Outside IR35 New Contract

[cojak]

This post has come from lwalters555

Hi everyone new to the site.....

I have been contracting for a few years but always been within an umbrella or within IR35, but as from this week I have a new contract for 12 months outside IR35, I do have an accountant but its like getting blood from a stone on advice.

The day rate is £700 per day and I'm wondering what to pay myself monthly and my wife is possible, I'm not keen on this pay very little and pay no tax because of my lifestyle and being used top bringing in around 7k per month inside IR35, My thoughts are if I'm bringing in approx. 15k per month I would have thought I could pay may self a lot more but I've read all sorts and cant seem to come to a decision.

I am Ltd with a business account.

The forum borked the original…

[jamesbrown]

Pay yourself whatever you need and don't get too hung up on tax if you need the money. Just be aware of the complexities/non-linearities within the tax system as you move between rate bands in relation to your personal circumstances (e.g., pension contributions, childcare etc. etc.). Obviously, we cannot comment on what you need to live on and what is most tax efficient for your personal circumstances because we don't have the details.

If it's like "getting blood from a stone on advice" w/r to your accountant, perhaps that is the first thing you need to address. There are plenty of decent accountants around.

[northernladuk]

Get a better accountant then. You pay for their services and you are on the hook for a lot of tax so you want the best from them. If it's blood from stone then get a new one.
If you want a smaller setup where you can speak to the actual accountant try Sarah Solo at Paper Rocket.

[TheDude]

A lot of contractors will be weeping into their Audi brochures after reading about a £700pd outside contract.

[edison]

A lot of contractors will be weeping into their Audi brochures after reading about a £700pd outside contract.

Are you saying Audi driving contractors won't get out of bed for £700pd or that those outside rates are rare now?

[TheDude]

Are you saying Audi driving contractors won't get out of bed for £700pd or that those outside rates are rare now?

I am saying these roles are rare and now that now they are probably inside their next motor is more likely to be a Vauxhall.

[edison]

I don't know if £700 pd roles are rare per se (at least outside the FS sector) but they seem to be much more via networks and word of mouth.