Recent content by Tax Specialist

  1. T

    Self Assessment Software

    Hi, Very interesting. I assist a number of accountants in rebutting HMRC tax investiations, and it is not true to say window cleaners, childminders etc have no assets for a Balance Sheet. Surely they have a business vehicle, cash in hand, cash at bank, stock of materials, debtors &...
  2. T

    Whats the minimum wage I have to pay myself?

    Hi, We have found that, unless a very small amount of Nat Insurance is actually physically paid, HMRC do not pass the details on to DWP for pension credit purposes. So P60's would have to be retained, perhaps for many, many years, to support the claim, if no NI is paid. Up to you, really.
  3. T

    IT Contracting Question

    Hi, Actually, the small profits rate of Corporation Tax goes down to 20% as from 01 April 2011, but the Accounts will then need to be submitted on iXBRL-compliant software, which you will need access to.
  4. T

    NOn payment of Invoice

    Hi, I agree you should persue this. If all knowledge of the invoice is still denied send them a hard copy by recorded delivery, with a note that you will issue a Summons for collection if still unpaid after 21 days. It works for me ! (By the way, you can issue a summons on-line...
  5. T

    Whats the minimum wage I have to pay myself?

    Hi, Bear in mind that all Limited Company Accounts and Corporation Tax Returns will need to be submitted to HMRC using iXBRL-compliant software as from April 2011. Best wishes, Tax Specialist
  6. T

    IT Contracting Question

    Hi, Yes, you have the scenario about right, but make sure you pay yourself a salary sufficient to qualify for a year's contribution to your State Pension entitlement, or you might lose out when the time comes. You need to document the dividends properly or HMRC may reclassify them as...
  7. T

    Whats the minimum wage I have to pay myself?

    Hi, Various articles in 'Taxation' magazine and 'Tax Journal' have referred to this as has an excellent little book from DTE Publishing, based in the Midlands. (You may be able to get a second-hand copy quite cheaply on-line) Also suggest you go to a very good website resource, the url...
  8. T

    Self Assessment Software

    Hi, What I actually meant was that the Balance Sheet of the SA Return needs to be completed, and for that one needs a TB. If the balance sheet is left blank HMRC will assume that the submitter is incapable of preparing one and therefore has no financial controls in place. It is also...
  9. T

    Whats the minimum wage I have to pay myself?

    Hi, There is evidence that HMRC are checking small limited companies to make sure that the payments classed as 'dividends' are actually paid as such ie that all the correct documentation for a proper dividend is in place. Best Wishes, Graham Funnell Tax Specialist
  10. T

    Self Assessment Software

    Hi, I've used the professional version of both TaxCalc and F/Tax and much prefer the former, so I agree with the other respondents that TaxCalc is a great product. Incidentally, are you able to complete the Balance Sheet parts of the SA Return ? If not, I suggest you enlist the...
  11. T

    Whats the minimum wage I have to pay myself?

    Hi, Also bear in mind you need to protect your retirement pension entitlement. You need therefore to pay yourself a small salary up to the national insurance threshold to secure a year's deemed Nat Ins contributions. Better still if you actually incur, say, £5 per month Nat Ins in that it...
  12. T

    Sole Trade -v- Limited Company

    Hi, I would just add that the limited company option might be attractive for reasons of not exposing one's assets to a possible claim. That is one reason (Quite apart from tax considerations) why many high-risk businesses trade via a Ltd Company. Remember, too, with a limited company your...
See more
Top Bottom
Community
Articles
Menu