Tax Accountant Q & A

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Moazzam A. has already sent a proposal.
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Description

Experience Level: Expert
I am an accountant and I am after the services of a tax accountant with strong experience in dealing with contractors operating small Limited Companies.

I have prepared some tax calculation and reporting models for contractors. This work that I have done has left me with some questions that I want answered to satisfy myself that what I have done is correct and to alert me to any issues I may have missed. The questions I have all relate to accounting presentation, tax, NI, VAT, and any other issue surrounding Limited Company contractors and the personal tax issues following on for the Limited company shareholder.

The Job
I require around 20 questions to be answered
I require a written response to these questions from the successful bidder.
The answers required will vary in length and I may ask follow up questions if the initial answer is not clear or requires elaboration for me to understand.
Some answers can be very brief and others may require source law should I request it.
I may ask you to review some calculations I have prepared and provide me with a correct calculation where required.
The job will last about 2-3 weeks and is for a fixed fee.
All questions should be straight forward for the suitably experienced bidder.

The bidder
I have included the following 3 questions which must be answered as part of your bid. Concise and well written answers and calculations will be given favour.

All questions are all relating to a single director, single shareholder, single contractor Limited Company.

1. Can I have directors loan account balance in debit on the year end accounts? Why?
2. What is the minimum amount of annual wages that can be paid to the contractor by the Limited Company without incurring any employee NI or employer NI?
3. A Limited Company has paid the shareholder Dividends £40,000 Wages and £40,000. What and how much tax does the Limited Company and the shareholder incur? Set any assumptions clearly.

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