sorry - guess i was being a bit premature about this, but being hit on so many fronts had me a little dizzy.
So, the definition of PSC? Any help on that one? As i said, im a single director in my LTD company, but i do fully ensure my contracts are outside of IR35, hence SDC is not implied. Do we now assume that if you are outside of IR35, than you are not considered a PSC, or will the majority of us fall into this category?
For me, i travel a fair bit into london, and i live outside of there, so the costs to travel in regularly is high, so loosing that as an expense line is a big deal in the scheme of things.
as to the other aspects of the budget.
im thinking the following
1. Add spouse as employee and hence be exempt from the loss of the NICs employee allowance. She does a fair bit of work for me anyways, but as she is a higher rate tax payer, i never decided to employ her. I will now.
2. Add spouse as shareholder (different share class). As mentioned she is higher rate payer, so i didn't bother, but now as you get a £5k allowance regardless of personal tax bracket. That will help offset some of the dividend tax at 7.5% loss.
The above will help, but its the travel and subsistence element im struggling with.
thanks for your help
So, the definition of PSC? Any help on that one? As i said, im a single director in my LTD company, but i do fully ensure my contracts are outside of IR35, hence SDC is not implied. Do we now assume that if you are outside of IR35, than you are not considered a PSC, or will the majority of us fall into this category?
For me, i travel a fair bit into london, and i live outside of there, so the costs to travel in regularly is high, so loosing that as an expense line is a big deal in the scheme of things.
as to the other aspects of the budget.
im thinking the following
1. Add spouse as employee and hence be exempt from the loss of the NICs employee allowance. She does a fair bit of work for me anyways, but as she is a higher rate tax payer, i never decided to employ her. I will now.
2. Add spouse as shareholder (different share class). As mentioned she is higher rate payer, so i didn't bother, but now as you get a £5k allowance regardless of personal tax bracket. That will help offset some of the dividend tax at 7.5% loss.
The above will help, but its the travel and subsistence element im struggling with.
thanks for your help
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