Warchest never seems enough....

[Old Hack]

Don't any of you keep something for firefighting purposes should the taxman come sniffing around and decides he wants to conduct an IR35 review?

Or are you all always 100% confident that you are outside IR35 in every gig?

Switch companies every 3 years, limit your exposure, and make sure nowt is in your name.

[bobspud]

Switch companies every 3 years, limit your exposure, and make sure nowt is in your name.

That has not been an effective protection for many years. If you own a LTD then Close it and open a new one and continue trading in the same business HMRC can and do treat the companies as one.

[Old Hack]

That has not been an effective protection for many years. If you own a LTD then Close it and open a new one and continue trading in the same business HMRC can and do treat the companies as one.

Ah, but they don't I am afraid. I have been doing it since 1995. After 6 years, there's no come back regardless too.

[bobspud]

Ah, but they don't I am afraid. I have been doing it since 1995. After 6 years, there's no come back regardless too.

Im' afraid you are on as shaky ground as the BN66 guys... HMRC can do what they like its your problem to prove otherwise...

EM3311 - Reopening Earlier Years: Tax Cases: Jonas v Bamford 51TC1

[Wanderer]

So when does it stop?

When I have enough to retire.

[Wanderer]

Excuse my ignorance but what do you mean by 'plan b...'

Plan B is a business idea that a contractor works on in their spare time and perhaps invests some of their company's profits into. The hope is that at some time in the future the plan b business venture will come to fruition and the rest will be history.

[Dallas]

6 month personal
over 12 in co
+isas and pension

am a tight ar$e who takes vfew holidays

[Old Hack]

Im' afraid you are on as shaky ground as the BN66 guys... HMRC can do what they like its your problem to prove otherwise...

EM3311 - Reopening Earlier Years: Tax Cases: Jonas v Bamford 51TC1

Not the case you see; the case you refer to says he didn't give any statements of income 3 years after last completing them.

IN LAW (do you understand that), 6 years after a LTD has ceased to trade or posted accounts for, that's all you have to hold data for. So, if a company closed in, say Dec 31 2010, then I have to hold all data until Dec 31 2016. So a company I shut on 10th Sept 2007, I no longer have to keep the papers for. Legally. You're wrong. Again.

So if I am still in a company, I also no longer need to hold accounts prior to 11th Sept 2007.

Prior to 2007, I cannot be investigated, as I have destroyed the accounts, as per gov advice. Sorry to labour the point, but you appear to be quite stupid at times.

[bobspud]

Not the case you see; the case you refer to says he didn't give any statements of income 3 years after last completing them.

IN LAW (do you understand that), 6 years after a LTD has ceased to trade or posted accounts for, that's all you have to hold data for. So, if a company closed in, say Dec 31 2010, then I have to hold all data until Dec 31 2016. So a company I shut on 10th Sept 2007, I no longer have to keep the papers for. Legally. You're wrong. Again.

So if I am still in a company, I also no longer need to hold accounts prior to 11th Sept 2007.

Prior to 2007, I cannot be investigated, as I have destroyed the accounts, as per gov advice. Sorry to labour the point, but you appear to be quite stupid at times.

The last paragraph of this supports what I am saying...

EM3309 - Reopening Earlier Years: Discovery - Extending an Enquiry

If they can demonstrate an issue in your current company and the trading method is the same as the previous one they can make claims against that company as well.

[scooterscot]

I go for time rather than money, 12 months basic expenditure, as my average spend increases so does my warchest.

WHS - Currently if I can't support family for a year without any work I get stressed. I'm not stressed.