She's arrived this morning.....

[doobin]

agreed ..... but why pay tax on the year, if it's been a good one ?
lot of allowances on new capital plant against tax .. I always used to prefer to spend it than give it away and always had the gear to use (and sell at a later date after it'd been written down some)
property maintenance was the best one at 100% deductible

I have an absoloutely massive capital pool, yes. Not paid much tax for a few years.

Doesn't help much when applying for a mortgage though. I can pay both halves of the mortgage with what I make in a day, yet that counts for nothing. The other half had been in a job just three months, but that was fine.

 

[V8Druid]

I have an absoloutely massive capital pool, yes. Not paid much tax for a few years.

Doesn't help much when applying for a mortgage though. I can pay both halves of the mortgage with what I make in a day, yet that counts for nothing. The other half had been in a job just three months, but that was fine.

self employed never carried much weight when trying to get a mortgage Doob, although you may well be better off than most on the income stream front, they just don't look beyond their noses

 

[doobin]

self employed never carried much weight when trying to get a mortgage Doob, although you may well be better off than most on the income stream front, they just don't look beyond their noses

It wasn't even 'creative accounting'- it's legitimate capital investment that could be offset against tax. It'll be much easier next time as I'll be LTD and then they can look at retained profits.

 

[6feetdown]

I know this will only do a quarter of what @6feetdown ’s will do, but she was a quarter of the price too. Just arrived. I’ve affixed the training wheels View attachment 30718View attachment 30719

Nice for small access

 

[6feetdown]

Very nice @6feetdown !!

What you loving it around with though? They are too heavy with an attachment on the front are they not for usual 3.5t trailer on the market?

Most of our work we on site for few days so attachments on tipper

 

[6feetdown]

agreed ..... but why pay tax on the year, if it's been a good one ?
lot of allowances on new capital plant against tax .. I always used to prefer to spend it than give it away and always had the gear to use (and sell at a later date after it'd been written down some)
property maintenance was the best one at 100% deductible

Exactly and tax allowance is good at the moment i believe

 

[GazCro]

Exactly and tax allowance is good at the moment i believe

Yeah the 130% tax relief but no good to do doob if he's not ltd (nor am I). But if you are it would deffo be best to pay for a much of a machine as you could in this tax year while the 130% is on.

 

[6feetdown]

Yeah the 130% tax relief but no good to do doob if he's not ltd (nor am I). But if you are it would deffo be best to pay for a much of a machine as you could in this tax year while the 130% is on.

Yes Ltd

 

[DaveDCB]

It wasn't even 'creative accounting'- it's legitimate capital investment that could be offset against tax. It'll be much easier next time as I'll be LTD and then they can look at retained profits.

Just remember if your newly Ltd and also the director they won’t take a look at you until after 2 years or directorship/employment ref mortgages!
Such a racket given anyone directly employed can loose a job overnight yet us self employed generally have multiple income streams and far much to loose if we don’t work the next day!!

 

[fred]

It wasn't even 'creative accounting'- it's legitimate capital investment that could be offset against tax. It'll be much easier next time as I'll be LTD and then they can look at retained profits.

dont forget you can 'sell' all your existing kit to the new Ltd co so it starts off with a massive debt to keep the corp tax down for next 10 years.

i never told you that.

 

[fred]

Just remember if your newly Ltd and also the director they won’t take a look at you until after 2 years or directorship/employment ref mortgages!
Such a racket given anyone directly employed can loose a job overnight yet us self employed generally have multiple income streams and far much to loose if we don’t work the next day!!

most lenders will accept 3 months of payslips, just print off whatever the number you need for the mortgage x 3 then go back to earning a tax code after to keep the paye down.

perfectly above board and i never mentioned it.

 

[doobin]

dont forget you can 'sell' all your existing kit to the new Ltd co so it starts off with a massive debt to keep the corp tax down for next 10 years.

i never told you that.

It’s common knowledge mate- directors loan.

 

[doobin]

most lenders will accept 3 months of payslips, just print off whatever the number you need for the mortgage x 3 then go back to earning a tax code after to keep the paye down.

perfectly above board and i never mentioned it.

They are not that stupid with ltd companies mate. They check for connections to family companies also.

 

[Lancs Lad]

They are not that stupid with ltd companies mate. They check for connections to family companies also.

Fred's right...I've proved it.

 

[DaveDCB]

They are not that stupid with ltd companies mate. They check for connections to family companies also.

Yeah it’s completely different if your the director, they pretty much class you as self employed if it’s newly LTD

 

[fred]

It’s common knowledge mate- directors loan.

no, directors loan is you taking money OUT of the company. this is the opposite.

I actually never said that.

 

[GazCro]

no, directors loan is you taking money OUT of the company. this is the opposite.

I actually never said that.

Err no. From what I've learned recently a directors loan "account" is when someone has been putting their own personal money into a ltd company to keep it from going under. Its possibly a term with more than one meaning mind.

 

[doobin]

no, directors loan is you taking money OUT of the company. this is the opposite.

I actually never said that.

No, a director's loan can work both ways. An overdrawn director's loan is when a director takes money out of the company, often before declaring the company insolvent. This is where people will commonly hear the phrase, when hearing that a company has gone bust. An overdrawn directors loan is the first thing an insolvency practictioner would look for, and it also leaves the director open to a personal tax liability which many/most ignore, and hope that they won't be found out.

However, seed capital can be either loaned to the company (a director's loan), or the company can pay for it in shares.

You post on here like a man of mystery, with ways anyone can use to avoid ever paying tax, but if anyone takes your advice and runs with it then they're leaving themselves wide open to a sore arsehole. Especially as HMRC can (and do/have just) introduce new powers retrospectively to investigate directors/failed companies.

 

[D.W.P]

no, directors loan is you taking money OUT of the company. this is the opposite.

I actually never said that.

Good to know, good to know.

 

[Richard Hunton]

No, a director's loan can work both ways. An overdrawn director's loan is when a director takes money out of the company, often before declaring the company insolvent. This is where people will commonly hear the phrase, when hearing that a company has gone bust. An overdrawn directors loan is the first thing an insolvency practictioner would look for, and it also leaves the director open to a personal tax liability which many/most ignore, and hope that they won't be found out.

However, seed capital can be either loaned to the company (a director's loan), or the company can pay for it in shares.

You post on here like a man of mystery, with ways anyone can use to avoid ever paying tax, but if anyone takes your advice and runs with it then they're leaving themselves wide open to a sore arsehole. Especially as HMRC can (and do/have just) introduce new powers retrospectively to investigate directors/failed companies.

Just my 2 pence worth, when i set up in 2017 I used my own/ old/ existing js130 as a deposit for my new doosan

My own money for a dumper 4k and 4k for a pickup again my own money.

My accountant put it down as a directors loan. Apparently I can have it back any time i like......

Once theres a spare 20k in the business account