If s/he is self employed in the definition of everyone other than UKBA (so sole trader rather than owner/director of a limited company) then s/he can use their personal bank account. Now banks may insist that you open a separate business account with them but it is a matter of contract between you a...
Sorry, I forgot to answer your last point .... * the date the goods or service were provided (supply date) ( would it mean the date the service is provided to the client and it has to be same day when the amount should be credited to the bank account-- say that web designing was done on 11 April 201...
No problems! * a unique identification number (Is it the same as invoice number or is it the UTR number) It just means the invoice number - basically so if anyone quotes the invoice number you both know what is being talked about(!) There is no requirement to put your UTR on the invoice and, in fact...
With regards to Invoice, do I need to put the amount which I am charging from the customer without VAT/TAX or A flat rate which does not include the VAT/TAX, as I would be paying it later on at the end of the financial year. DO NOT include VAT! You are not registered for it (the tax you will pay on...
Potentially you may be liable for tax zuby. The main thing to do here is to remember to separate what is company related to what is related to you as an individual. As far as your company is concerned there will be no more tax to pay. Corporation Tax was paid on the company's taxable profits and the...
Self assessment income tax returns must include all income earned by you as an individual. So company profits are taken care of in the Corporation Tax return but all income you earned from your company (salary and dividends) will be included in your self assessment return. Of course it isn't limited...
Check around half way down on this link to the DirectGiv website on what a payslip should contain. Payslips come in all shapes and sizes but as long as they contain the following information then you may not even have to worry about your options (of course you'll be in the best position to answer th...
I'd take a look at this in two parts zuby: UKBA - It was all out of your control. As far as you were aware, you were paying the correct amount in tax & NI. The PAYE system is set up and run by your employer. You have done nothing wrong and have acted in good faith. HMRC - It's difficult to know from...
I'm gathering that you've got everything sorted out now Mitul judging by the http://www.immigrationboards.com/viewtopic.php?p=594878&highlight=#594878 thread. Definitely get advice regarding the distribution of dividends (and how it all works) and paperwork from your existing accountant on this as s...
It's really one for your accountant to explain, advise and deal with swamik1 - the last thing I want to be doing is to tread on their toes or complicate matters any more. For your accounts and for the ensuing tax, it is obviously important that the accounts are prepared on a true & fair basis. To co...
1. Is it ok if I show 10 month period income as pervious earnings or should I submit all my 12 months bank statements.. though there was no dividend taken for those spare two months in April and May of 2011? Yes 2. My accountant mentioned that he will give me one payslip for the complete year(makin...
I have come across some posts saying that we may need to produce previous years P60 is that mandatory..? In the Tier 1 Policy Guidance document the P60 is brought up as an example of an official tax document (see 114. (iv)). There are other examples mentioned so do check that part of the guidance. ...
Although I did say that I was keen to keep out of giving advice where you have another accountant I've got to say that .... if you dont mention the dates of my billing in the invoice we can avoid that billing in the current financial year. Just to mention the days of work and not the dates of work i...
Best consider this in two stages: 1 - if you already have these multiple income streams coming in and you are carrying on a trade or trades then register as being self employed with HMRC as soon as is practicable. 2 - for the future it really depends on many factors as MB243 says above. It's ultimat...
In which case swamik1 then get your guidance from your accountant. They are closest to your situation so will know more facts than anyone on here and can advise accordingly. If you completed the work before your year end date then it should be included in the year to 30/11/11 accounts; it doesn't ma...
Just to follow up on the later posts: - Have you charged VAT on your invoices? (so have added 20% in a separate line item to your net charges) - Do you have an accountant at the moment? With this I'm not touting for business (honest!) It's more a case of if you do then speak to him/her to talk you t...
Is it mandatory to mention VAT in the invoice? Yes! This link will tell you what should be in a VAT invoice: http://www.hmrc.gov.uk/vat/managing/charging/vat-invoices.htm I gather with your last comment that the agent are paying into the company account rather than you personally by the way(?) Coul...
You can rectify the invoice errors by reissuing them; notify the invoice recipient first however to prevent any confusion, marking up the invoice if necessary. Regarding payments v invoicing, it's not necessarily anything to worry about. Many companies make batch payments of invoices (i.e. make one ...
At least from the face of what you say there shouldn't be a problem - from the volume of trading and the fact you are registered as self employed it is evident that you are carrying on a trade and therefore bringing in self employed income rather than just using eBay for getting rid of old things (i...
Speak with them individually before buying as forms needs to be filled out. From experience of having non-EU resident visitors buying from over here you may have to get a second opinion so I'd leave plenty of time before departure to get things sorted out. I'm sure you've already thought of it but r...
It's up to you middletier 1. As a director you will be in control of what dividends are paid and as the employer you will set salary levels. Providing that you meet/can prove what you are claiming as previous earnings then that's going to be the concern of UKBA. The other factor, of course, is that ...
Just to add to this, a P60 covers the tax year (6th April - 5th April) so unless it co-incides with your earnings period it isn't going to back up your claimed earnings anyway.
