What's your retention rate?

[l35kee]

Care to recommend an accountant?

Nothing to do with them really lol. I can promise you I haven't done anything special..!

[Boo]

If you think changing your accountant will make any difference you need serious help.

Yes, that or a new accountant...

Boo

[mattfx]

Yes, that or a new accountant...

Boo

I heard if you have a wife who's qualified as an accountant you can claim her on expenses - at least £500/month. Someone on a forum somewhere said £1000 - may as well go big.. That'd help your retention some.

[Scruff]

I heard if you have a wife who's qualified as an accountant you can claim her on expenses - at least £500/month. Someone on a forum somewhere said £1000 - may as well go big.. That'd help your retention some.

Doubles your entries, too [emoji41]

[northernladyuk]

Yeh I used to do about 82% if I remember correctly.

Minimal salary, fair bit of expenses, split divs with the mrs (so neither of us went into upper tax bracket).

Now inside IR35 PS using umbrella - dont ask its something like 51%.

Are you including your working tax credit in that?

[stek]

New contractor chap here in Dubs has an Irish Ltd, freely tells all and sundry he employs his wife and three kids who transfer the money back to him, pays zero tax.

He's Windows though....

[Lance]

New contractor chap here in Dubs has an Irish Ltd, freely tells all and sundry he employs his wife and three kids who transfer the money back to him, pays zero tax.

He's Windows though....

I used to work with a Windows guy who did similar. When asked if he thought it was risky he just said 'nah. I just start a new LTD every year so they'll never find me'

[northernladyuk]

New contractor chap here in Dubs has an Irish Ltd, freely tells all and sundry he employs his wife and three kids who transfer the money back to him, pays zero tax.

He's Windows though....

[northernladyuk]

I used to work with a Windows guy who did similar. When asked if he thought it was risky he just said 'nah. I just start a new LTD every year so they'll never find me'

That will be why he's moved to Ireland.

[blackeye]

Retention rates are completely arbitrary

If you make £15k a month.
1. Draw a £700 salary and £2500 dividends and expense £500, then you have a mad hot retention rate.
2. Same as above but take £5k dividends, your retention rate drops substantially.

2. is better off every month because he has around £2k more to spend (lets say pays £500 more in tax). He can afford a large mortgage, so lives in a nice area. Better car. Better holidays. Better life?