Reading around it seems the LibCons are going to stop us receiving tax free divis (on our side not the company side) for up to the tax limit. If so is it even worth contracting anymore?
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Got a link...Originally posted by NorthWestPerm2Contr View Post
Also are we talking about the same thing - the fact that you don't pay any tax on divs (up to the 40% band) - on the basis that the company has already paid what is effectively basic tax rate anyway. -
Oh bloody hell. I thought things would improve when Labour left.
Tax-free dividends to end | This is Money
Wait hang on. That's dated March 2004! It's all dated 2004!! Phew.Last edited by xoggoth; 2 June 2010, 18:46.bloggoth
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Yeah thats one article, I cant find the other I was reading yesterday.
I always said Cons would con us. Labour might have introduced IR35 but CGT and corporation tax were much more reasonable.Comment
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I think so. Out of all the reasons I make a living contracting as opposed to anything else, tax is very far down the list.Originally posted by NorthWestPerm2Contr View PostComment
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So, you all think it's unethical to pay tax on the money you earn at the same rate as people with regular jobs? Seems strange, if you work as self-employed you don't escape tax.
Unless of course they set it so you pay CT on company profits AND are taxed fully on dividend income, but that sounds a bit weird... surely the worst that can happen is you're forced to take full salary as if caught by IR35?
It's not a failure on goverment's part if contractors end up paying more, as long as the system at least makes sense... I've said many times that the typical contractor shouldn't be pushed into working through a company, extending this logic they shouldn't really get to use it as a loophole either.
On the other hand, I've no desire to pay tax any more than the rest of you, and I'm not claiming we should be penalised as high earners... it's the whole IR35, Ltd company shambles I find silly.
So, has anyone got a proper link what's being proposed since the election, rather than speculate and bitch about unknowns?Originally posted by MaryPoppinsOriginally posted by vetranComment
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I'd be amazed if most self employed tradesmen pay tax on more than 50% of what they actually earn. Try finding anyone to work on your house who will actually take a cheque for payment.Originally posted by d000hg View PostComment
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Look at the date on the article....my quagmire of greed....my cesspit of laziness and unfairness....all I am doing is sticking two fingers up at nurses, doctors and other hard working employed professionals...
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