Please help me do contract maths!!!

[tino]

if you don t need to touch the money. you can also go on anice holiday near the end of the year. before the end of your co tax year. make sure you are long enough away to not be in a tax resident for uk and not long enough to be one inthe countries you are travelling. that way you can pay yourself a wage without deducting tax as you are not doing the work in the uk.

HE IS NOT AN ACCOUNTANT

[PhilAtBFCA]

HE IS NOT AN ACCOUNTANT

I think you may be right there.

Phil

[hugebrain]

HE IS NOT AN ACCOUNTANT

So, beancounters, what does happen if you leave the UK for a year and then pay yourself a huge salary whilst abroad?

(apart from the Socialists refunding the corporation tax they stole from you)

[PhilAtBFCA]

Leaving The Country

Hugebrain,

You may find this article useful on Leaving the Country it should give you an answer to your particular circumstances.

Things you need to know are, where are you going ? How long for ? When are you leaving ? Are you completely leaving UK ( selling all property etc..) ? Where have you been the last 7 years ?

All these questions make a difference to the answer, but the article gives you the general view.

Phil

[hugebrain]

Hugebrain,
You may find this article useful on Leaving the Country it should give you an answer to your particular circumstances.

Seems too good to be true. According to the article, Yourco ltd. could offer you a one year contract doing something abroad (maybe dreaming up new ideas on the beach). Then it can pay you a tax free salary.

If you have a reasonable war chest you save the 10% capital gains tax (and you don't have to close the company). Plus you can claim back the twentysomething percent corporation tax for at least the past two years. So anyone who has had a good contract that is coming to an end, they can get around 60% of their earnings just by taking a year off. This compares to the seventy-something percent they keep if they do another contract.

With the rates now, many people could make more money on the beach for a year than they could in a contract.

Anyone tried it? Sounds like a great way of getting back at the MPs for their "expenses".