A Diary of Reinventing Ourselves

Forward_thinking

I have probably reflected the situation totally wrong - I really don't know about the company accounts. All I know is he owes a director's loan and we owe tax on it. Everything is fine with the accounts but we only have another year to pay it. Will investigate tonight but suspect it is going to make little sense to me straight away.

getmore4less

I wonder if he has tried to be too clever and just got it wrong.

£20k could be corp tax on £100k (£7kx12m which is about right for 2 years and both of you eventually getting dividends to pay the loan/tax.

Your regular money looks like a NI credit wage.

getmore4less

Think of it like this eventually you get 4days out of every 5 worked the 1/5 covers the tax.

If 4days pay covers the spends there should be enough to pay the tax.
Unless the reality is there is more money going somewhere and not being put aside for tax.

pelirocco

getmore4less wrote: »

You can be a shareholder without being a director.
Dividends are paid to shareholders.

true

and i have to write random words for it to post lol

pelirocco

getmore4less wrote: »

I wonder if he has tried to be too clever and just got it wrong.

£20k could be corp tax on £100k (£7kx12m which is about right for 2 years and both of you eventually getting dividends to pay the loan/tax.

Your regular money looks like a NI credit wage.

If he is drawing all he is earning , paying corp tax could be a problem , hopefully he has money saved . However if the directors loan account is a negative balance it would imply otherwise and HMRC are coming in strong these days so that does need to be addressed .

I have to admit I am used to company accounts for larger businesses , so there are multiple ins and outs and write offs for corp tax , so I tend to forget this is a different set up

Forward_thinking

:wall::wall::wall::wall::wall::wall:Just when I was so fired up!!!!! Just been served notice on the house today - we have to be out in 8 weeks. We've been here several years so I didn't see that one coming. What a disaster!! I've just been looking on right move and there's nothing. Perhaps it's a chance to get the rent right down as I did suggest earlier but there's still nothing around here so it looks like we'll have to look further afield. And it's going to cost a fortune - we expect to lose a lot of our deposit as no updating has been done in here for years so it's got quite grubby and moving is going to be so expensive. Plus on top of that I have just changed the gas/telephone etc. How annoying!!! Just when I wanted to start working and focusing on that we need to start looking for a new roof over our head.

pelirocco

VAT , I forgot about that , company earnings above £82000.00 there is vat too

brizzledfw

Oh b@llix. So sorry to hear this. Agh. Another stress. Well it might be a silver lining? You never know. Stuff comes in and off the rental market all the time.

Try and negotiate an extension if you can. Fair wear and tear is usually Ok too for a residential lease, so argue the toss on every penny.

Thinking of you.

Grumpelstiltskin

Forward_thinking wrote: »

:wall::wall::wall::wall::wall::wall:Just when I was so fired up!!!!! Just been served notice on the house today - we have to be out in 8 weeks. We've been here several years so I didn't see that one coming. What a disaster!! I've just been looking on right move and there's nothing. Perhaps it's a chance to get the rent right down as I did suggest earlier but there's still nothing around here so it looks like we'll have to look further afield. And it's going to cost a fortune - we expect to lose a lot of our deposit as no updating has been done in here for years so it's got quite grubby and moving is going to be so expensive. Plus on top of that I have just changed the gas/telephone etc. How annoying!!! Just when I wanted to start working and focusing on that we need to start looking for a new roof over our head.

Ask on this board to see if the notice is legal and what you can do about it.


http://forums.moneysavingexpert.com/forumdisplay.php?f=16


Don't panic.

getmore4less

The house board will help you on this notice.

even if legal correct notice(they did protect the deposit) the only way you HAVE to leave is if you give notice or a court order.

At least now you can solve your high rent problem.

Might be time to look for an area to can look to buy in the future.
Might mean hubby has to review his commute.