Hope you're paying yourself at least £10/hour

[seanraaron]

I would very much doubt it, in IT, but, sure, in other trades.
The old man had a LTD company, building, he didn't pay dividends, for example.

Seems like such a hassle. I'm working with a guy who's been on this site for two years - no way in heck you could argue the job falls outside IR35. I asked him if he's concerned and he said "kinda." No kidding!

[LondonManc]

So, I'll probably be labelled simple/naive (feel free to add whatever additional mockery you can come up with), but does anyone ever set up one of these PSC/Limited company things and pay themselves full pay instead of dividends? You know, only keeping money in the company account for business-related expenses like stationary and the like. Not trying cast aspersions or anything, I'm genuinely curious.

There's little point. You can get more out if your spouse is a needy biatch company secretary, but if you're intent on taking all of it out, you may as well save yourself a lot of hassle and go through an umbrella co.

[seanraaron]

There's little point. You can get more out if your spouse is a needy biatch company secretary, but if you're intent on taking all of it out, you may as well save yourself a lot of hassle and go through an umbrella co.

Well, you might like the prestige and separation of business/personal? Right now I can't think of a good reason to do it unless I did start working actual consultant-style projects rather than team-based work with no fixed end.

I'm too new to the game to have a clue how things could go as before landing this gig I was approached about a data centre build (very neat, but sadly internally filled after a positive interview) and a job doing backfill for a team member who was seconded to something else for a few months. Of course if the government eventually outlaws one-man companies then the decision is made for everyone.

[Lost It]

Outlaw one man bands?

Just think of all the fixed rate VAT collections they would be waving goodbye to. Mind you I'd be willing to bet a shilling that HMRC haven't even considered this...

[MrMarkyMark]

Just think of all the fixed rate VAT collections they would be waving goodbye to. Mind you I'd be willing to bet a shilling that HMRC haven't even considered this...

We discussed it a while back.
A real doozy, for HMRC, especially as finance companies cannot claim the VAT back.