Top end guys don't have a ltd

[MrMarkyMark]

FTFY

Top bellends don't have a ltd

[ContractorHardman]

He makes so much money, he doesn't care about losing it?

I would rather lose mine to a sexy lady taking her clothes off, the more money I have, the further she goes!

[northernladyuk]

I have earned top banking dollar long time. Never had a LTD. In fact not many of the top end contractors do. We effectively pay same % tax as a perm- but we don't care for obvious reasons.

Sorry to break that to you IR35 moaners who are trying to save a quid!

Cash in your G-string for noshing investment bankers is worth a boast. Well done, love.

[Fronttoback]

He makes so much money, he doesn't care about losing it?

I would rather lose mine to a sexy lady taking her clothes off, the more money I have, the further she goes!

The point is, the additional overhead and hassle you go through to run a LTD just isn't worth it when your bringing in top dollar.

Yeah I could save 20% tax (I doubt it's that much)... But who cares. 80% of a pile is still a pile. And I have no hassle, and get my dough every two weeks instead of having to leave it in a company account and take a divvie. And I don't have to worry about IR35, business accounts, receipts, etc etc. I just stash some cash for tax and that's that.

I'm telling you, I'm not exaggerating - the majority of the big contractors are not running LTDs. But if you want to take the p1ss go for it. It's your lower level guys who do all that stuff- because they have too. Contracting at low levels is a one way ticket out of careerdom for them- so they have to do maximum milking. For those who chose their skill set with a wise long term view, who will come back in to senior perm roles on 100k+ at the end of contracting - it's not so important.

I know a BA who jumps through many hoops and pays 10% tax legally. Bores the life out of me he does- once he starts talking abour his complicated setup. The amount of flying he has to do, maintaining properties in various places- ridiculous, and a bit bad taste actually. I enjoy paying a lot of tax, since I take lot of dough out for doing not very much.

The energy is better spent learning a better skill that earns more money. Then kick back and define your lifestyle. That's true freedom. The hassle that you boys go through is beyond a joke- it's not freedom but another form of hardship. You're a slave to your accounts.

For the same reason, I didn't save any money when I was a permie in my 20s. I made sure I was doing work to set up my contracting career, and I partied all my permie income away. It was not efficient to save at those levels. I saved plenty once I started contracting. Why waste your time?

[eek]

The point is, the additional overhead and hassle you go through to run a LTD just isn't worth it when your bringing in top dollar.

Yeah I could save 20% tax (I doubt it's that much)... But who cares. 80% of a pile is still a pile. And I have no hassle, and get my dough every two weeks instead of having to leave it in a company account and take a divvie. And I don't have to worry about IR35, business accounts, receipts, etc etc. I just stash some cash for tax and that's that.

I'm telling you, I'm not exaggerating - the majority of the big contractors are not running LTDs. But if you want to take the p1ss go for it. It's your lower level guys who do all that stuff- because they have too. Contracting at low levels is a one way ticket out of careerdom for them- so they have to do maximum milking. For those who chose their skill set with a wise long term view, who will come back in to senior perm roles on 100k+ at the end of contracting - it's not so important.

I know a BA who jumps through many hoops and pays 10% tax legally. Bores the life out of me he does- once he starts talking abour his complicated setup. The amount of flying he has to do, maintaining properties in various places- ridiculous, and a bit bad taste actually. I enjoy paying a lot of tax, since I take lot of dough out for doing not very much.

The energy is better spent learning a better skill that earns more money. Then kick back and define your lifestyle. That's true freedom. The hassle that you boys go through is beyond a joke- it's not freedom but another form of hardship. You're a slave to your accounts.

For the same reason, I didn't save any money when I was a permie in my 20s. I made sure I was doing work to set up my contracting career, and I partied all my permie income away. It was not efficient to save at those levels. I saved plenty once I started contracting. Why waste your time?

May I refer you to the following sub forum HMRC Scheme Enquiries while you think you are getting away the time will come when HMRC comes knocking.

The only way to be safe in this day and age is to be permanent, use a proper umbrella or use a limited company (and anyone who thinks running one is complex is talking out of their arse). Anything else is just storing problems up for later.

Oh and if you are using an umbrella chances are your actual tax rate would be 40-55%. The fact its not tells me you are going to be regretting this sometime down the line.

[northernladuk]

Cool story bro....

[Fronttoback]

May I refer you to the following sub forum HMRC Scheme Enquiries while you think you are getting away the time will come when HMRC comes knocking.

The only way to be safe in this day and age is to be permanent, use a proper umbrella or use a limited company (and anyone who thinks running one is complex is talking out of their arse). Anything else is just storing problems up for later.

Oh and if you are using an umbrella chances are your actual tax rate would be 40-55%. The fact its not tells me you are going to be regretting this sometime down the line.

I'm squeaky clean and yes, I use an umbrella. I pay a lot of tax (I see I may have confused you with that 20% theoretical saving between tax % yours and mine) - and I'm happy with that.

[MrMarkyMark]

I'm squeaky clean and yes, I use an umbrella. I pay a lot of tax (I see I may have confused you with that 20% theoretical saving between tax % yours and mine) - and I'm happy with that.

Reading everything digesting and thinking about it deeply, you are indeed a squeaky clean top bellend and I collect my CUK money off vouchers.

[Flashman]

I have earned top banking dollar long time. Never had a LTD. In fact not many of the top end contractors do. We effectively pay same % tax as a perm- but we don't care for obvious reasons.

Sorry to break that to you IR35 moaners who are trying to save a quid!

Quiet afternoon in Portugal Sas ?

[Whorty]

The point is, the additional overhead and hassle you go through to run a LTD just isn't worth it when your bringing in top dollar.

Yeah I could save 20% tax (I doubt it's that much)... But who cares. 80% of a pile is still a pile. And I have no hassle, and get my dough every two weeks instead of having to leave it in a company account and take a divvie. And I don't have to worry about IR35, business accounts, receipts, etc etc. I just stash some cash for tax and that's that.

I'm telling you, I'm not exaggerating - the majority of the big contractors are not running LTDs. But if you want to take the p1ss go for it. It's your lower level guys who do all that stuff- because they have too. Contracting at low levels is a one way ticket out of careerdom for them- so they have to do maximum milking. For those who chose their skill set with a wise long term view, who will come back in to senior perm roles on 100k+ at the end of contracting - it's not so important.

I know a BA who jumps through many hoops and pays 10% tax legally. Bores the life out of me he does- once he starts talking abour his complicated setup. The amount of flying he has to do, maintaining properties in various places- ridiculous, and a bit bad taste actually. I enjoy paying a lot of tax, since I take lot of dough out for doing not very much.

The energy is better spent learning a better skill that earns more money. Then kick back and define your lifestyle. That's true freedom. The hassle that you boys go through is beyond a joke- it's not freedom but another form of hardship. You're a slave to your accounts.

For the same reason, I didn't save any money when I was a permie in my 20s. I made sure I was doing work to set up my contracting career, and I partied all my permie income away. It was not efficient to save at those levels. I saved plenty once I started contracting. Why waste your time?

The 'hassle' is a few hours maximum each month ... yes, MONTH. To create the invoice, complete my expense forms and update my spreadsheet. Then once a year I send this off to my accountant to process. He sorts out my quarterly payroll so no hassle for me there. So yes, 25 hours a year is a real hassle