• 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.

Today is my last ever contracting day!

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

    #11
    Good luck on the dark side CM

    Comment


      #12
      Good luck to you. At 47 not quite ready to make the same step yet but ask me again in six months!

      Comment


        #13
        Originally posted by ChimpMaster View Post
        ..I've started liquidation procedures..
        As in you've started drinking again? You know what I told yer about that!

        Comment


          #14
          Originally posted by edison View Post

          Wow, 33 years of contracting and then going perm. That will be a culture shock!
          What astonishes me is that after 33 years of contracting he does not have a warchest and enough to quit and needs to go perm - There have been posts in the past where contractors having made their money now struggle to get it out of the company in a tax efficent way

          Just suppose he continues to take out 50K from his Ltd to get through his warchest and also from other investments imagine now working as perm for 60K a year - The net effect is that from the 60K a year more than 40% plus NI goes straight to the tax man which means a high stress job for 2.5K a month net - Madness in my view

          Comment


            #15
            Originally posted by NowPermOutsideUK View Post

            What astonishes me is that after 33 years of contracting he does not have a warchest and enough to quit and needs to go perm - There have been posts in the past where contractors having made their money now struggle to get it out of the company in a tax efficent way

            Just suppose he continues to take out 50K from his Ltd to get through his warchest and also from other investments imagine now working as perm for 60K a year - The net effect is that from the 60K a year more than 40% plus NI goes straight to the tax man which means a high stress job for 2.5K a month net - Madness in my view
            Nice of you to make sweeping assumptions about a person's circumstances. Is the air nice and fresh up on your high horse?

            Comment


              #16
              Originally posted by ladymuck View Post

              Nice of you to make sweeping assumptions about a person's circumstances. Is the air nice and fresh up on your high horse?



              don't **** with Ladymuck on 1st March...
              See You Next Tuesday

              Comment


                #17
                I've had two spells of contracting and resided on here during each (and a bit during permiedom)

                Now quit for the second and last time due to a blanket PSC ban from all clients.

                Got a decent permie job (which really surprised me) and it's been better than I expected so far (6 months in).

                Ltd co all but wound up - there was a small amount in there but not much.

                It was nice whilst it lasted.

                Comment


                  #18
                  Originally posted by NowPermOutsideUK View Post

                  What astonishes me is that after 33 years of contracting he does not have a warchest and enough to quit and needs to go perm - There have been posts in the past where contractors having made their money now struggle to get it out of the company in a tax efficent way

                  Just suppose he continues to take out 50K from his Ltd to get through his warchest and also from other investments imagine now working as perm for 60K a year - The net effect is that from the 60K a year more than 40% plus NI goes straight to the tax man which means a high stress job for 2.5K a month net - Madness in my view
                  Apart from being presumptious your post makes no sense. Why on Earth would anyone do that?

                  I'm MVLing and went perm hopefully just for a year whilst I wind up and we sell the house. It means I don't have to burn any savings. In lockdown there's not much else to do so I might as well carry on until we're sorted. Pretty silly not to to be honest.



                  ...my quagmire of greed....my cesspit of laziness and unfairness....all I am doing is sticking two fingers up at nurses, doctors and other hard working employed professionals...

                  Comment


                    #19
                    Im sorry - That came across all wrong - I was just reflecting on the point that working perm in the uk (once you have passive income which takes you in the higher bracket) really is not cost effective because of the tax position you are left in - That was my gripe but it came out wrong - Apologies

                    Comment


                      #20
                      Good luck CM.

                      Being perm at least you don't see the upcoming Budget and think "Ah ****, shafted again!"


                      qh
                      He had a negative bluety on a quackhandle and was quadraspazzed on a lifeglug.

                      I look forward to your all knowing and likely sarcastic and unhelpful reply.

                      Comment

                      Working...
                      X