invoices etc are reasonably batched it's not the issue - just lots of regular payments to freelancers, suppliers etc which is doing my head in. Yes I have heard we can load stuff automagically but not got it working yet ... @Paul Kelly ICHYB on that note we...
  9. King James

    Help! I'm spending all my time logging into online banking! How to deal with accounts payable as an SME ...

    I run a media and event company turning over £2m and have quite a few invoices coming in each week. We do not have anyone full time in finance - have a fractional FD to do the budget and an outsourced accountants doing the books. I'm finding as the owner a huge amount of my time is now spent...
  10. King James

    Corporation Tax back up to 25% - press conference 2pm today

    Ok so I've done that and still making 250k profit and being taxed 25% ... sounds like a lot but it will have taken a huge amount of work and risk to get to this point and many years of being underpaid vs what I could have earned in a job.
  11. King James

    Corporation Tax back up to 25% - press conference 2pm today

    Many small business owners take huge risks to startup a business and even greater risks scaling them. They often don't have very good pensions. Meanwhile the reward for taking the risk is 25% corporation tax ! Plus as we know a huge amount of government spending is wasteful or goes towards...
  12. King James

    Corporation Tax back up to 25% - press conference 2pm today

    So what's to stop someone setting up a company in the BVI or similar paying no / little corporation tax and sending a dividend back to the UK (obviously declaring it and paying tax on it) ? That would presumably be a legal way of avoiding (not evading!) the corporation tax rise? Or am I...
  13. King James

    Corporation Tax back up to 25% - press conference 2pm today

    Up to £50k ... then its gradually upweighted to 25% on the way to 250k - fiendishly complex especially when combined with also complex dividend tax ...
  14. King James

    Corporation Tax back up to 25% - press conference 2pm today

    @SillyBill is dead right - maybe we should all just get jobs in the public sector and leave the wealth creation to someone else ... It's going to create all sorts of weird incentives to make less profits and to not make a profit over 250k ... e.g. are company cars now a good idea again for...
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