I just would like to add that £60k was paid via PAYE and also my wage and additional £100 from sale of shares on top of this £60K that were processed via PAYE
Thank you for your answer. Am I correct thinking if via PAYE I had £60k as UKequity and it was taxed through PAYE and I sold my shares for £100k ( this hit my bank account) does it mean that I pay Capital Gains tax on £40k? What type of restrictions might be there? Sorry, I am new to it but would like to learn. thank you for help
Thank you so much for you response.
Director of the company is not on payroll yet, however, I would like to use his PA as directors remuneration to create additional expense and reduce corporation tax. What is the legitimate way of doing that. Do you see the problem with using the approach above mentioned in my post?
Thank you for your response.
All I was asking for was an advice from someone who works in the practice and had similar situation. The problem is that my manager is not working there anymore and I have to prepare accounts for some clients from the scratch and no one is reviewing them after. You are right, yes, I am out of my depth as I am not that experienced and am not sure if I could use the same approach or not as I will be the one who will be responsible if something goes wrong.
I would appreciate if you could advise me and not judge me. Thank you
My answers
I just would like to add that £60k was paid via PAYE and also my wage and additional £100 from sale of shares on top of this £60K that were processed via PAYE
Thank you for your answer. Am I correct thinking if via PAYE I had £60k as UKequity and it was taxed through PAYE and I sold my shares for £100k ( this hit my bank account) does it mean that I pay Capital Gains tax on £40k? What type of restrictions might be there? Sorry, I am new to it but would like to learn. thank you for help
Forgot to mention that I am using keytime software for accounts production and filling
Thank you so much for you response.
Director of the company is not on payroll yet, however, I would like to use his PA as directors remuneration to create additional expense and reduce corporation tax. What is the legitimate way of doing that. Do you see the problem with using the approach above mentioned in my post?
Thank you for your response.
All I was asking for was an advice from someone who works in the practice and had similar situation. The problem is that my manager is not working there anymore and I have to prepare accounts for some clients from the scratch and no one is reviewing them after. You are right, yes, I am out of my depth as I am not that experienced and am not sure if I could use the same approach or not as I will be the one who will be responsible if something goes wrong.
I would appreciate if you could advise me and not judge me. Thank you