I could lose my new house what can I do please help

sarf_london_guy

:j I now have a full time job!:j

I got a phone call this morning and was told to be ready for work at 5am this coming Tuesday. Don’t know exactly what my pay is but I have been told its about £100 plus overtime a day. It involves laying water mains; I guess I will start of labouring.
I have also been told I will be looked after very well because I know one of the main guys in the company.

Now I have free time to update my SOA, I will be updating it in the next few hours after I stop jumping up and down with joy.

I don’t know too much at the moment regarding wages all I know its going to be about £100 a day and the job description as it has been helped along the system because of his rank in the company, it’s with a very well known company and apparently I was told that you get looked after very well.

I will know more information Tuesday night when I get back from work.

Thank you again for your kind advice.

rayday2

You will have to watch how that effects your corporation tax and personal tax situation, make sure you speak to your "accountant" and tax office for the job early on last thing you need is a huge tax bill. Also not sure how it will effect tax credits so let them know early on too.

mouseclick

sarf_london_guy wrote: »

:j I now have a full time job!:j

:TCongratulations!:T

imoneyop

rayday2 wrote: »

You will have to watch how that effects your corporation tax and personal tax situation, make sure you speak to your "accountant" and tax office for the job early on last thing you need is a huge tax bill. Also not sure how it will effect tax credits so let them know early on too.

It shouldn't affect corp tax as the ltd company is a totally separate entity. However, any money coming out of the company (either dividends or salary) to SLG will be taxable as the new job will be using up the personal allowance. Might be possible to pay the wife a salary from the company to use her personal allowance, but as rayday2 says, speak to your accountant.

hazelbunny

Sarahsaver wrote: »

IYSWIM your overall household income has GOT to be over 22k if you are claiming the tax credits properly.
The home improvements MUST wait, a LONG time!

Where are you getting the idea that if you get tax credits that your household income is over 22k ? There is no way they would be entitled to £10k a year(£192 per week) tax credits for one child.

mouseclick

imoneyop wrote: »

Might be possible to pay the wife a salary from the company to use her personal allowance

Clever idea, and completely justified as she will be doing the work.

Should he now put an estimate of his new income into the SOA? I guess that may be around 2000+ per month, but of course that will be taxable, and until he gets his first pay packet, SLG wont know what the tax is.

...edit... just thinking, not sure if he is taking dividends or salary, but if dividends them maybe his wife needs to be a shareholder? Not sure about this, however his accountant is quite good, she will be able to advise.

rayday2

No the whole point of SOA are facts! You cannot budget with projected incomes wishes mights and maybes thats why he is in so much debt and living off credit! Which ulimately if he is not careful will loose him the house!

Time to get off cloud cuckoo and deal with what comes in and goes out as everyone keeps saying!

If he rings the tax office for the company he is working with they will be able to tell him what he will pay he needs to stop hiding from people in authority and if he does have an "accountant" he should be able to help him with basic tax. But why on earth someone employs an accountant for such little income is ridiculous if true - most people running successful small companies rely on there own book keeping - builders, plumbers etc

From what he says he does not have a clue about business which he would if taking professional advice.

mouseclick

rayday2 wrote: »

No the whole point of SOA are facts! ... Time to get off cloud cuckoo and deal with what comes in and goes out as everyone keeps saying!

But that is a fact. He will get the income, he has got the job. I was just asking about the ettiquette ... does he put it in now, as a projection, or wait until the date of his first wage packet? If it's not there, the advice has to be sell the house. If it is there, he keeps the house, so it is not exactly an insignificant development!

rayday2

I would love to see this SOA yes he should do it now after speaking to his accountant and finding out what his take home will be also if he goes onto http://www.entitledto.com/ he will know what his new tax credits will be as there seems confusion other that too!

rayday2

Don't forget they will have to put the wifes income on that website too the one from the company.