blindmansam
Full Member
P/T advisor (over 5 years)
Posts: 225
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Post by blindmansam on Feb 1, 2007 19:46:33 GMT 1
Did you all remember to do your self arsessment form and return in before Jan 31st ?
Did you all pay the Inland Revenue a decent amout ££££ to cover your earnings ?
Hillary's will be happy to help , should you require financial help or advice !
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Post by desmorse on Feb 1, 2007 20:50:31 GMT 1
Did you all remember to do your self arsessment form and return in before Jan 31st ? Did you all pay the Inland Revenue a decent amout ££££ to cover your earnings ? Hillary's will be happy to help , should you require financial help or advice ! Nope, don't pay income tax. Or National Insurance come to that. If you operate as a Ltd company, you only pay 19% corporation tax. Take a salary which is the tax free limit, and the rest as tax paid dividend. Saves me around £2,500/year in tax & NI. Flat rate VAT also generates around £4,500/annum benefit. Equivalent to a 10% pay rise for about an hours work each year |
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Post by RED on Feb 2, 2007 21:45:58 GMT 1
Did you all remember to do your self arsessment form and return in before Jan 31st ? Did you all pay the Inland Revenue a decent amout ££££ to cover your earnings ? Hillary's will be happy to help , should you require financial help or advice ! Nope, don't pay income tax. Or National Insurance come to that. If you operate as a Ltd company, you only pay 19% corporation tax. Take a salary which is the tax free limit, and the rest as tax paid dividend. Saves me around £2,500/year in tax & NI. Flat rate VAT also generates around £4,500/annum benefit. Equivalent to a 10% pay rise for about an hours work each year Hi BVM. I am the same as you as in a limited company and pay no National insurance, but how does this effect us for the future as in say, pension rights. My accountant is very vague over this and never makes any sense. I think she assumes I understand every word she is on about but if I did I would not need her to do my accounts. Any one know the answer? |
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Post by dorblindfitter on Feb 3, 2007 0:30:12 GMT 1
I can tell you this for a fact. The Inland revenue are looking hard and fast at this little loop hole of little one man bands setting up as limited companies. You could find your self paying back tax for the past seven years.So watch your step! and as for paying NI . Your employed by your company as a director so you should in theory be paying it or look forward to recieving a low pension at 65. Still you could always work part time as an Agent or jump in the cam, if you know what i mean ;D
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