ive heard there is a company who you pay a sum to them weekly and they sort out your tax etc for you does anybody know this firm or if its true
2007-07-30 08:46:38 · 5 answers · asked by milliesfling 2 in Business & Finance ➔ Taxes ➔ United Kingdom
No. What happens is this,
the contractor you work for stops your tax and gives you a receipt to that effect.
so if you earn £100 a day, the contractor will stop 20% so you get £80 and a receipt.
At the end of your financial year you hand in your receipts to prove your tax has been deducted.
the receipts are instead of the vouchers that used to be issued.
Personally i cant see the point of them changing it and there is probably a bit more to it, but thats the basics.
2007-07-30 08:54:21 · answer #1 · answered by noruleschris 4 · 0⤊ 0⤋
I'm not sure that I fully understand the question because if you're self-employed, you're self-employed, whether it be within or without the CIS scheme.
You haven't really given enough background to your query.
The person/company you are working for, i.e. the contractor, will pay you and stop tax accordingly. You should be given a payslip of some kind. I say "of some kind" because CIS25s are no longer issued under the New CIS rules.
Since self-employment is a matter of fact, not preference, may I suggest that you check out the HMRC website http://www.hmrc.gov.uk/calcs/esi.htm where you will find a tool to assist you in determining whether you are really self-employed.
2007-08-02 12:35:48 · answer #2 · answered by Tax Chap 3 · 0⤊ 0⤋
Steve B is paranoid!
Yes you can use a service company, but new rules make it unlikely that it will help. If you're self employed see an accountant.
2007-07-31 10:13:27 · answer #3 · answered by Do not trust low score answerers 7 · 0⤊ 0⤋
Yes = they operate a scheme known as "419 Advanced Fee fraud" and are called "con-merchants and scam artists" .. most of them expect you to send your money to Nigeria (where they will keep good care of it).
Either learn how to look after your own Finances (if necessary go to evening class) or practise saying 'baaa baaa baaaa' (yes, you are going to be FLEECED and will remain POOR for the rest of your life ..)
2007-07-31 03:57:29 · answer #4 · answered by Steve B 7 · 0⤊ 1⤋
~Yes they do exist - they are called 'service companies.'
Contact a local accountant and ask them for a referral or ask them to make arrangements.
2007-07-31 09:45:21 · answer #5 · answered by notmarriednochildren 4 · 0⤊ 0⤋