Former big firm tax manager. Former partner in 12 partner firm of CAs. Now working for myself.
Go for it
Self employment is uncertain and stressful, but you don't have to slave away to subsidise the senior management who pay themselves more than they earn.
The Irish did it 20 odd years ago. If they can then surely we can?
@ The Innkeeper
Oh yes. I too remember those halcyon days when you could actually deal with an inspector on a professional basis.
@ Steve Kesby
I'm afraid that it is a one man company.
Usual story, I'm afraid. His mate (in a similar trade) says that you can.
You should engage an accountant because you do not understand the fundamental issues.
It's a question of structuring the deal
before it happens.
Does the purchaser buy the tangible assets from the company and the goodwill from the individual and would this be enough to make the gain a personal one?
It wasn't a case of HMRC denying goodwill on incorporation. We just didn't do it on the grounds that they might.
Why do you think that he shouldn't?
ie on 6th April.
There used to be an unwritten concession that allowed you to add back items in the CT comp instead of putting them on the P11d.
That became a thing of the past when Class 1A NICs were introduced.
In other words this was a very long time ago, so presumably the sales person was quite old. (Not as old as me obviously.)
I have a case
Aged widow with small pension lives off dividends and gilt interest.
Always gets a repayment of the tax on gilt interest.
We have to submit an R40 annually.
Sensible thing would be to put her into self assessment so that the R40 details can be submitted electronically instead of on paper.
This would save time and effort for all concerned.
HMRC won't do it.