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London perm salaries

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    #71
    Originally posted by malvolio View Post
    Not confused at all, it's you that doesn't understand the actuality. Doing what you suggest will be picked up by HMRC and you will either get done for evasion or have to pay the taxes as though it were your income. And either way the money doesn't come back to you.

    I understand what you're trying to achieve, but this way simply doesn't work, no matter how pure your intentions.

    And, just to be even more picky, small companies no longer need a CoSec, and there should only be one anyway.
    This is very helpful thank you - I d be most interested if you could qualify your assertion please - What is it about employing a parent or brother as company secretary or normal employee and paying them a salary.

    "And either way the money doesn't come back to you" It kind of does if you trust them and they trust you and it is a paper exercise where they get the money and gift it back to you

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      #72
      Originally posted by LondonPM1 View Post
      "And either way the money doesn't come back to you" It kind of does if you trust them and they trust you and it is a paper exercise where they get the money and gift it back to you


      That is straight up tax evasion you're advocating.

      Can we get this punted to general already?

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        #73
        Originally posted by jamesbrown View Post


        That is straight up tax evasion you're advocating.

        Can we get this punted to general already?
        It most definitely is not - Just like having wife as director or someone else as a director - Why on earth would you say this is tax evasion

        A short google search

        Family ties are irrelevant
        First of all, it must be explained that HMRC deems your family ties to be entirely irrelevant when it comes to who is placed on your payroll. You can definitely employ your spouse or any family members and put them on your payroll.

        What HMRC is very much interested in is what your company gets out of the arrangement. In other words, the person who is being paid a wage appropriate to the job should actually be doing the job. There must be no special treatment paid to the family member through an inflated salary, reduced working hours, or anything that falls outside the ‘equal pay for equal value’ idea.
        Last edited by LondonPM1; 13 September 2020, 19:01.

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          #74
          Originally posted by LondonPM1 View Post
          It most definitely is not - Just like having wife as director or someone else as a director - Why on earth would you say this is tax evasion
          Paying someone a salary that reflects the work they actually do is no problem, obviously. Using their personal allowance as your own (by siphoning money back to you as a "gift") is tax evasion, obviously.

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            #75
            Originally posted by jamesbrown View Post
            Paying someone a salary that reflects the work they actually do is no problem, obviously. Using their personal allowance as your own (by siphoning money back to you as a "gift") is tax evasion, obviously.
            Their salary is less than what it would cost Foxtons to manage the company properties alone - So its completely justified

            If they decide to gift it to me or whoever they fancy thats a seperate item - It helps we have joint accounts as well

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              #76
              Originally posted by LondonPM1 View Post
              Their salary is less than what it would cost Foxtons to manage the company properties alone - So its completely justified

              If they decide to gift it to me or whoever they fancy thats a seperate item - It helps we have joint accounts as well
              You are so screwed.

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                #77
                Originally posted by jamesbrown View Post
                You are so screwed.
                It would be helpful if you explained why exactly - I ve provided you with a satisfactory answer that their salary is justified

                I have also rebuffed the previous suggestion that paying family members is somehow special - It is not

                Having someone manage the company affairs when I am out of the UK, chase rents arrange gas safety checks and deal with company tax returns is in my humble opinion worth easily 12.5K

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                  #78
                  Originally posted by LondonPM1 View Post
                  I know and I hear you - I guess getting used to 13K plus VAT hitting your business account each month for many years has completely warped reality and it does make you ponder - I m not going to say that I wouldnt get out of bed for 3.8K but it hardly buys you what many people would think a 100K salary does

                  Anyway now I have done the maths and I ve checked its correct I can use the data to decide which way to proceed and whether it is worth working as perm
                  Average salary is 30K, an average couple has an income of 60K most partners work these days, so yes if you're married and your wife isn't working you are only "slightly" better off than the average couple on a 100K income. If you are a married couple both on 100K you are pretty wealthy.
                  Last edited by BlasterBates; 13 September 2020, 19:28.
                  I'm alright Jack

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                    #79
                    Originally posted by LondonPM1 View Post
                    It would be helpful if you explained why exactly - I ve provided you with a satisfactory answer that their salary is justified

                    I have also rebuffed the previous suggestion that paying family members is somehow special - It is not

                    Having someone manage the company affairs when I am out of the UK, chase rents arrange gas safety checks and deal with company tax returns is in my humble opinion worth easily 12.5K
                    ******* hell. This dialogue is so unhinged I am going to have to ask Scooter to draw a graph.

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                      #80
                      Originally posted by fullyautomatix View Post
                      100K salary as a perm is possible to achieve but for that you absolutely need to know the senior guys and have them head hunt you. It is almost impossible to apply for a job off job serve or linkedIn and expect to get a 100k plus salary.
                      It's very difficult at the moment to successfully apply for anything online due to the vast numbers of people applying.

                      However, £100k salary is a bit on the low end for true headhunter firms. That is still in the regular agency recruiter range, but you're right, you still need to get people to come find you.

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