The Official Budget 2016 thread

[AtW]

Correct me if I'm wrong but if one does not contract in the public service, then yesterday's budget had no impact at all?

1) More competition in private sector will have effect on rates
2) Gidiot will extend it to all sectors

[heyya99]

1) More competition in private sector will have effect on rates
2) Gidiot will extend it to all sectors

Time to pack it in?

[northernladuk]

Time to pack it in?

Yep I'm afraid so. Problem is with so many people packing it in over a short period of time there isn't going to be much left for those who don't move quickly. I'm working on it already. You snooze you looze.

[AtW]

Time to pack it in?

Yes, if you are young and healthy then emigrate.

[heyya99]

I'm in the market for a property right now and need to take money out of my business for my deposit. I'm debating going perm and claiming my healthy war chest as ER. 10% as opposed to 25/32.5%.

[northernladuk]

I'm in the market for a property right now and need to take money out of my business for my deposit. I'm debating going perm and claiming my healthy war chest as ER. 10% as opposed to 25/32.5%.

Sounds like a good plan. A good number of months on the bench when all the gigs are taken is going to eat in to that quickly so sooner rather than later.. You won't be the only contractor thinking this.

[AtW]

I'm in the market for a property right now and need to take money out of my business for my deposit. I'm debating going perm and claiming my healthy war chest as ER. 10% as opposed to 25/32.5%.

Erm, you are too late, that's no longer allowed (from 1 April 2016 I think)!

Also dividend tax goes up massively from 6 April.

[jamesbrown]

Sounds like a good plan.

Rather, it did sound like a good plan until they redrafted the Transactions in Securities legislation, applicable from April. I'm not aware of any updates to the situation that a permie working in the same area is potentially liable for a retrospective refusal of ER for carrying on the same "activity".

[heyya99]

Erm, you are too late, that's no longer allowed (from 1 April 2016 I think)!

Also dividend tax goes up massively from 6 April.

It goes up to 32.5 as stated.

Are you saying 10% ER is not applicable in April? My accountant thinks it is.

[northernladuk]

Rather, it did sound like a good plan until they redrafted the Transactions in Securities legislation, applicable from April. I'm not aware of any updates to the situation that a permie working in the same area is potentially liable for a retrospective refusal of ER for carrying on the same "activity".

Shhhhhhhhhhhh