BN66/S58 update

[AtW]

I meant you can easily get a few grand off the taxable total i.e. you 'earn' £100k but only get CT on £90k, which is not massive but is a gain.

Yes, a very small reduction.

Not a problem I've had to solve yet. But you can put a big chunk into pension (can't you?) and of course keep it in the company - take your £40k every year then 'retire' at 50 but continue to take £40k salary the next 10-15 years.

Well, that's not exactly 75% retained is it? Employees can also do salary sacrifice for pension.

Corp tax you'd still have to pay in a year when profits were made.

[eek]

Yes, a very small reduction.



Well, that's not exactly 75% retained is it? Employees can also do salary sacrifice for pension.

Corp tax you'd still have to pay in a year when profits were made.

Not on the bit you take out as a pension that's treated as wages (near as damnit for this conversation).

[AtW]

Not on the bit you take out as a pension that's treated as wages (near as damnit for this conversation).

True, but if you put money into pension then you won't get it for a long time, that's stupid to begin with given that social security system is bankrupt and it's the people with pension pots who'd get robbed - how retro would that be?

[normalbloke]

What's fair is that people in same circumstances pay same level of tax.

the level being what???


Nothing legally in 2001 to stop all contractors in the same circumstances using the scheme... they would all pay the same rate of tax. Both the 40% and 3.5% tax payers were acting legally. Who are you to say which rate is the correct one? Again, that's what laws are for. Simplify the tax system and it might stop the discrepancies.

[AtW]

the level being what???

120% for you because you are in the group of very greedy and stupid people.

Nothing legally in 2001 to stop all contractors in the same circumstances using the scheme... they would all pay the same rate of tax.

Legality is a matter of opinion until it is settled in courts.

Common sense should have stopped even halfwits back in 2001 to avoid like plague contrived schemes that involved word "offshore" when they reduced tax so much.

It's total utter lie to claim that EVERYBODY could join that crazy scheme, no - that was NOT possible because such loss of tax revenue would be insane and it would get closed next day first million people joined it.

Both the 40% and 3.5% tax payers were acting legally. Who are you to say which rate is the correct one?

I am the taxpayer who pays what is expected by law - 40% level for high rate taxpayers.

[shaunbhoy]

I am the sheep who pays what is expected by law - 40% level for high rate taxpayers.

ftfy

Baaaaaaaaa

[AtW]

ftfy

Baaaaaaaaa

[BolshieBastard]

I put down some of my criteria for disguised employee in a previous post.
I won't have any problem finding an employee because unlike you I have some judgement, so while the person I may hire may be greedy, they won't be stupid AND greedy which is an exceedingly unfortunate combination.

I point out to you yet again that 'disguised employee' is an artificial device introduced by government and hmrc to increase the tax take from a section of the workforce. Prior to 2000, neither government nor client companies had an issue with people working whether for one client at a time or many. The majority of client companies still have no issue with this method of working which just proves a, its driven by political dogma and b, is totally artificial.

As I have said, you seem to have massive issues with and make derogatory comments about anyone who doesnt conform to your narrow view. You must be one objectionable person.

Perhaps littering your posts with such derogatory comments makes you feel like you have a big penis. Maybe you cannot help it and just are objectionable.

Seriously, I am very happy that you are building a business and hope it is successful for you (even if you do see having 90 day payment terms as some form of badge of honour). I just dont comprehend your bitterness and arrogance. Thankfully, you are a minority.

[shaunbhoy]

You must be one objectionable person.

Yup!

littering your posts with such derogatory comments makes you look like a big penis.

Yup!

HTH

[vetran]

Seriously, I am very happy that you are building a business and hope it is successful for you (even if you do see having 90 day payment terms as some form of badge of honour). I just dont comprehend your bitterness and arrogance. Thankfully, you are a minority.

90 days voluntarily???

WBBS +1