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hi all
could do with a bit of advice
ive got twin girls of 13 and an eight year old girl
i live 120 miles away from my x , have done for about 3 years
i split up with my partner about 6 years ago , i had all 3 full time for two years and for the last 4 years i had the other 2 full time
recently my 8 year old went to mums and it all started with the cms ( my little one came back but the cms are still involved
im self employed but over the last year i earn much less than i used to , i cant get last years accounts for another 3 weeks as my accountant is away
ive been told to go limited as its a change of employment and i can take a certain wage only ,
could anybody give any input on this
hi,
i have been self-employed, with limited company for 5 years now. breakup happened end of last year. if you have been self-employed, you are sole trader or using umbrella company?
yep its very common for accountant to assign a salary for you, and also whatever money you withdraw from your business, thats classed as dividends. so CMS would take into account the salary and dividend amount as your income. they use that to work out how much maintenance you pay. when CMS asked when my accounts are due, i told them i have until end of december to to sort it out and their not ready yet. so they just asked me for last years income figures.
one tip is you need to be very pro-active with cms. after i gave them my income figures, i took a backseat. they took ages to work out my income, then put me into arrears. so now i have to pay 2 months backdated pay on top of regular payments.
thanks for that
would you agree it would be better to be limited then to be self employed cms as any extra money would stay in the company and be ready to be used for the unforscene that happens in business.
the way i see it is they are screwing me down so much i have no leeway say if my van goes down and i need a new turrbo of £1600.00as it did only a few months ago .
hi,
yep. self-employed usually go limited anyway. after your tax year ends, you have 9 months to pay tax. very handy if you want sort out your finances and be stable first.
cheers
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