Good book on accounting for 1 man band Ltd

Discussion in 'UK Finance' started by public.mark.m, Sep 13, 2006.

  1. I want to try and do the whole thing myself, it will be fairly simple
    situation i.e. monthly invoice, some expenses, 1 (me) employee on low
    salary, 2 directors me and partner) (60/40) dividends, paid monthly. I
    have sage accounting software. Just need a book, i will also be VAT
    registered.
     
    public.mark.m, Sep 13, 2006
    #1
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  2. That "monthly invoice" sounds ominous. Your first "read" may be to
    Google on IR35.
     
    Troy Steadman, Sep 13, 2006
    #2
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  3. public.mark.m

    Tim Guest

    Don't forget, though, that "monthly invoice"
    does NOT imply "caught by IR35"...
     
    Tim, Sep 13, 2006
    #3
  4. I know all about IR35, my contract is outside and has feck all to do
    with this. Next...
     
    public.mark.m, Sep 13, 2006
    #4
  5. public.mark.m

    Peter Saxton Guest

    I don't think there will be a next given your attitude. Looks like you
    are on your own!
     
    Peter Saxton, Sep 13, 2006
    #5
  6. "Monthly invoice" suggests one customer and regular invoicing, "(me)
    employee" suggests one employee.

    How many "badges of trade" so far Tim, IR35 or no IR35?
     
    Troy Steadman, Sep 13, 2006
    #6
  7. So theres no books?
     
    public.mark.m, Sep 14, 2006
    #7
  8. IR35 is not an issue, my 2 concurrent contracts are written to cater
    for it and I have PCG membership which includes insurance.
     
    public.mark.m, Sep 14, 2006
    #8
  9. public.mark.m

    Tim Guest

    Yes (but that doesn't imply that IR35 applies)...

    Again, yes -- but, again, that doesn't imply that IR35 applies!

    My "Troy-speak" translator is failing me here. What did you mean?
     
    Tim, Sep 14, 2006
    #9
  10. The book would be too big. You have everything you need at your
    fingertips.
     
    Troy Steadman, Sep 14, 2006
    #10
  11. Luckily my "Repeat to Tim" echo machine has not yet run out of echo.

    You cannot decide for yourself whether you are working through your
    "one man band" limited company, any more than you can decide to be self
    employed.

    If you turn up:

    <BADGES>
    1) Yourself...
    2) ...at an arranged time...
    3) ...to be paid monthly...
    4) ...in equal tranches...
    5) ...without risking your own capital
    </BADGES>

    ....then you are an employee. Your employer is responsible for deducing
    income tax and NI, and if you (by which I mean he) choose to further
    deduct NI and Corporation Tax where none is due, that is up to
    you...erm...him.
     
    Troy Steadman, Sep 14, 2006
    #11
  12. public.mark.m

    Tim Guest

    The OP may have said (1) & (3),
    but didn't mention (2), (4) or (5).

    Anyway, it's the *contract* that counts (you need to determine
    whether the contract is one "of service" or one "for services").

    Even if all your "badges" above applied, it may still not be
    employment (or caught by IR35), for instance because the contract
    might allow you to send along someone else instead of yourself....
     
    Tim, Sep 14, 2006
    #12
  13. Ir35 is optional in my view, people who pay at are too lazy/stupid to
    get themselves outside it, it can be done using a contract reviewing
    company who specialize in Ir35, also joining the PCG covers you for any
    investigation and having company website/stationery etc. Only 3 PCG
    members out of thousands have been found to be avoiding tax this way
    and at most they pay is a percentage of the tax they never paid on that
    contract.
     
    public.mark.m, Sep 14, 2006
    #13
  14. public.mark.m

    Daytona Guest

    Daytona, Sep 15, 2006
    #14
  15. public.mark.m

    Peter Saxton Guest

    Troy was trying to help him yet the OP acted very unpleasant and
    dismissive. You may approve of how he acted but I don't want to help
    people like that.
     
    Peter Saxton, Sep 15, 2006
    #15
  16. public.mark.m

    Daytona Guest

    I consider it only as unpleasant as an unhelpful reply. If he has
    taken action to cover IR35 then it was quite reasonable to be
    dismissive.

    Daytona
     
    Daytona, Sep 15, 2006
    #16
  17. public.mark.m

    Peter Saxton Guest

    You don't understand the difference between:

    "Thanks, but I have had the IR35 issues considered and resolved" and,

    "I know all about IR35, my contract is outside and has feck all to do
    with this. Next..."?
     
    Peter Saxton, Sep 15, 2006
    #17
  18. Daytona, it is interesting to look at the OP's PCG site:

    http://www.pcg.org.uk/cms/index.php?option=com_content&task=category&sectionid=42&id=136&Itemid=401

    http://tinyurl.com/msro2

    All the information he needs is there. There does indeed seem to be
    insurance cover if things go wrong. Where thousands of people bend the
    rules a little bit, in an organised manner and from a perceived "moral
    high ground", HMRC only has time to pester a few of them. If I were the
    OP I would probably be doing exactly what he is doing.

    But there is no "book". Your link to an AAT book is worthless. If he
    read up all the AAT modules - 3 years at 5 or 6 books a year - he'd
    have the background and *still* none of the specifics.

    He needs an accountant. Failing that all the info he requires is easily
    found on the HMRC and subcontractor sites on the internet. Each will
    tell him an opposite story.
     
    Troy Steadman, Sep 16, 2006
    #18
  19. public.mark.m

    Daytona Guest

    Fair enough !

    Daytona
     
    Daytona, Sep 16, 2006
    #19
  20. Thanks everyone for the replies, Sorry I was snappy with original one I
    had a bad day.
     
    public.mark.m, Sep 18, 2006
    #20
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