Recent content by NortonBishop

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    Self employed vs. LTD

    The formulas in the Company column are not correct - it looks like you've added the dividend tax rather than deduct it..
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    Dilemma: Declaring gross income or net income with cash basis method

    In Xero, for example, you can categorise a bank receipt with more than one income or expense category. So a £75 receipt might be categorised as £100 sale, -£25 commission.
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    Avoiding Omissions of Sales Invoices

    The more analysis that one does, the more likely one is to pick up errors such as a failure to invoice for a service. So if you allocate expenses to individual categories rather than broader ones and do the same for invoices, one might see the profit being made on each area of business or on...
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    Reclaiming business start up costs

    Wouldn't it cost her more money to top up later than it would do if she has the company pay her the minimum to qualify yearly re state pension without her actually making any NI contributions?
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    Bookkeepers and Accountants and Mutual Clients

    There's a useful point in the messages above that sometimes professionals like to invite other professionals into the process without regard of the cost to the business. I've always sought to be aware of this - it's easy for, say, a solicitor to say, "let's get your accountants in on this...
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    Pension VS ISA

    If you really believe that "the true inflation rate is easily 10%+" then you'd be better off buying now whatever it is that you think goes up 10% every year
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    Capital depreciation and claiming tax relief back in buying Tesla outright through business

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    Capital depreciation and claiming tax relief back in buying Tesla outright through business

    Well, the maths is difficult and debateable to calculate with a term of, "never" but if the car was disposed off after 50 years for £0 then the saving in CT by using the First Year allowance is zero. It's just a cash flow advantage to get the relief up front. First Year allowance should really...
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    Capital depreciation and claiming tax relief back in buying Tesla outright through business

    As stated above, people need to remember that 100% first year allowance doesn't save any tax at all - it simply moves it into year 1. If a £60k car is bought in year 1 with a 100% allowance claimed, then if it is sold next year for £50k then corporation tax will be payable in the 2nd year on a...
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    Am I liable for CGT?

    If the OP is the beneficiary of a capital gain on a property that wasn't their residence then CGT would logically apply on the gain.
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    After advice on tax

    And watchout for the VAT threshold if you are not registered for VAT and start subcontracting a lot of the work whilst you are working elsewhere.
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    Savings accounts for Ltd company?

    Thanks for the clarification. Any thoughts on how easy it would be to get the money back from HMRC should it turn out that there is no immediate CT liability?
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    Savings accounts for Ltd company?

    Do you have an opinion on which the correct interest rates would be @Rawlinson Pryde ?
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    Savings accounts for Ltd company?

    Oh, it looked to me as those that category which includes the expression "early payments of Corporation Tax not due by instalments" would cover the situation under discussion which is payments of CT being made in advance? Maybe @Rawlinson Pryde have looked at this more?
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    Savings accounts for Ltd company?

    This is from that link - different date but same percentage. Interest paid on overpaid quarterly instalment payments and on early payments of Corporation Tax not due by instalments From Percentage % 12 August 2024 4.75
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