Originally posted by TheDogsNads
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First Law of Contracting: Only the strong survive -
Originally posted by oliverson View PostApproached by three agents on Monday, two inside IR35 and one perm. Got a 'no more contractors' today from a previous client. So, armed with this information and my Jobserve searches which reveal an ever expanding catalogue of Inside/PAYE/Umbrella, I've concluded that it's time to move on from contracting and in actual fact the UK as well. I've enough cash to last to the end of the year by which time the house should have sold and we're off to live in our place in the sun. I won't be paying off the bounce back loan or the other taxes that my company owes. I had a perfectly viable business 6 months ago but the government has finally destroyed it. That's around £ 70k of tax a year the government won't be receiving. A further £ 80-90k of income that we spend in this country will also be heading abroad. I'll probably do a bit of freelancing over there to pay for the golf club membership and a convertible. I'd be tempted to thank Rishi and Boris but it is kind of sad seeing the home you've lived in for 20 years and the business you've invested 20 years of your life in about to be dismantled in front of your eyes and through no fault of your own. But that's the way it is I guess. I can't continue funding two homes without contractor-level income. Great Britain eh?
I would completely not pay the BBL (like many componies wont) but just be careful you can explain how you spent that money (salaries are fine) and why the company is now insolvent - If you have assets in the UK company you need to be careful to spend them properly before going insolventComment
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Wow! So you've been contracting for 20 years, raking in 80k-90k income but your warchest only has enough cash to last just over 3 months!? Way to go.
Originally posted by eek View PostNot even that - he's taken £50k as a bounce bank loan and is living on that now.
Just like buses, two incorrect statements come along at once, both by envious idiots:
1. I never said I was contracting 20 years but I have been running the same business 20 years. I'll let you try to work it out.
2. I didn't take out a £ 50k bounce back (correct spelling) loan. Incorrect statement.
So, the war chest will have been depleted over the best part of a year but some of said war chest was invested in a lovely Penthouse in Andalucia, 20 mins from Spains answer to silicon valley. 650 companies, bound to be a need for short term developer resource.Comment
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Originally posted by oliverson View PostWow! So you've been contracting for 20 years, raking in 80k-90k income but your warchest only has enough cash to last just over 3 months!? Way to go.
Just like buses, two incorrect statements come along at once, both by envious idiots:
1. I never said I was contracting 20 years but I have been running the same business 20 years. I'll let you try to work it out.
2. I didn't take out a £ 50k bounce back (correct spelling) loan. Incorrect statement.
So, the war chest will have been depleted over the best part of a year but some of said war chest was invested in a lovely Penthouse in Andalucia, 20 mins from Spains answer to silicon valley. 650 companies, bound to be a need for short term developer resource.
Andalusia - Unemployment rate
Unemployment rate (LFS) 21.3%
Unemployment rate less than 25 years 49.9%
Unemployed rate over 24 years 19.5% 23.5%
Unemployment rate less than 20 years 57.4%Comment
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Originally posted by eek View PostNot even that - he's taken £50k as a bounce bank loan and is living on that now.
https://www.contractoruk.com/forums/...e-ltd-not.html
TLDR, a crybaby blaming the government for his failuresComment
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Originally posted by oliverson View PostWow! So you've been contracting for 20 years, raking in 80k-90k income but your warchest only has enough cash to last just over 3 months!? Way to go.
Just like buses, two incorrect statements come along at once, both by envious idiots:
1. I never said I was contracting 20 years but I have been running the same business 20 years. I'll let you try to work it out.
2. I didn't take out a £ 50k bounce back (correct spelling) loan. Incorrect statement.
So, the war chest will have been depleted over the best part of a year but some of said war chest was invested in a lovely Penthouse in Andalucia, 20 mins from Spains answer to silicon valley. 650 companies, bound to be a need for short term developer resource.
Originally posted by oliverson View PostApproached by three agents on Monday, two inside IR35 and one perm. Got a 'no more contractors' today from a previous client. So, armed with this information and my Jobserve searches which reveal an ever expanding catalogue of Inside/PAYE/Umbrella, I've concluded that it's time to move on from contracting and in actual fact the UK as well. I've enough cash to last to the end of the year by which time the house should have sold and we're off to live in our place in the sun. I won't be paying off the bounce back loan or the other taxes that my company owes. I had a perfectly viable business 6 months ago but the government has finally destroyed it. That's around £ 70k of tax a year the government won't be receiving. A further £ 80-90k of income that we spend in this country will also be heading abroad. I'll probably do a bit of freelancing over there to pay for the golf club membership and a convertible. I'd be tempted to thank Rishi and Boris but it is kind of sad seeing the home you've lived in for 20 years and the business you've invested 20 years of your life in about to be dismantled in front of your eyes and through no fault of your own. But that's the way it is I guess. I can't continue funding two homes without contractor-level income. Great Britain eh?merely at clientco for the entertainmentComment
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Originally posted by TheDogsNads View PostWow! So you've been contracting for 20 years, raking in 80k-90k income but your warchest only has enough cash to last just over 3 months!? Way to go.Comment
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Originally posted by PCTNN View PostYou should go and read his thread.
https://www.contractoruk.com/forums/...e-ltd-not.html
TLDR, a crybaby blaming the government for his failures
HMRC won't be the only people calling - the fraud squad will be (although he will be one of 10,000s caught pulling this type of trick).merely at clientco for the entertainmentComment
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Originally posted by eek View PostNot even that - he's taken £50k as a bounce bank loan and is living on that now.Originally posted by clearedforlanding View PostSo Malaga Technology Park. Enjoy the rates, they reflect the horrific unemployment rate in Andalucia and the fact that every Spanish Boomer wanted their kids to be engineers. You can make more money Olive pickingin Jaen. I kid you not.
Andalusia - Unemployment rate
Unemployment rate (LFS) 21.3%
Unemployment rate less than 25 years 49.9%
Unemployed rate over 24 years 19.5% 23.5%
Unemployment rate less than 20 years 57.4%Comment
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Originally posted by eek View PostOh a bounce back loan of £30k that was then taken out of the company as a Director's loan (£30k)...
HMRC won't be the only people calling - the fraud squad will be (although he will be one of 10,000s caught pulling this type of trick).Comment
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