staff wages and tax ofset

[wesleythorne]

Hi, does anyone know if wages paid to staff can be ofset as a business expense agains, if so by how much.
Kind Regards
Wesley

[fleetwood]

100% as far as I am aware

[pnagames]

You're joking right! you are running a business and asking such a question? get advice or a book, quick.

the person asking the question may not have employed somebody else before.

if their business is of sole proprietor status then there are no wages perse.


now to the original post, it depends on wages for whom and what type of business you are.

if you are anything other than sole proprietor and partnership then you can offset the wages (as it is classed as expenses) (even your wages)

if however you are sole proprietor or partnership i do not think you can do that for your wages (as the profits of the company as counted like income towards you and partners)

[pnagames]

Must admit i saw this and thought is this guy for real, if you can afford staff you can afford an accountant. Often during growth a business will hit a point where it is more ecomonical to have an accountant than not.

not necessary Jo

we probably can afford to get a part time staff.

but the quotes we got from accountants were an extortion

[Darren B]

The question was "wages paid to staff" the point of business setup does not come into it.
Wages paid to staff (plus NH employer contributions) are a business expense, full stop, whether the business is sole trader,partership, limited company, public limited company etc.,
If you don't know this basic info, you should not be in business, you are a danger to your creditors.

Edward remind me to help you sometime

This guy might not have even started trading yet you jump on him, could have been trading for 2 months and looking at doing his own books before he finds an accountant

and Wages are not a Business Exspense "parsay" they are an overhead that can be offset against turn over and need to be calculated differently. As you are probably aware there is the company contributions the tax e.t.c which all need to be taken into account. Sole Proprioter does not draw wages they can claim what ever profit there is and pay tax on it - in plain english

Maybe he should of worded his question better

[los_design]

The question was "wages paid to staff" the point of business setup does not come into it.
Wages paid to staff (plus NH employer contributions) are a business expense, full stop, whether the business is sole trader,partership, limited company, public limited company etc.,
If you don't know this basic info, you should not be in business, you are a danger to your creditors.

Another pompous reply that is neither help nor hindrance...
OK BOT,

Hi Wesley

Checkout this site => Business link, loads of advice that may assist you in your quest for enlightenment.

Regards
Daren

[wesleythorne]

hi, thanks for the less than helpful comments, having used atcinic for nearly four years I have noticed in the last few months a lot of bickering and unhelpful postings.
If you have nothing helpful to say, please dont fill up the forum with trash.
I asked the question as my accountant was on holiday and although i was 99% sure it was an expense I just wanted to check.
Measure twice cut once as they say.

Sorry if my original post wasted your precious time, I have found in the past actinic forum to be a quick and helpful way of getting information.
Seems the bad summer weather has affected some brains!

Thanks to those who posted helpful comments, you know who you are.
Wes

[Darren B]

Measure twice cut once as they say.

Interesting term of frase, i use it with my guys, what background do you come from wes?

D

[wesleythorne]

hi, i did work in the photographic industry, exhibitions and printing.
You can take an inch off but you cant put it back.
Now selling sweets for a living full time from shop and actinic.
Wes

[wesleythorne]

hi, thanks for your helpful comments.
You made a lot of assumptions, lots of guesses and provided no help, why do you bother posting at all?
Please do not use the actinic forum unless you have something helpful to say as all it does is clutter up the forums.
Regarding wages, it is not as clear cut as you seem to think, there are all sorts of regulations depending on the industry sector you are in. I am not an accountant and as such I do not have all the answers.
As for you saying I should not be in business, does the same go for all the actinic members who have started websites with no html knowledge. Why start a website if you don't know the basics?
Many a post has been made about basic changes like a store logo or how to change a price, do you treat all these members like they should not be in business.

As I started this thread I am now declaring it closed, the matter has been cleared up with help from my accountant and other members.

Your sort of help we can all do without.
Subject closed.

[Darren B]

Jo I agree with the things you have said, however Edward has yet to make a constuctive post in my opinion.

He obviously has a negative view on most things

We all ask questions that would probably be best suited on another forum but like it or not this is one of the best forums on the internet not just because it is actinic but because it has one of the broadest spectrums of people and abilities and as such it makes it a great resource

And this will be my final word on this thread
Darren

[wesleythorne]

hi, this is the 'any other business forum', the question may have been badly worded and it was after a hard days work and a big tax bill.

It seems to me that there is a new level of snobbery in the actinic forums which is not what I am used to.

I have always found the forum to be very friendly and helpful and part of the reason I use actinic.

Suggesting that I post elsewhere is your point of view.
I have not posted in the wrong forum, this is a free forum and the information in it is much appreciated.

Clutter we can all do without.

[wesleythorne]

More assumptions, i did try wading through the inland revenues website, also business link website, and searching on this forum, all without any luck.

I am sorry if you think that my question was not appropriate for the actinic forum.

If i had posted it in any other part of the forum i would agree.

Maybe we should close the any other business part of the forum.
Or may be you could let us all know what should and should not be posted in the 'any other business' forum. Being such a loose term.

For the record I do have an accountant, who was on holiday, it was a bad day, my brain was overloading with facts and figures and might of been best sleeping on.
As it was I posted what I thought to be a very simple question , and did not expect to be made out to be some sort of cowboy who should not be in business. I expect better things from this forum.

[Duncan Rounding]

My tuppence for what it's worth.

I think the topic of the post was suited to this forum - it's much more closely related to Actinic than many other threads in the same forum. Yes it could have been posted on another forum somewhere on the web, but then so could hundreds of other posts, hence the name of the forum.

The retort earlier on in the thread really wasn't called for whether the question was worded well or otherwise. On the other hand if on the receiving end of an unsavoury remark it is usually best ignored than highlighted.

We should be civil in our responses and keep other thoughts to ourselves. If we can't add constructively to a thread then I think it's better not to post at all.

Personally I make a point of trying never to post comments that may cause offence. On occasion my thoughts may be different but I wouldn't air them on the forum.

[dave_finlayson]

I agree with Duncan, whilst some of us may see some questions as silly, irrelevant, a waste of time or just plain cheeky, we all have the right to answer or not.

I would sooner see a post ignored than unhelpful answers added to it. Having said all that, some people do need the occasional reminder of what a forum is for!