My contract is up end of the week and next contract got pulled so I could be out of contract. I have enough in the company to last 4 -5 months, but I was wondering who else has considered what they will do should this rumble on for 12 months. If it means putting food in the kids months, would you resort to spending the corporation tax money you've saved in the business account?
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
No contract, no income = spend corporation tax money?
Collapse
X
-
-
Originally posted by juckky View PostMy contract is up end of the week and next contract got pulled so I could be out of contract. I have enough in the company to last 4 -5 months, but I was wondering who else has considered what they will do should this rumble on for 12 months. If it means putting food in the kids months, would you resort to spending the corporation tax money you've saved in the business account? -
There are many other things you could do first before doing that, such as selling the house, the car, and other assets, doing less-well paid work, drawing down on your pension perhaps, borrowing from friends, family, loans from banks, spending on credit cards, selling on Ebay, sending the wife out to work, kids to get a paper round. All these things are legal. Purposefully spending Corporation tax money on yourself is not, and could even land you in jail.
I don't think it will come to that though. 5 month's warchest should get you through it in my opinion.Comment
-
Originally posted by GJABS View PostThere are many other things you could do first before doing that, such as selling the house, the car, and other assets, doing less-well paid work, drawing down on your pension perhaps, borrowing from friends, family, loans from banks, spending on credit cards, selling on Ebay, sending the wife out to work, kids to get a paper round. All these things are legal. Purposefully spending Corporation tax money on yourself is not, and could even land you in jail.
I don't think it will come to that though. 5 month's warchest should get you through it in my opinion.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
-
Originally posted by juckky View PostMy contract is up end of the week and next contract got pulled so I could be out of contract. I have enough in the company to last 4 -5 months, but I was wondering who else has considered what they will do should this rumble on for 12 months. If it means putting food in the kids months, would you resort to spending the corporation tax money you've saved in the business account?"A people that elect corrupt politicians, imposters, thieves and traitors are not victims, but accomplices," George OrwellComment
-
-
Not quite true anymore with the 3 month pause on VAT payments. You have until end of 2021 tax year to recoup this quarter’s VAT if you spend it
Sent from my iPhone using Contractor UK ForumComment
-
No contract, no income = spend corporation tax money?
Originally posted by juckky View PostMy contract is up end of the week and next contract got pulled so I could be out of contract. I have enough in the company to last 4 -5 months, but I was wondering who else has considered what they will do should this rumble on for 12 months. If it means putting food in the kids months, would you resort to spending the corporation tax money you've saved in the business account?
If no other assets, zero money in accounts and credit cards maxed out
But since you can start as Asda tomorrow as delivery driver your 5 months could stretch a whole year
Sent from my iPhone using Contractor UK ForumComment
-
Having read those responses you've convinced me that doing such a thing would be like robbing the mafia.Comment
-
Originally posted by juckky View PostHaving read those responses you've convinced me that doing such a thing would be like robbing the mafia.merely at clientco for the entertainmentComment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment