The Official Budget 2021 thread

[Whorty]

Indeed, think of corner shops. The carve out is targeted at corner shops and definitely not us. We'll be paying 25% or pretty close to it (as AtW says, the taper will be rapid).

Not if you dump a lump each year into your pension and take a larger salary rather than divs, then your corp tax liability will be less

At 500 pd, dropping £40k into your pension and taking the lowest salary you'd still barely be over the £50k profit figure, and as someone said the other day on here, not many contractors even earn that £500 pd rate

[AtW]

Rishi will come after yer pension in autumn...

[ladymuck]

Not if you dump a lump each year into your pension and take a larger salary rather than divs, then your corp tax liability will be less

At 500 pd, dropping £40k into your pension and taking the lowest salary you'd still barely be over the £50k profit figure, and as someone said the other day on here, not many contractors even earn that £500 pd rate

Or buy lots of coffee machines and (ahem) "monitors"?

[jamesbrown]

lots of tiny businesses out there, its profit not turnover.

https://www.statista.com/statistics/...terprise-size/

Those two things can be true simultaneously. Most businesses are tiny. Businesses that make 250k in profits are tiny, unless they're redirecting their profits through the Oude Joris Max 120.

[AtW]

No ir35 mentioned, looks like it's been dropped.

[ladymuck]

No ir35 mentioned, looks like it's been dropped.

[eek]

No ir35 mentioned, looks like it's been dropped.

It's never been mentioned in any budget.

The devil for us is always in the detail.

[jamesbrown]

Not if you dump a lump each year into your pension and take a larger salary rather than divs, then your corp tax liability will be less

At 500 pd, dropping £40k into your pension and taking the lowest salary you'd still barely be over the £50k profit figure, and as someone said the other day on here, not many contractors even earn that £500 pd rate

Sure, you could take the entire amount in salary if you wanted.

[jamesbrown]

Rishi will come after yer pension in autumn...

Indeed. No way that 40k is going to last. Fill yer boots while you can.

[DaveB]

No ir35 mentioned, looks like it's been dropped.

Wishful thinking. It will be detailed on the 23rd, "Tax Day", when major tax changes are formally announced.