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smithy69
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« on: March 18, 2007, 06:33:51 PM » |
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Hi guys
I know their are a few guys on here that deal with accounts etc, so thought I would ask on here.
I have been in my new job for only 4 weeks or so on a regional manager level - after previously being with the company in a different role
I have been offered a sales manager position, and this is where the money really is so am really happy.
Here is my problem =
I would have to go self employed so am unsure how this would affect my current mortgage applications. I would imagine I will be taking home roughly 4k-6k home a month which to me is just huggggeeee, and why I am very happy.
Do I have to pay tax immeditely on this or do I get a period of time of leave.
Cheers in advance
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Thought I had better put a pic of me on here, so you knew what my ugly mug was really like
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redsimon
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« Reply #1 on: March 18, 2007, 07:05:12 PM » |
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If you are genuinely self employed there are three things you need to do.
1. register as s/e with HMRC. You must do this within 3 months of commencing s/e otherwise you can get a £100 fine and likely flag yourself up for a Revenue Enquiry. You should also start paying Class 2 NICs
2. You should try and time your commencement for after 6/4/07. Then your first year to a tax return is 2007/08 and that means you have until 31/01/09 to submit a return. This gives you chance to put aside money for Tax and Class 4 NICs. I would recommend you put 40% of your gross in an ISA or other high interest account and don't be tempted to spend it.
3. Get yourself a decent accountant.
The reason why I say genuinely Self employed is you might have problems if you are currently employed by a company, and effectively only contract for them in this new role.
All this advice should bear in mind I left the Revenue three years ago, M3Boy is a practising accountant so might be worth asking him.
I don't know how it will effect your mortgage application. Itall depends how close you are to having a formal mortgage offer.
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The_nun
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« Reply #3 on: March 18, 2007, 07:48:26 PM » |
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avg 70k per annum.. nice pay pckt
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pieman
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« Reply #4 on: March 18, 2007, 07:57:44 PM » |
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don't worry about getting a mortgage if you need one their will be various banks that would be happy to lend on that sort of income and with some you only need 6 months trading history and if you do have problems their are lots of specialist lenders that will lend you the money on a self cert basis.
any probs just pm me and i can point you in the right directions
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smithy69
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« Reply #5 on: March 18, 2007, 08:24:41 PM » |
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Thats brill guys - thankyou
I have had problems as I earn a decent wage currently, but have a £1500 debt on my credit history I have no idea what it is. I am awating the info.
The missus is pleased anyways lolol
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Thought I had better put a pic of me on here, so you knew what my ugly mug was really like
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Snatiramas
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« Reply #6 on: March 19, 2007, 06:50:10 PM » |
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Well done on the new appointment Smithy
By the way to you other posters on this thread This is why I love this site..........top quality advice and no charge. Long may it continue
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The most insidious of rules are those that aren't rules at all.
They are the limitations that we invent for ourselves
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M3boy
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« Reply #7 on: March 19, 2007, 07:10:39 PM » |
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Set up a ltd co - you will pay less tax
mtge will be no probs
pm me if u need more advise
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M3boy
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« Reply #8 on: March 19, 2007, 07:13:16 PM » |
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Set up a ltd co - you will pay less tax
mtge will be no probs
pm me if u need more advise
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M3boy
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« Reply #9 on: March 19, 2007, 07:15:49 PM » |
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Bloody internet on mobiles! Lol
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redsimon
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« Reply #10 on: March 19, 2007, 07:35:32 PM » |
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Paul, I thought HMRC closed off all the advantages of one-person Ltd Cos a couple of budgets ago? Is it still advantageous? I know it was a few years ago 'cos we had 100s of medium size sole traders going down the incorporation route in the Tax district I "worked" in  |
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M3boy
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« Reply #11 on: March 19, 2007, 07:51:05 PM » |
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Paul, I thought HMRC closed off all the advantages of one-person Ltd Cos a couple of budgets ago? Is it still advantageous? I know it was a few years ago 'cos we had 100s of medium size sole traders going down the incorporation route in the Tax district I "worked" in Yes and No, they stopped the nil rate of CT on the first 10k profit, but................... If you have your own Ltd Co and pay yourself a wage of just over the NI limit and take the rest as dividends, you still get the benefits of NI contributions (ie SSP SPP SMP etc...) and Dividends DO NOT attract NI - nice little saving  And the CT rate for small companies is still LESS than Personal Tax rate |
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Dewi_cool
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« Reply #12 on: March 19, 2007, 09:54:25 PM » |
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Set up a ltd co - you will pay less tax
mtge will be no probs
pm me if u need more advise
you can find out how to do this on internet |
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The very last hand of the night goes to Dewi James, who finds ACES and talks Raymond O’Mahoney into calling his all-in preflop bet of 15k. “If I had AQ, I’d call!” says Dewi. Raymond calls holding pocket 66’s.
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