Originally posted by smileyface
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Take contractor invoice as PAYE
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A contractor on only £100K a year?
You need this forum
To answer your question seriously, if you have a cash card on your company account, you can take it all out as cash, tax free.
HTHBIDIComment
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You are in the right forum.
Don't take all that as salary, are you mad !
Get it all into some offshore trust, don't ask me I don't know how they do this. Since the money is offshore you don't have to pay any tax, just spend it all. Some day HMRC might ask about it but i think they have a window of 5 years to do that and just make sure they don't find out anything till then.Vote Corbyn ! Save this country !Comment
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Originally posted by smileyface View PostA perm employee on £100K a year gross, takes home around £65K net.
As a contractor on £100K, if I choose to take the whole lot as salary, ie £8,333 a month, do I have to pay any corporation tax?
Effectively my question is: Is corp tax based on revenue or revenue - salary?Comment
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Don't overthink it.
1. You only pay tax on what's left over after expenses.
2. Simply drive your car 392000 miles each year and there will be nothing for the tax man to get his grubby mitts on.Comment
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Take contractor invoice as PAYE
Taking it all as salary is tax inefficient. You will pay high rate tax on a big chunk, which is a lot more than CT. Speak to an accountant for the best strategy with you circumstances.
Ps: £100k p/a is perfectly reasonable.Comment
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The Chunt of Chunts.Comment
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Originally posted by smileyface View PostA perm employee on £100K a year gross, takes home around £65K net.
As a contractor on £100K, if I choose to take the whole lot as salary, ie £8,333 a month, do I have to pay any corporation tax?
Effectively my question is: Is corp tax based on revenue or revenue - salary?"Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.Comment
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Your limited company could pay a significiant sum (£40K p.a.) into a pension, then at age 55 take 25% of it tax free. Then drawdown the rest monthly, under the new rules, which allows 25% of the drawdown tax free too.
This will still keep your CT at zero, but will also reduce your NI and tax significantly.Comment
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I'm sure I saw a thread on here about corporation tax that may help you...
http://forums.contractoruk.com/gener...ation-tax.html…Maybe we ain’t that young anymoreComment
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