Best tax saving scheme

[expat]

Can you create a thread with a title, something like "STOP - have you posted in this area before? If not, READ THIS".

Then perhaps a nice mod will make it sticky.

Seems that stickies just overwhelm newbies, who think that it can't be so hard that you actually have to read all that stuff..... so they don't.

Much easier to ask in post 1 for a complete explamnation of everything tailored to their case, then get huffy when told to RTFM.

[Pondlife]

I'm going to be helpful.

1. Click this link: nice picture

Far and away the best response to a noob question in CUK history.

[Sockpuppet]

Hi All,

I need some advice on saving some tax on my contract. I would like to hear from someone who is knowledgeable on contracting in UK and knows how to maximise the tax saving within legal boundaries.

If someone can please advice me with an example on how to save maximum tax on a contract of £500 per day for 12 months. Please start by telling me whether to get the contract on a limited company or as self-employed. Then how much salary to take and how much dividend, etc. Also if need be shall I employ my spouse as an employee, expenses, etc.

Thanking in advance,

Cheers

I don't bite.

You are diver and I claim my crispy £5.

[BA to the Stars]

If you just want to save tax, have all your gross earnings directed to me, I will pay you the equivalent of your tax coding therefore you will have no tax to pay and you have achieved your goal in minimising the tax that YOU have to pay. I will take on the worry of all the other tax Sorted.

Seriously, have a look at the PCG guides, if you intend on contracting for any decent length of time then go for a limited company solution and get yourself an accountant. Plenty on here and all recommended.