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Official Summer 2015 Budget Thread

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    Originally posted by SpontaneousOrder View Post
    A personal allowance move of a few hundred quid here and there makes the difference of a coupe of bottles of bolly a year.

    This, if you take out lets say 70k a year, is closer to a a couple of nice holidays abroad per year.
    The number of contractors who take out £70k in dividends a year are small, most would stick things into a pension before taking that amount out
    Originally posted by Stevie Wonder Boy
    I can't see any way to do it can you please advise?

    I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

    Comment


      Originally posted by tarbera View Post
      We have been thrown under a bus
      Tories only care about big business and party donations - banksters, building companies, land owners.

      Labour only care about public sector and unions - borrow and spend, Greek style public sector producing feck all.


      Take your pick.

      Comment


        Originally posted by Underbase View Post
        One question if the NI allowance of 2k (going up to 3) is removed for sole director sole employee. What if the wife is 50% owner and does the books with the odd bit of contracting.
        I guess that would still be seen as a single employee so stil a one man band (even with two people)
        Originally posted by Stevie Wonder Boy
        I can't see any way to do it can you please advise?

        I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

        Comment


          Originally posted by SimonMac View Post
          The number of contractors who take out £70k in dividends a year are small, most would stick things into a pension before taking that amount out
          Would they really? I thought everyone realised pensions were total scams now days. Id rather retain the money in the company, at least then its mine whenever I want it and in the most tax efficient way possible.

          Comment


            Originally posted by escapeUK View Post
            Yes. Add all those paid holidays, sick pay, maternity scam and the balance looks less exciting.
            Nonsense, even if I only worked 6 months on my rate I would still take home more than the average permie.

            Comment


              Originally posted by Underbase View Post
              One question if the NI allowance of 2k (going up to 3) is removed for sole director sole employee. What if the wife is 50% owner and does the books with the odd bit of contracting.
              It does give you an incentive to employ your wife to do the admin, just so you can claim the employers allowance, if you pay yourself over the NI threshold.

              Comment


                Originally posted by SimonMac View Post
                Define significatly?

                We are still better off than permies
                It is not a major jump to accept that SM meant 'significantly worse off than we would otherwise have been'

                Comment


                  Originally posted by escapeUK View Post
                  Would they really? I thought everyone realised pensions were total scams now days. Id rather retain the money in the company, at least then its mine whenever I want it and in the most tax efficient way possible.
                  I think he is talking about SIPPS, where you manage the funds yourself, it's more like investing the extra profits.

                  Comment


                    Originally posted by escapeUK View Post
                    Would they really? I thought everyone realised pensions were total scams now days. Id rather retain the money in the company, at least then its mine whenever I want it and in the most tax efficient way possible.
                    I'm still paying into a SIPP as one part of the future planning. Keeping money in the company is another, investments elsewhere another still.

                    Do the sums work in favour of paying a pension personally now? It was always a bit 50/50 before. Paying personally now and getting the tax credit personally to reduce your (dividend) Income Tax rather than pay it out of the company?
                    "Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.

                    Comment


                      Originally posted by SimonMac View Post
                      I guess that would still be seen as a single employee so stil a one man band (even with two people)
                      Make her a director. And each take £11K in salary (next year). Use the employment allowance. You'll still have to pay employee's NI on the amount over the NI threshold, but you'll be saving CT and dividend tax.

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