That would put wages at 60-70k per driver without working out properly
Gross pay before tax ni etc etc
Not in todays world and normally job wont last long or very very specialist niche market
gettin-on:
Then add the £35 night out on top what you say phil
5 days 4 nights out £740 takehome
7/7 £1085 take home
Any driver taking home that on paye i take my hat off to them and must work for a very very good company
Those rates are ferry talk and rdc. waiting room talk
You can only drive an average of 45 hours per week. So the average working week can only be 5 days. No one will pay full wack for babysitting a lorry for the other 2.
If he charges for nights out then it will be taxable income for his ltd company. Better to charge a flat day rate and work out a weekended rate that both are happy with. I usually charge between 130 and 150 per day working and adjust as worked out with company prior to starting with them
As for NI if done correctly he’ll only have corporation tax to pay and nothing else
alix776:
If he charges for nights out then it will be taxable income for his ltd company. Better to charge a flat day rate and work out a weekended rate that both are happy with. I usually charge between 130 and 150 per day working and adjust as worked out with company prior to starting with themAs for NI if done correctly he’ll only have corporation tax to pay and nothing else
Agree but the night out money would then become an expense to the company
And no corp tax to pay on it as if ltd company you are in effect an employee of that company and should be on paye
So weekly wage of £148 plus £4 day meal us £25 night out plus £5 uk ioe or £10 eu ioe
All is a tax free and ni free income to yourself. And all an expense of. The ltd company
In wages costs
No if its invoiced it becomes taxable income be it night out money or not and yes I did have this conversation with my accountant
Anytbing invoiced is to be declared and is a taxable income
Weather you charge your client day rate all in or charge additional nighg out
But then you have costs to come off etc etc
Your wage plus nights out etc . that your company pay you as wages is tax free
and expense to company weather you charge it or not trust me this is the way you should pay yourself wages to pay less tax
In effect a 5 day week 4 nights out in euro
You can draw a wage of £308 tax and ni free
Which is an expense to the company
So if you inv 120 for 5 days
600 less 308= £292 profit to company
Less any phones mileages etc
And take rest as divi
I e been doing this for 10 years and had 2 inspections last one 9 months ago And all legal and above board
You shood also receive a payslip every week from your ltd co
And be reg for paye and details entered onto hmrc paye live sustem every week
Get my accountant to do for me every week
You own the company but are still a paye employee of it
This applies to any ltd weather your just
An agency driver for someone else or driving your own truck/van
Def speak to your accountant again if not doing it this way or change to another
As trust me if your not you paying more tax than need be weather it corporation or personal
Don’t do nites put now on contarct job with a van which ive always run
You can still pay yourself £4 day meal allowance tac free to you
And grand year extra tax free off corporation tax bill
Should say £1000 less profit showing for your corporation tax bill