Recent content by SoFar

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    Cash surplus & what to do with it

    I'm looking at fixed interest savings accounts, e.g. Virgin Money 2.4% for a year, Nationwide 3% for 18 months. Does anyone know how quickly these rates respond to BOE increases? I'm just wondering if I apply today, if they may increase slightly in a fortnight for example.
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    Sole Trade -v- Limited Company

    Although not all the details are out yet, it's looking like there will be cuts in corporation tax from the con-libs. With that said, if I have been putting off changing from sole trader to ltd, the tax savings are more likely to increase than decrease in the next few years aren't they? I know...
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    Employing contractors resident in EU & outside EU in a UK business

    I am approaching the point where I will need to hire my first employee/s. Because of the nature of my business it would be beneficial to have staff in other time zones and possibly to be multi-lingual too. As the work would mainly be emailing my customers, it's no problem for it to be done...
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    Sole Trade -v- Limited Company

    Ahh, yes I think I've made a newbie mistake by trying to take the same salary once incorporated as a sole trader would, which no-one would ever do. I.e. 50k in box one and 50k in box 3. I didn't realised that the Net income is worked out based on just box 1, so box 3 can be left at £5435. So...
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    Sole Trade -v- Limited Company

    Here's the calculator I was using: http://www.newmanandpartners.co.uk/resources/tax_centre/tax_calculators/incorporation.php Most likely I may have mis-interpreted the results or it could be wrong.
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    Sole Trade -v- Limited Company

    I've now found another Incorporation calculator, which gives different results: When taking home 100% profit. £50k Gross Income - Ltd Tax LOSS: £6,623 £100k Gross Income - Ltd Tax LOSS: £13,023 £300k Gross Income - Ltd Tax LOSS: £38,623 Of course, if you don't take out the whole profit, the...
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    Sole Trade -v- Limited Company

    Since I posted the above message I did a bit of research and found a LTD vs Sole Trader comparison calculator. I don't know how accurate it is, but the results surprised me: £50k Gross Income - Ltd Tax saving: £3554 £100k Gross Income - Ltd Tax saving: £3679 £300k Gross Income - Ltd Tax...
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    Sole Trade -v- Limited Company

    I'm very interested in this. Can Jenni, or anyone else expand on it or point me to any other resources that explain more? (I'm not earning £300k but it could influence whether to turn limited if it later becomes more tax efficient to be a sole trader again if £300k is ever reached.)
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    Possible VAT Rate changing

    I'm so annoyed about this VAT change. It's being done at the busiest time of year and as it's just for a year is going to cause two extra troublesome periods where systems needing changing. Small businesses might have to reduce their prices if customers expect it, then customers who were paying...
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    Off the shelf Ltd company vs getting your account to setup/registre a new company

    I'm trying to find a new accountant at the moment and am also considering incorporating. The fee for just incorporation excl legal fees is around £1000 and legal fees estimated around £500. These figures don't include company accounts, tax returns or anything else as far as I can see. Isn't...
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    Possible mistake with VAT registration date

    I've only just had a letter back from them: So that we can determine the correct date of registration would you please supply the following details: Within 14 days, please provide monthly turnover figures for the last 3 years or the commencement of trading up to end of May 2008. There are a...
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    Box 2 on Vat return

    OK thanks, I understand that I think. Which boxes would I put the VAT due on payment for a US web host company created by the reverse charge procedure? I know this shouldn't be complicated but I'm having one of those days. :) Edit: Reading up on this. I assume for a US web host, that I paid...
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    Possible mistake with VAT registration date

    Thanks for your replies. I spoke to the Advice line today and was advised to write to EDR's HMRC in Grimsby explaining what has happened, which I have done. Ignoring the reverse charges for a moment, I will owe output tax on payments from the three months that should have been included in my...
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    Box 2 on Vat return

    Can anyone give an example of some action that would cause you to need to enter a figure in Box 2 of the VAT return? A help note says this: "Box 2 Show the VAT due, but not paid, on all goods and related services you acquire in this tax period from other European Community (EC) member states."...
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    Possible mistake with VAT registration date

    Thank you for your reply. It's slightly re-assuring that it's not a common scenario. The electronically supplied services I receive are: web hosting and domain name registrations, plus advertising through Google Adwords, all from outside the UK. On their own they wouldn't bring me to the...
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