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Hi
I have tried contacting CMS options and Child maintenance themselves without any help
Does anyone know what gross income I declare from my Ltd company? Is it Income to the company minus expenses and pension or just income to the company minus pension?
I ended a permanent job in December to start working a mix of Ltd Company and via an umbrella company. I contacted CSA and they said ring back in a few weeks when I have wage slips to show income (which I don't have as I'm the sole employee of my company and do not have a payroll). I've rang today and they are now saying that they will only accept proof from end of year tax return.
My plan is to go off the gov.uk calculator and pay at end of month from that, rather than the schedule they've worked out from my 29k income. Am I going to end up getting myself in trouble doing it this way or does it seem a sensible way to go?
The arrangement is where I pay direct into the mother of my childs account
Hi There,
.
My understanding of limited company is that you would pay the amount set off your gross income minus pension, your expenses would be paid as an additional payment to cover your out goings related to work and aren't deducted or included.
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I may be wrong though.
.
GTTS
If you have an accountant, I would ask them - they would normally have a good working knowledge of what is needed.
Your gross income is nothing to do with CMS or Options which is why they can not help.
It is to do with HRMC. You only have 1 set of figures for your income - everything works from that. If you are not sure then the CMS is the least of your issues at the moment - you need to get your self sorted for Tax.
The way you are working now you will need to do a Self Assessment Tax Return - where you fill in your total earnings at the end of the year. Your accountant may do that for you, however it is not hard to do - but if you have any doubts then an accountant is WELL worth it.
My accountant provides me with a full online accounting package, payroll, company tax/vat returns, personal tax returns, advice, support for £100 a month - which seems expensive but the time it saves me, money they save me, and costly mistakes they prevent me from making means £100 is well well worth it.
You can normally find an accountant and system that specialises in working with your industry ( IT contractors, builders, consultants etc etc )
If you have never done a self assessment before you need to register with HMRC to be able to do it. Once you do and then login you then just go through a bunch of questions asking you to add data from P60/P45 forms, dividends you received, costs etc.
Ultimately the CMS will use the previous years tax calculation to make their calculation. This is especially true with contractors/self-employed/single-person companies etc as the irregularity of work means that good income one month might need to cover low income next month.
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