• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

What's your retention rate?

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    #11
    Originally posted by skysies View Post
    Care to recommend an accountant?
    Nothing to do with them really lol. I can promise you I haven't done anything special..!

    Comment


      #12
      Originally posted by BrilloPad View Post
      If you think changing your accountant will make any difference you need serious help.
      Yes, that or a new accountant...

      Boo

      Comment


        #13
        Originally posted by Boo View Post
        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.

        Comment


          #14
          Originally posted by mattfx View Post
          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]
          I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).

          Comment


            #15
            Originally posted by psychocandy View Post
            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?

            Comment


              #16
              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....

              Comment


                #17
                Originally posted by stek View Post
                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'
                See You Next Tuesday

                Comment


                  #18
                  Originally posted by stek View Post
                  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....

                  Comment


                    #19
                    Originally posted by Lance View Post
                    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.

                    Comment


                      #20
                      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?

                      Comment

                      Working...
                      X