Am I self employed or an employee of my Ltd Company?
I am an IT contractor operating (outside of IR35) through my own limited company of which I am sole director. I am in the process of applying for a new private tenancy agreement and I am being asked what my employment status is. Am I self employed or simply an employee of the Ltd company? I take a low salary and the rest in dividends so need to reflect this additional income somewhere. I'd ask my accountants but I need to complete the form tonight and now they've all gone home!
Small Business - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Here there are good sites on business http://topfin4.notlong.com/7AAqGT8
Answer 2 :
We would ask you to describe yourself as Sole Trader and give your Accountantss name and address for us to follow up your financial situation with them. Estate Agent
Answer 3 :
If I were completing the form I would say self-employed. The reason is that the party may want to contact your employer to verify employment. If they do at some point it will be apparent that you are a one-person company, which may do more harm than good.
Read more other entries :
Thursday, February 28, 2013
Thursday, February 14, 2013
What qualfications do i need to become a Chartered Accountant starting from after my GCSE's?
What qualfications do i need to become a Chartered Accountant starting from after my GCSE's?
hi, i am close in finishing my GCSE's and i rely need help in deciding wot i want to become wen im older, and a chartered accountant happens to b a career wich is smehow linked to maths and IT which r my gud subjects... i want to kno wot i wud exactly need and how long i mite take in order to become a proffesional accountant , bcoz i dnt hav a clue wot i mite do in College or University. Thank u
Higher Education (University +) - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You would need a degree in Accountancy I believe. This means you'd have to go to university. I honestly don't think there's any other way you could become an accountant (but I'm not sure - you'd have to ask a careers advisor for that). In order to get onto a degree in Accountancy, I suggest taking A Levels after your GCSE's. Most people start with four and then drop to three in their second year. I suggest Maths (though I'm told it actually isn't as important than most think), ICT (if that is what you're good at because an advanced qualification in that can take you far in the field of Accountancy or something else), English Language (very good to have whatever you do) and possibly something like Government and Politics, Law or Business Studies. A Levels are good because if you decide you don't want to be an Accountant, you still have the flexibility to go and do something else. There is loads you could do with the above A Levels. You really need to ask a qualified Career's Advisor because I am no professional, but what I have described above is the route I suggest you take. Good luck!
Answer 2 :
You don't need a degree! In fact it's a hindrance if you get one as you'll come out in debt and then have to train as an accountant. You will definitely need A Levels. Maths is an obvious one, Further Maths is even better. Other good subjects include Accountancy (unsurprisingly), Business Studies and IT. You'll need quite good grades. During your A Levels (when everybody is applying to university via UCAS), you'll need to find a placement with an ccountancy firm. There are always firms willing to take on young people and they will pay to train you up. This is the best way to do it as you gain experience and the necessary qualifications. Hope I've helped :) xxx
Answer 3 :
Firstly, you need to learn to communicate clearly in correctly spelled English. I'm not being pedantic here - if you want to get the necessary grades you will need to be able to communicate clearly. Start practising now. The best paid UK accountants are, I believe, members of the ICAEW (Institute of Chartered Accountants for England and Wales). Competition is strong and the exams are stiff. Their web-site will tell you all you need to know. Other professional accounting groups are CIMA and ACCA. Again, check their websites for what you need. If you take an accounting degree then you will not need to take as many exams after university - provided the course you take is linked to ICAEW / ACCA / CIMA. Otherwise, after your degree you would need to take another three years worth of exams. By then the economy should be sorted out! Good luck.
