A few contractor newbie question re tax and IR35

[northernladuk]

Are there more childish forums???

Still can't do your own research hey

[Guest22]

... if you got enough backbone to play with the big boys or will just flounce...

LOL. Having spent 4 years in Canary Wharf working for two tier-1 investment banks, I don't really see discussing contracting on an Internet forum "playing with the big boys".

But, I'm happy to jump on the merry-go-round and play a little, if that's what's required to get help on here. Equally, I hope my topic and the replies will help other people with similar questions in future.

PS: Tried to find a more childish forum while at work, but the Google searches were coming up with some dodgy sites!

[psychocandy]

Still can't do your own research hey

[northernladuk]

Equally, I hope my topic and the replies will help other people with similar questions in future.!

This is indeed the point of the forum, asking the same ones over and over don't really help though. Annoys the regulars and means the more unique ones get lost in the noise. HTH

[oscarose]

Sorry SueEllen, I'm pretty damn new to all of this, and you say I "really don't have a clue do you" is not helpful whatsoever. And you quoted me saying that I spoke to all the accountancy firms on the phone. This is EXACTLY what a number of repliers suggested to do!!!!!!!!!!!!! Geez! Get off of my case.

And I don't know how you can say oscarose and TheFaQQer "were just pointing out some inconsistencies" in my posts. I don't know how saying picking up a £30 suit from Sainsbury's and that my mum can repair any buttons that fall off is constructive or pointing anything inconsistent out, and I don't know what "15" means, and if you or TheFaQQer thinks that a software developer cannot be a VP permie in banking, then it's quite clear you two "don't have a clue".

Geez, leave this thread alone and let the others who have been much more helpful reply while you go and vent your life frustrations elsewhere.

Hi Neo,

I apologise my response has caused you offense. However, you did mention in your post the purchase of a suit and the extent of your debts. Therefore, I assumed perhaps you were looking for some advice in this area.

You will note from my posting history, I always attempt to provide constructive comments in the professional forums.

Good luck.

[SueEllen]

Are there more childish forums???

Have you tried Mumsnet?

[Scoobos]

accounts questions etc.

Hi,

I don't work for any agent or anything , so guard down

have a read of the SJD Contractors Guide available for free on their website, its a hefty read but what you can and can't get away with is in that.

From what I've read above, you're thinking that your LTD is wholey a tax avoidance engine, but its more than that to me.
Most of us on here go LTD as it is REQUIRED as a B2B relationship, so your clients are not your employers . It's also to allow them to task contractors with the kind of work they do at the rates they pay - to get Driven , intellectual , quality people in to do intensive work well. They will sue your company should you drop a clanger, and it does happen.

I'd be very very careful in this climate about income splitting in any way whatsoever , especially given the focus that "single employee / Director" LTD companies are getting at the moment.

If anything I'd be saying now is not the time to contract, unless you save your daily rate now and build a savings to pay salary etc later on in the years.

You will always be borderline IR35 , in my opinion, no matter what anyone says.

When it comes to an investigation with HMRC - if you meet just 1 of these conditions, they'll be screaming INSIDE IR35
(what happens in reality too - not what's in the contract - it hasn't protected people in the past.)
1. have to be in 8 hrs a day mon to friday, with a desk
2. Use the clients equipment
3. Get told what to do by anyone - e.g. "Build me a Video Rental Database".

Just my 2 cents , but do check out

SJD accountancy contractor guide (I didn't like them much as accountants though)
PCG - Brilliant source of info Home | PCG
Search this forum, everything you ask is here, honest guv!

Hope this helps and is taken well

[northernladuk]

Hi,

I don't work for any agent or anything , so guard down

have a read of the SJD Contractors Guide available for free on their website, its a hefty read but what you can and can't get away with is in that.

From what I've read above, you're thinking that your LTD is wholey a tax avoidance engine, but its more than that to me. Most of us on here go LTD as it is REQUIRED as a B2B relationship, so your clients are not your employers . It's also to allow them to task contractors with the kind of work they do at the rates they pay - to get Driven , intellectual , quality people in to do intensive work well. They will sue your company should you drop a clanger, and it does happen.

I am glad your LTD is not just a tax avoidance engine lol..

Nice post though.

[SueEllen]

Nice post Scoobos but I think Neo has issues with using the search facility.

Maybe someone needs to do a guide to using it. (Or did Cojak do one already?)

[northernladuk]

Nice post Scoobos but I think Neo has issues with using the search facility.

Maybe someone needs to do a guide to using it. (Or did Cojak do one already?)

It's a stickie in the Welcome/FAQ's section...

http://forums.contractoruk.com/welco...uk-forums.html