Taxed twice having subbies?

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Just fill in the form yourself on companies house....

My accountant fees doubled but my Company is quite complicated with all different aspects to it so I expect it...

We are splitting the main company into 4 some point this year to make it easier to manage and it will work better fonancially
 
I love


Well this is a side issue for me. I've seen the sites you can set up for £18.99. Our accountant wants £125 + to do it for us. With it being a straight forward two man show theres nothing extra he can "sort" during the process is there?


There is extra work involved for your accountant. My accountant said my fees would double...many accountants push sole traders to go LTD when they are not ready to charge more.
 
You don't need to charge more :-) accountants earn their money with what they save you....

It's a cost but we'll worth every single penny... going Ltd does not have any effect on your companies day to day running it just means you are protecting your assets and paying less in tax...
 
Went to my accountant last year for exactly the same reason..

Limited is better but costs more my account was the same as Dans £100 per month for him to sort everything, payroll, VAT, returns and wages..

But you can set up just a payroll with HMRC and my accountant would do everything again but for £30 a month..

Ask another accountant bud unless you 100% trust this one?

@owls or @Jfe will give you a definitive answer I'm sure
 
there a couple of local plasterers that are ltd. co.
i can look at their accounts all night if i want to on the internet. they are not very impressed when i tell them that i have had a good scour round their balance sheets.

Malc forgive me for sounding a bit short here pal but you seem like a bit of a cock. I'm not sure if you struggle with general chit chat or your just not very socialy skilled but 3 times you've posted on this thread and not once have i found your post funny, informative or even slightly entertaining.
 
Economies of scale I guess.
If your reaching a certain level of turnover going ltd is a no brainer.
You pay less tax as you take your income as a dividend, your liability is also limited. Your subbies tax is offset against your own tax. Get a good accountant regardless of the cost, put it down as a factor in running a business, they will save you money over time.
 
Economies of scale I guess.
If your reaching a certain level of turnover going ltd is a no brainer.
You pay less tax as you take your income as a dividend, your liability is also limited. Your subbies tax is offset against your own tax. Get a good accountant regardless of the cost, put it down as a factor in running a business, they will save you money over time.

What about just a payroll mate without going Limited?

If I remember rightly I thought exactly the same as OP would I get stopped then Get stopped again an not be able to claim it back till the end of the year..

But my accountant told me as long as the payroll Marrys up each month then it's not an issue its just a case of stopping the 20% from the subby and that shaking through your accounts and providing said subby with monthly receiptof stoppages??..
 
A bit strong that.

Possibly not worded great but my point stands.


What about just a payroll mate without going Limited?

If I remember rightly I thought exactly the same as OP would I get stopped then Get stopped again an not be able to claim it back till the end of the year..

But my accountant told me as long as the payroll Marrys up each month then it's not an issue its just a case of stopping the 20% from the subby and that shaking through your accounts and providing said subby with monthly receiptof stoppages??..

That was my exact concern. Going to speak to the accountant properly soon so will have to ask him if theres any way around it like what your suggesting. It makes sense that if you can account for yours/subbies stoppages then its all in the system so shouldn't be an issue but having mulled it over for a few days now im more of the opinion that if it means claiming it all back at year end then so be it. Its a step in the right direction so if it means getting 12 months under our belt to get gross status or getting better margins then its a small inconvenience in the bigger picture.

Appreciate everyones input...including malcs, at least he bumped the thread i guess.
 
just a quick one i hope, in the coming weeks we're going to have a couple if gangs working through/for us on a job. We wont be making a fortune on them and it'll only be for 3 months max that they'll be working for us on this job with another hopefully following on closely. The game plan is to build things slowly and eventually have a couple of gangs going full time but while we're finding our feet i want to keep things as simple as possible.

My point/question is are there any ways to legally get around being taxed on the gross and then having to pay out on the subbies invoices again effectively wiping out what we'd make on them.

I know we'd claim it back at year end but i don't want a savings fund from it, our accountant said straight away to go ltd but that we wouldn't get gross payment status for min 12 months? Anyone else know if this really is the case or do we need to switch accountants? There must be a simpler way instead of incurring the hassle and expense of running a ltd company especially as its only really a trial run i guess?
Make ur self a limited company then every month you put it through hmrc tools as a recoverable about which then covers the tax on the subys then u don't have to send there tax again
 
Make ur self a limited company then every month you put it through hmrc tools as a recoverable about which then covers the tax on the subys then u don't have to send there tax again

Thanks, this is exactly the sort of solution i was hoping existed.
 
Go ltd.......buy jeeps/quads/golfing holidays/land for future offices etc....then sell the lot for cash in 3 years.

You need it for your company to expand.
keep spending the tax ......they know its being taxed again.
 
Go ltd.......buy jeeps/quads/golfing holidays/land for future offices etc....then sell the lot for cash in 3 years.

You need it for your company to expand.
keep spending the tax ......they know its being taxed again.

If this is what going ltd is all about im keen lol
 
Rich get rich from using thier "tax" money not there own.

I know lads who earn less than me ..houses bought ..new vans.
Its knowing the system.

Me ..im either stupid or too laid back !!!
 
Take a chance bearbeef ....youve nothing to loose.

Theres lads out there whos done time for naughty things....when there released their still rich enough to never lift a finger again.
 
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