Read more other entries :
hi, i am close in finishing my GCSE's and i rely need help in deciding wot i want to become wen im older, and a chartered accountant happens to b a career wich is smehow linked to maths and IT which r my gud subjects... i want to kno wot i wud exactly need and how long i mite take in order to become a proffesional accountant , bcoz i dnt hav a clue wot i mite do in College or University. Thank u
Higher Education (University +) - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You would need a degree in Accountancy I believe. This means you'd have to go to university. I honestly don't think there's any other way you could become an accountant (but I'm not sure - you'd have to ask a careers advisor for that). In order to get onto a degree in Accountancy, I suggest taking A Levels after your GCSE's. Most people start with four and then drop to three in their second year. I suggest Maths (though I'm told it actually isn't as important than most think), ICT (if that is what you're good at because an advanced qualification in that can take you far in the field of Accountancy or something else), English Language (very good to have whatever you do) and possibly something like Government and Politics, Law or Business Studies. A Levels are good because if you decide you don't want to be an Accountant, you still have the flexibility to go and do something else. There is loads you could do with the above A Levels. You really need to ask a qualified Career's Advisor because I am no professional, but what I have described above is the route I suggest you take. Good luck!
Answer 2 :
You don't need a degree! In fact it's a hindrance if you get one as you'll come out in debt and then have to train as an accountant. You will definitely need A Levels. Maths is an obvious one, Further Maths is even better. Other good subjects include Accountancy (unsurprisingly), Business Studies and IT. You'll need quite good grades. During your A Levels (when everybody is applying to university via UCAS), you'll need to find a placement with an ccountancy firm. There are always firms willing to take on young people and they will pay to train you up. This is the best way to do it as you gain experience and the necessary qualifications. Hope I've helped :) xxx
Answer 3 :
Firstly, you need to learn to communicate clearly in correctly spelled English. I'm not being pedantic here - if you want to get the necessary grades you will need to be able to communicate clearly. Start practising now. The best paid UK accountants are, I believe, members of the ICAEW (Institute of Chartered Accountants for England and Wales). Competition is strong and the exams are stiff. Their web-site will tell you all you need to know. Other professional accounting groups are CIMA and ACCA. Again, check their websites for what you need. If you take an accounting degree then you will not need to take as many exams after university - provided the course you take is linked to ICAEW / ACCA / CIMA. Otherwise, after your degree you would need to take another three years worth of exams. By then the economy should be sorted out! Good luck.
Read more other entries :
Thursday, February 7, 2013
what does a typical accountant do?
what does a typical accountant do?
Small Business - 8 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Maths
Answer 2 :
balances the books
Answer 3 :
our accountant not only manages our sums and makes sure our pennies go to the right places and the tax man gets his correct cut.....she also needs to do her hair its mad!
Answer 4 :
deals with your money matters.
Answer 5 :
Well I've worked alongside loads of them for many years now & here's generally how it goes. They act as boring as possible & put a stop to all fun & laughter in the office (after all this is costing the company in lost productivity). They NEVER spend money on anything, their wife, their kids, their dying parents, NOBODY. They also concentrate heavily on showing as little personality as possible (not hard as they usually don't have one to show). They also drive everyone mad with incessant & unnecessary detail. Another requirement is to wear bland & unstylish clothing. All of the above is pretty much what they concentrate hard on doing. With the occasional profit & loss report analysis & taxation bizzo. Don't EVER have a meeting with one as it will go on all day & some people have been known to become suicidal. Always make an excuse or have a co worker set off the fire alarm as a way of ending the meeting. Your mental health depends on it.
Answer 6 :
Counts beans & shuffles papers?..
Answer 7 :
accountants do a variety of interesting stuff, like keeping the books so you know how much has come in to your account and how much is coming in, what you have spent, what you have left to spend and what you will be spending. they also cost your goods and services so you know how much to charge. they advice you on business deals so you know what is a profitable venture and what is not. they give you guidance on tax matters and where to invest your monies. what you do as an accountant also depends on your qualifications and what field of accounting you are in. hope this helps.
Answer 8 :
For a small business the accountant would: Make sure that all company accounts are balanced and in a good chap. Prepare staff wages and write their cheques on time adding all over time. Pay all bills for the company and be responsible for it. Prepare all company accounts in the end of every year ready for the auditors, and help to sort the VAT out. Be responsible for all tax issues for the company ad all the staff.
