donald on "Ltd company - what to do with any excess earnings?"
Any profit the company makes within the company year is subject to Corporation Tax. Once you've paid that taking dividends (up to the higher rate tax band) incurs no additional tax so keeping it in the...
View ArticleNZCol on "Ltd company - what to do with any excess earnings?"
Spunk it up the wall on a massive boozy lunch, coke, hookers, the usual. Seriously, you didn;t know that ?
View Articlealexxx on "Ltd company - what to do with any excess earnings?"
Is this kind of thing worth considering if your on circa 35-40k and a sole trader with mainly hours of profit and minimal expenses?
View Articlepetefromearth on "Ltd company - what to do with any excess earnings?"
Andybanks - have you actually managed to do the offset mortgage with company savings? I asked about this recently but my mortgage advisor told me it would not be possible as it has to be your personal...
View ArticleNewRetroTom on "Ltd company - what to do with any excess earnings?"
alexxx - if you're on £35 - £40k as a sole trader you're paying a lot more NI than you need to be and you'd be a lot better off having a limited company.
View ArticleNewRetroTom on "Ltd company - what to do with any excess earnings?"
Andybanks - what you're suggesting about repaying the director loan and then taking it out again can't be done anymore due to the 30 day rule that came in with the 2013 budget. You'll get caught by the...
View Articleandybanks on "Ltd company - what to do with any excess earnings?"
@petefromearth - it's not technical company savings as the company has loaned you personally the cash. It is your money that you then pay back to the company.I haven't done it personally as I got a...
View Articlemrblobby on "Ltd company - what to do with any excess earnings?"
I thought it was ok so long as you wait 30 days before taking the loan out again (I think HMRC also require that the new loan not be one you planned to take out when repaying the old one too, not sure...
View Articletomhoward on "Ltd company - what to do with any excess earnings?"
Hookers. Blow.On the company, of course. You're welcome.
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Milkie on "Ltd company - what to do with any excess earnings?"
Just gone Limited and as above you can take out 29k in dividends, then make up the rest as your salary. As long as your salary is 8k or more so you pay some NI and a tiny amount of tax its all good The...
View Articlecraigxxl on "Ltd company - what to do with any excess earnings?"
You had to repay any monies owed to the company within 9 months to avoid corporation tax. People used to repay and take the money again the follow day. HMRC changed the ruling to at least 30 days...
View Articleandybanks on "Ltd company - what to do with any excess earnings?"
Another tip if going as a contractor is to get yourself registered for VAT on the flat rate scheme.Your clients will be able to claim the VAT back so it's no difference to them.On flat rate you charge...
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cheers_drive on "Ltd company - what to do with any excess earnings?"
Flat rate VAT is indeed excellent. I'm on 11% (10%) in first year If you spend over £2k in one transaction on certain capital expenditure (such as a laptop) you can can claim VAT on that. 5 months in...
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mcobie on "Ltd company - what to do with any excess earnings?"
I've only skim read the above posts, so forgive me if this has been mentioned.If you're going to use the excess funds as a deposit in the near future (within 5 years) then you'll need to take it out of...
View ArticleIHN on "Ltd company - what to do with any excess earnings?"
On flat rate you charge 20% VAT and then only pass a lower % on to the VAT man. This % depends on your industry sector but is often 15% ish.You cannot claim VAT back yourself, but seeing as most...
View ArticleIHN on "Ltd company - what to do with any excess earnings?"
If personal taxation is an issue do you have a partner that could become a shareholding director to also take an income for work that they'll obviously undertake for you? You don't have to be a...
View Articleanagallis_arvensis on "Ltd company - what to do with any excess earnings?"
Anyone with excess money can give it to me problem solved.
View Articlecatfood on "Ltd company - what to do with any excess earnings?"
And if you do go vat registered you have to have your accounts brought up to date every quarter instead of annually, unless you are earning a good whack any money saved is usually just spent on what...
View ArticleTheArtistFormerlyKnownAsSTR on "Ltd company - what to do with any excess...
And if you do go vat registered you have to have your accounts brought up to date every quarter instead of annually, unless you are earning a good whack any money saved is usually just spent on what...
View Articleb r on "Ltd company - what to do with any excess earnings?"
Take a basic salary and pension contributions reduce your taxable profits then dividends.This.Also never pay yourself more than the level at which you'd start paying income tax/NI. It was about £37k...
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