Originally posted by jamesbrown
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IR35 as you're approaching retirement
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Originally posted by Eirikur View Post
You are right, I confused it with the limit where you need to appoint a liquidatorSee You Next TuesdayComment
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Originally posted by Heathmount View Post
Only if you have earnings this year of at least £180k. You can only put in max 100% of earnings regardless of how much you have ‘available’ due to carry forward rules.
It's not a bad tax plan putting it all into a sipp, saves an enormous amount of tax.
This is not a platform for tax advice, but it's helpful to see what other people are doing.
one scenario could be that you have 1 million in a sipp, 250k is tax free, then you take 50k out per year paying only 20% tax, effective tax rate of 15%, saving 25%.
I'm not going to have anywhere near that, but I I can generate 50k per year then I'd be happyComment
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Originally posted by eek View Post
HMRC have kicked off a round of IR35 checks with end clients and put the fear of God into them...
Thank you.Comment
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Originally posted by jamesbrown View PostI think some of you are forgetting that a SIPP is not just avoiding tax, but deferring it. Sure, you may have a lower marginal rate and no NI in retirement, but you ain’t retaining 90%+ in the long run. SIPP contributions only make sense to a point.Comment
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For those who are inside and taking the approach of stashing as much as possible into their SIPP (which is what I'm currently doing), would you be tempted to switch to outside again and all that comes with for a slightly lower daily rate? I've been approached with an outside role but have to ask myself as I am now in my 50's if it's better to stay doing what I'm doing utilising my allowances as well from my lower last 3 years knowing that as from the next tax year I will be limited to 60k salary sacrifice or make the move now to outside again..What is better - stay inside or try outside again?Comment
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Originally posted by bromleygirl View PostFor those who are inside and taking the approach of stashing as much as possible into their SIPP (which is what I'm currently doing), would you be tempted to switch to outside again and all that comes with for a slightly lower daily rate? I've been approached with an outside role but have to ask myself as I am now in my 50's if it's better to stay doing what I'm doing utilising my allowances as well from my lower last 3 years knowing that as from the next tax year I will be limited to 60k salary sacrifice or make the move now to outside again..What is better - stay inside or try outside again?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Agree and have run the numbers. Using the giant pay calculator, it was very apparent that I am better off sticking with my current set up versus going outside and paying 25% Corporation Tax. Either way, regardless if I'm in or out, I'll still be limited to the 60k pension sacrifice limit.Comment
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