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[jamesbrown]

Yes.

This will catch out quite a few contractors who mess around with BTL etc....

[jamesbrown]

Doesn't work. They also brought back the old rules about aggregating profits from related companies for precisely this reason ...

[jamesbrown]

A minor head injury?...

[jamesbrown]

Retrospectively tax anything above 40k in each year?

No chance. It would be an administrative nightmare and it would undermine the tax system in a way that the retrospection associated with "aggressive tax avoidance" doesn't - Labour is unlikely to want to create that chaos among...

[jamesbrown]

Me too. ...

[jamesbrown]

Pay yourself whatever you need and don't get too hung up on tax if you need the money. Just be aware of the complexities/non-linearities within the tax system as you move between rate bands in relation to your personal circumstances (e.g., pension contributions, childcare etc. etc.). Obviously, we cannot...

[jamesbrown]

It isn't a shock in general, because everyone can plainly see what is happening and central banks have been telegraphing the changes.

However, the financial system is complex and the levels of risk/exposure to certain instruments that are highly sensitive to rates are not always transparent...

[jamesbrown]

But only in a leap year....

[jamesbrown]

Yes, essentially. Whether they win is a different matter, but you don’t want to expose yourself to that risk more than necessary.

[jamesbrown]

You cannot have any transactions and maintain dormant status. Also, it probably isn’t the best time to be linking accountancy costs to the service provision (or not) of YourCo. See the MSC thread. Yes, just keep it open if you’re still intending to use it in future.

[jamesbrown]

https://www.reuters.com/business/fin...rs-2023-03-19/

[jamesbrown]

UBS bailing out CS. But..... 16bn euro of AT1 bond holders are completely zeroed out.

I'm sure that will go down well in the markets, given that shareholders are getting 3bn or whatever.

Probably not the end of the d00m.

[jamesbrown]

You’re over-complicating it. There’s no sane reason to use a limited company for contracts that are inside IR35 and most supply chains won’t even facilitate it. Use a reputable umbrella that offers salary sacrifice into your pension any then pays you personally (since you’re an umbrella employee).

[jamesbrown]

Lance Reddick:

https://www.theguardian.com/culture/...the-wire-actor

[jamesbrown]

It’s a technicality. I’m not sure whether it’s a legislative technicality related to the FA or to help pension schemes adjust but, either way, the lifetime limit is effectively gone as of 6 April 2023....

[jamesbrown]

All of these changes apply from 6 April 2023....

[jamesbrown]

We’ll see. Labour is already calling it a “bung for the rich” and promising to reverse the changes, which provides an ideal opportunity to do slightly more than reverse them, especially now that the maximum tax free amount is absolute, not relative (“250k bung to the rich”)....

[jamesbrown]

A judicial review cannot overturn primary legislation, such as a Finance Act. Also, judicial reviews are about process not outcome....

[jamesbrown]

You can't. In summary, the UK is a basket case ...

[jamesbrown]

Excellent news for pension planning