Read more other entries :
Small Business - 8 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Maths
Answer 2 :
balances the books
Answer 3 :
our accountant not only manages our sums and makes sure our pennies go to the right places and the tax man gets his correct cut.....she also needs to do her hair its mad!
Answer 4 :
deals with your money matters.
Answer 5 :
Well I've worked alongside loads of them for many years now & here's generally how it goes. They act as boring as possible & put a stop to all fun & laughter in the office (after all this is costing the company in lost productivity). They NEVER spend money on anything, their wife, their kids, their dying parents, NOBODY. They also concentrate heavily on showing as little personality as possible (not hard as they usually don't have one to show). They also drive everyone mad with incessant & unnecessary detail. Another requirement is to wear bland & unstylish clothing. All of the above is pretty much what they concentrate hard on doing. With the occasional profit & loss report analysis & taxation bizzo. Don't EVER have a meeting with one as it will go on all day & some people have been known to become suicidal. Always make an excuse or have a co worker set off the fire alarm as a way of ending the meeting. Your mental health depends on it.
Answer 6 :
Counts beans & shuffles papers?..
Answer 7 :
accountants do a variety of interesting stuff, like keeping the books so you know how much has come in to your account and how much is coming in, what you have spent, what you have left to spend and what you will be spending. they also cost your goods and services so you know how much to charge. they advice you on business deals so you know what is a profitable venture and what is not. they give you guidance on tax matters and where to invest your monies. what you do as an accountant also depends on your qualifications and what field of accounting you are in. hope this helps.
Answer 8 :
For a small business the accountant would: Make sure that all company accounts are balanced and in a good chap. Prepare staff wages and write their cheques on time adding all over time. Pay all bills for the company and be responsible for it. Prepare all company accounts in the end of every year ready for the auditors, and help to sort the VAT out. Be responsible for all tax issues for the company ad all the staff.
Read more other entries :
Friday, February 1, 2013
I am filling in my Tax returns: have earned £33818 as employed and £3000 as self employed work,my question is?
I am filling in my Tax returns: have earned £33818 as employed and £3000 as self employed work,my question is?
1.should I add up both to calculate my total income? 2. from what figure should i subtract my basic allowence of 5035 £? 3. do i fall in 40% band? 4.should i pay 300£ to an accountant to fill my tax returns? Thank you in advance.
United Kingdom - 6 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Pay the accountant... it'll probably work out cheaper in the long run.
Answer 2 :
Pay an accountant. Honestly, they will save you more than they will ever cost.
Answer 3 :
The way tax is calculated it takes account of all income from all sources including employment, self employment, savings, investments etc. There are different rates applicable to different types of income. The effective management of these rates is what gives you the best combination and tax savings. For example the rates under FA 2006 (that's the Finance Act 2006 for tax from April 2006 to April 2007 tax year) are as follows: RATES OF INCOME TAX (Employment income) The rates for 2006–07 are as follows: Starting rate £1 to £2,150 10% Basic rate £2,151 to £33,300 22% Higher rate £33,301 and above 40% Both may need to be added to get your income. However, there may be some expenses claimable against your self employment income, which could reduce your tax bill. This aspect is a bit complicated and unless and until one knows the details of your affairs (which I don’t advice on this forum), one may not be able to advice your correctly. A main difference may be in your NI for the income from employment and self employment. You will fall in the 40% income bracket for any income above £33,301 amount. But do remember that tax is progressive you pay no tax on the amount on your tax code, 10% on the next 2150 or so, 22% on next 31150 (that’s 33,300-2150) and finally, 40% on income above 33,301. If you have income from savings or investments, these are taxed at different rates. Should you pay an accountant for your tax return? You earn only 3000 from self employment. The income from employment would have been taxed at source under PAYE. To pay £300 to a tax consultant means you are paying 10% on your self employment income. But then, you do not want to get into trouble with the tax office. There are schemes for self employed people, and companies who help them prepare payslips and administer their tax for them. Plus you could fill your self assessment returns yourself and submit to the tax office. You must however be aware of various statutory deadlines. Whether or not you choose to get an accountant or do it yourself, the law says the responsibility for accurate returns rest on you. Getting an accountant could save you penalty fees on meeting the deadline. Your accountant should be able to add value to your managing your tax affairs. It’s a matter of judgement for you to determine how much this service is worth to you.
