Here's one for you!
I'm presently employed (PAYE) but am about to start a business on my own, expected first year turnover of £70k, most of which will be profit.
The wife is presently non-earning (housewife) but i want to get her to help me out with a few thigs relating to the business.
The start up costs are negligabel (i have my clients in place) and will need to spend the first few months incomings to continue to pay the mortgate, bills, etc.
My feeling is to start up as a limited company, with me as the only shareholder/director and employing the wife.
What is the best way to deal with the first few months incomings - can i treat them as dividend? - what are directors loan accounts?
My plan is to go see a chartered accountant but i would just like an idea of the issues before i do that.
thanks for your time
- Any Scottish members out there? 9,678 353
- Sportman claiming for training kit 275 8
- where has the honest passion to help gone..??? 1,081 21
- CIS 54 1
- Would Director's dividends on non-voting C shares risk being classed as "earnings" for NIC purposes? 316 4
- Why Shoebuy Coupon Shopping Made Easy With These Expert Tips? 113 5
- Accountancy packages for FRS 102 133 4
- Penalties for non-filing of EC Sales List 122 2
- PAYE 61 1
- Lexis Nexis 3 Month Cancellation Notice 76 2
- Mutual trading organisation paying tax for the first time 83 3
- VAT on Pub Kitchen Franchise 102 2
- Can anyone recommend a good document scanner? 510 10
- How to cancel a partnership registration for self assessment 96 2
- Complicated freehold purchase and CA 103 1
- Declined for business bank account 796 10
- UTR reallocated by HMRC 265 3
- Vat on Royalites 139 2
- Accounting for share for share 126 6
- About to buy a block of fees. Any advice? 1,424 6
- Raiders of the Lost Tax File 1,201
- Chartered Accountant in County Down N.Ireland 415
- IPP (International Pension Plan) income 318
- National Insurance 317
- FRS 102 and loans from a director 270
- valuation of intangible asset FRS10 and FRS20 263
- Unnecessary S9A Enquiries 244
- Cass 5 FCA Client Money Software recomendation 237
- Non Resident 231
- Franchise income and costs 215