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if accounts r produced without considering resonable expenses reqiored to run a business are incorrect a/c and will be refused by hoJohn wrote:I think it is worthwhile, for a minute or two, just standing back from the Limited Company situation and asking ourselves, what if the business was operated as a sole trader and not by a limited company.
In that situation the profit from the self-employment would be classed as income for tax purposes and indeed for visa purposes, and that profit would be after deduction of relevant business expenses.
So now returning to the query here, the limited company situation, why would the expenses count as income? They are what they are, expenses.
All I would say is, the person is not forced to claimed for those expenses, and if their expenses are reduced, their income will be higher.
Really? Or are you also trying to ensure that no NI is payable by both you and your company? If so you have succeeded as regards yourself, but because you are being paid more than £589 per month, if you maintain the £600 level there will be a small amount of NI payable by your company at the end of the tax year.I am a sole director of a limited company i have set my salary on the minimum threshold where I donot have to pay any PAYE tax.