Answer 4 :
you dont subtract the basic allowance - the tax office do that. and yes your total income is both added together and yes you probably eould be better paying an accountant if you cant work the form out for yourself as it is pretty self explanitory.
Answer 5 :
If you're new to self employment, you can go on a FREE course run by HM Revenue & Customs. I did and it's good, but I'm still getting an accountant to do it all for me!
Answer 6 :
Yes The total No The fee for this level should only be £100-150. It's only 30 minutes to an hour, assuming you S/E records are straightforward.
Read more other entries :
1.should I add up both to calculate my total income? 2. from what figure should i subtract my basic allowence of 5035 £? 3. do i fall in 40% band? 4.should i pay 300£ to an accountant to fill my tax returns? Thank you in advance.
United Kingdom - 6 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Pay the accountant... it'll probably work out cheaper in the long run.
Answer 2 :
Pay an accountant. Honestly, they will save you more than they will ever cost.
Answer 3 :
The way tax is calculated it takes account of all income from all sources including employment, self employment, savings, investments etc. There are different rates applicable to different types of income. The effective management of these rates is what gives you the best combination and tax savings. For example the rates under FA 2006 (that's the Finance Act 2006 for tax from April 2006 to April 2007 tax year) are as follows: RATES OF INCOME TAX (Employment income) The rates for 2006–07 are as follows: Starting rate £1 to £2,150 10% Basic rate £2,151 to £33,300 22% Higher rate £33,301 and above 40% Both may need to be added to get your income. However, there may be some expenses claimable against your self employment income, which could reduce your tax bill. This aspect is a bit complicated and unless and until one knows the details of your affairs (which I don’t advice on this forum), one may not be able to advice your correctly. A main difference may be in your NI for the income from employment and self employment. You will fall in the 40% income bracket for any income above £33,301 amount. But do remember that tax is progressive you pay no tax on the amount on your tax code, 10% on the next 2150 or so, 22% on next 31150 (that’s 33,300-2150) and finally, 40% on income above 33,301. If you have income from savings or investments, these are taxed at different rates. Should you pay an accountant for your tax return? You earn only 3000 from self employment. The income from employment would have been taxed at source under PAYE. To pay £300 to a tax consultant means you are paying 10% on your self employment income. But then, you do not want to get into trouble with the tax office. There are schemes for self employed people, and companies who help them prepare payslips and administer their tax for them. Plus you could fill your self assessment returns yourself and submit to the tax office. You must however be aware of various statutory deadlines. Whether or not you choose to get an accountant or do it yourself, the law says the responsibility for accurate returns rest on you. Getting an accountant could save you penalty fees on meeting the deadline. Your accountant should be able to add value to your managing your tax affairs. It’s a matter of judgement for you to determine how much this service is worth to you.
Answer 4 :
you dont subtract the basic allowance - the tax office do that. and yes your total income is both added together and yes you probably eould be better paying an accountant if you cant work the form out for yourself as it is pretty self explanitory.
Answer 5 :
If you're new to self employment, you can go on a FREE course run by HM Revenue & Customs. I did and it's good, but I'm still getting an accountant to do it all for me!
Answer 6 :
Yes The total No The fee for this level should only be £100-150. It's only 30 minutes to an hour, assuming you S/E records are straightforward.
Read more other entries :
Subscribe to:
Posts (Atom)