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Income tax & NI on fixed length contract
(Preview)
Hi, When calculating income tax & NI for PAYE, does the fact that the employment is on a fixed length contract comes into the calculation, or do the HMRC work on the basis you'll be earning at the same rate until the end of the tax year and refund you tax and or NI paid afterwards if that turns out not to b...
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KTC
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2
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125
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Corp Tax and dividends
(Preview)
Can anyone tell me very briefly, how CT and dividends work from a company's point of view? I have no intentions of passing this on to clients, I'd just like to get it right in my own head. I know that if a company pays a dividend, it deducts 10% and pays out the 90%. What then happens to that 10%? Is it paid t...
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Jo Gordon
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2
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128
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VAT on Food Items
(Preview)
Morning all, I thought my knowledge of which items are vatable or not was quite good until I recently met with the owner of a local deli. They have provided a few items that they sell to check if they have been doing their VAT correctly since they started 2 years ago. The Items to be check are:Chocolate cak...
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woody88
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4
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128
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Are HMCTS payments for travel taxable?
(Preview)
Are payments for travel reimbursement by HM Courts and Tribunals Service taxable for self assessment purposes? A quick search on Google and HMRC didn't come up with anything, so thought I'd ask here before I ring up.
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Dangermouse
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2
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115
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VAT On Commercial Van Sale
(Preview)
Hi I have a client that is a LTD Company and Registered for VAT thay are selling a vehicle that when purchased had no VAT element on the invoice as it was purchased from a private individual. They are now selling this vehicle and the question is: Do they now have to Rate the Vehicle for VAT As they are sell...
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CrystalClaire
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1
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42
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Deregister for VAT
(Preview)
I have a client who fell below the deregistration threshold for VAT last year, and will do the same this year. They are in the building trade and have lost a lot of contracts recently. They've changed from doing a lot of subcontracting to doing private jobs. I have completed most of the VAT7 form, but I...
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kjmcculloch83
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3
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109
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Forbes Payroll Software
(Preview)
Hi all can't find any threads re Forbes so apologies if I have missed it. Basically have just taken on a new client that have been used Forbes Payroll, unfortunately the previous bookkeeper isn't around to brain pick. Payroll processing seems pretty straightforward but I am strugglling to set it up...
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karenb
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0
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35
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Shenanigans
(Preview)
It's a bloke down the pub story I know but, someone claimed a friend of theirs haven't sent a self-assessment for the past 4-5 years, I think this is twaddle. So to settle an argument, is it rubbish or do people really just drop off the radar?
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Rhianrach
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8
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169
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Personal Lease v Business Lease
(Preview)
Hi, My husband has a Ltd company and is looking to lease a new car. The car in mind has a list price of £27,195 and 125 C02 emissions which on HMRC's website gives a tax valuation of £1,100 per annum. Would it be advised to a personal lease and claim back mileage at 45 pence per mile or to do a business lease and...
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JoBooth
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4
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134
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VAT Codes
(Preview)
Afternoon All, Sorry to have to resurface these type of questions [I know they have been discussed previously] but Im looking to make a posting rule up for Sage and stick to it.., Do these seem ok to use??? This is based on the assumption that the client Im entering for is VAT registered: · Pa...
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PW1980
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15
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306
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Sole Trader and for US Companies "work made for hire"
(Preview)
Hi Guys, I want to become Sole Trader (self emplymend). I will be working as Comics Book artist for US based Companies. Here are my questions : 1. They Send me "Voucher and work made for hire agreement" and "COMPANY NAME Services Agreement", is that fine for Sole Trader or I shoul...
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ShellArtist
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1
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103
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Self assessment for sole traders and simple corp tax
(Preview)
Hi there I have been asked to recommend reference/study books for producing simple corp tax returns and fully unserstanding self assessment (income tax) for sole traders. I am a bit long in the tooth to be able to recommend such books and also used to be lucky enough to receive annual tax books and upda...
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Count1314
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5
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195
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Payroll
(Preview)
Ok, I said I wouldn't do payroll, but now I am. I have a client who wants to employ his son. The boy is 22, and has no other employment. He will be employed for 20hrs a week at NMW. From my calculations that takes him over the LEL and therefore my client needs to register as an employer. But the boy doesn'...
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kjmcculloch83
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7
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105
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Urgent - Insurance included on VAT Return?
(Preview)
I know that there is no VAT involved with insurance premiums but should the amount of any insurance premiums still be included in box 7 on the VAT return? Is there any difference in the treatment between insurance for a company van and, say, professional indemnity/public liability insurance? I a...
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chrisp
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23
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6037
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EU VAT questions
(Preview)
Hi everybody, I am losing sleep over a couple of questions and I am afraid although everything seemed crystal clear previsouly, I might have got it wrong for a little while (hope not). Would anyone be kind enough to let me know how they deal with these in term of VAT inputting please? 1) Buying services f...
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Cornflake
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3
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137
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lump sum payment at start of pension
(Preview)
Hi, I have a client who received a lump sum at commencement of his pension, am I right in thinking that this is tax free? This being the case, I do not have to include it anywhere on the SA return? It was £132k. Anything I should be aware of? Thanks for reading, Carole
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littlebookkeeper
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5
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417
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Self Assessment
(Preview)
I have just been given some paperwork to fill in a self assessment return. Registered as sole trader. My client has two completly different trades. Can these go under one self employment page on the tax return or should this be separated?
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Silly Digits
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4
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323
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Self Assessment - Offsetting Losses
(Preview)
Hi everyone, Just wondered if anyone can help me with offsetting losses when completing a Self Assessment Tax Return. When claiming self employed losses against profits, does the whole loss have to be offset or can just part of the loss be used with the remainder carried forward? For example, if in Y...
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ChrisG
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3
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442
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CAN SOME HELP ME ON MY SELF ASSESSMENT?
(Preview)
hi just completing my online self assesment for 2010-2011 ( i have an extension until tomorrow) its says i owe £911!!! can any one check this for me? income before tax £51749.15 tax £11205 p11d shows cash equivelant £3176. thanks
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citroen999
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8
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181
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VAT return errors
(Preview)
Hi, I took on a new client last year and was told that the vat was annual but I've submitted a vat return for the last quarter for the whole year and now HMRC won't pay the refund as the previous 3 vat returns haven't been submitted. I've spoken to HMRC but they are very unhelpful so I wondered do I: a) submit 3...
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JoBooth
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2
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172
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