Does anyone else feel like they are being financially ripped by the tax-man

[cojak]

Have you just arrived at this conclusion or have you knowing it for then year plus its been on the cards?

Your client has left this very late. Do you have enough time to hand your notice in and get out before April?

Not a very nice choice of title even with the apology IMO.

Quite.

So duly changed.

[eek]

How long have you been at this client?

As you are accepting that the client sees you as inside IR35 how are you going to prove that the contract prior to April 2020 was actually outside?

And given point 2 could you afford to pay the tax HMRC would be seeking were HMRC to ask the question above.

[northernladuk]

Have you just arrived at this conclusion or have you knowing it for then year plus its been on the cards?

Your client has left this very late. Do you have enough time to hand your notice in and get out before April?

Not a very nice choice of title even with the apology IMO.

[GummiBear]

Apologies for the use of language - it's the only thing that I could think of to describe the brutality of the situation being faced re: IR35.

Have been given Inside IR35 SDS by client, who just went through the HMRC CEST tool and have been told to use an Umbrella post April.

I've been going through the figures and it is horrific.

Have a day rate of £500, take home is looking around 55%!
With lots of evening and weekend, I can push the day rate to equivalent of £700-750 - which brings take home down to 52%! (The figures don't include pension contributions etc - I don't have one)

So for ~5.5-6 months - almost half of the year! - every penny I earn is going straight to the Tax Man! - How on earth is that fair? - how do they call that paying "your fair share of taxes!"

Not only that, where I live, I have never found anything local, all contracts are quite far away and require accommodation during the week. Taking into account accommodation and travel expenses (which are no longer claimable), the actual take home comes down to around 44%!

I am losing the will to live! Working away from family during the week along with putting in very long hours is the sacrifice one makes to strive towards a better quality of life and providing a better start for the children so they don't have to go through the hardships.

Sorry about the post, just needed somewhere to share my frustration (putting it politely) at the given situation.

This is a massive double whammy - not only the tax side - but this will force me to look for only local contracts to keep expenses down. These are few and far between. My previous time between contracts was 7 months!