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
- Goods Purchased for Rental 338 11
- accounts & tax software for small accountancy firms 644 23
- Myfirmsapp 591 13
- Valuation of business 242 4
- CGT implications for gift of shares to connected person 97 4
- Dividend Payments 339 9
- Capital allowances anti-avoidance 47 2
- I.d for vat registration 103 6
- Filing past due corporation tax returns 267 1
- Completing Self-Assessment for a Director of Owner Managed Business 144 3
- CIS Deductions 91 2
- SA302's anyone?? 2,630 40
- Accounting for VAT not yet paid in year end 113 3
- Loan to Partnership is s455 tax relevant? 468 17
- Legal Counsel PC costs 63 1
- High Income Child Benefit 120 2
- Fees for sale 353 6
- Incorporation - any tax advantage? 2,612 24
- Share premium or Directors Loan 653 28
- Taxfiler V's BTC 489 18
- Nil Rate Band Trust - index linked debt by way of charge over property 1,007
- International interest certificate 586
- Have we escaped Gift with Reservation of Benfit & Pre-owned asset charges? - Gift after benefit 506
- NOVA 470
- Bonus Bonds 354
- Insolvency and whistle blowing 327
- Transfer of funds into recently set up company 257
- Payment for Promotional Samples 225
- TPR imposes first penalty notice fines 221
- Quickbooks 2015 145