Hello everyone, I'm a new member.
I've been browsing this site. Fantastic find. Lots of good info and chat. I've seen advice about this topic, but no firm numbers.
I've been contracting for 9 years in Windows systems support. Been outside UK for about 7 years now.
I have an offer in the city at GBP 440/day and I don't know if I should go for it. I will be caught by ir35.
I've tried some online tax calculators and they suggest for a single man that I'll pay a HUGE amount of tax. Approaching 50% of the gross. Please tell me that is wrong. If I have to pay that much tax, plus 17.5% tax on every purchase plus dearest rents in Europe and v high costs .... I'm worrying that a move to London will leave me poorer !!
I have no car, house, children, wife. So should be kind of easy to calc.
In your experience what's the typical ball-park take-home on 440/day. I realise we all have different expenses to take account of.
Also: I've been pointed towards Isle of Man type off-shore solutions offering approx 80% take-home. I suspect these would not stand up to scrutiny by the authorities. Whatever solution I might go for needs to be pretty much all above-board as I don't need the stress.
What do you think ?
How do you guys tolerate ir35 ?
Stevo
PS: when I last lived in uk I had a ltd co. through IAS/Giant. Absolute. Total. Nightmare.
So if I do it again I guess I would contact one of the recommended accountants I've see on this board.
I've been browsing this site. Fantastic find. Lots of good info and chat. I've seen advice about this topic, but no firm numbers.
I've been contracting for 9 years in Windows systems support. Been outside UK for about 7 years now.
I have an offer in the city at GBP 440/day and I don't know if I should go for it. I will be caught by ir35.
I've tried some online tax calculators and they suggest for a single man that I'll pay a HUGE amount of tax. Approaching 50% of the gross. Please tell me that is wrong. If I have to pay that much tax, plus 17.5% tax on every purchase plus dearest rents in Europe and v high costs .... I'm worrying that a move to London will leave me poorer !!
I have no car, house, children, wife. So should be kind of easy to calc.
In your experience what's the typical ball-park take-home on 440/day. I realise we all have different expenses to take account of.
Also: I've been pointed towards Isle of Man type off-shore solutions offering approx 80% take-home. I suspect these would not stand up to scrutiny by the authorities. Whatever solution I might go for needs to be pretty much all above-board as I don't need the stress.
What do you think ?
How do you guys tolerate ir35 ?
Stevo
PS: when I last lived in uk I had a ltd co. through IAS/Giant. Absolute. Total. Nightmare.
So if I do it again I guess I would contact one of the recommended accountants I've see on this board.
Comment