- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
User Profile
Collapse
-
What insurance? You will not find insurance against bank failures outside of government backed deposit schemes, like FDIC and FSCS. Anyway, short-term gov't bonds are widely available, for example, and can be held until maturity, which guarantees the principal (obviously, you can lose money relative...
-
-
After Clare quit InTouch to go travelling, my experience of accountants went downhill, sometimes slowly, sometimes quickly, but she is the only accountant I would recommend to anyone without reservation. ...
Leave a comment:
-
I mean, you literally started out with this objective in your OP, "Protection from IR35". So, it is you trying to get around IR35 or, minimally, not understanding IR35, but probably both. What you do with the company cash is irrelevant w/r to IR35, except that the cash may not exist to use...
Leave a comment:
-
I am confused about what you’re trying to achieve. I don’t think you understand IR35 sufficiently well. The risk with IR35 is that all income is reassigned as PAYE income with interest and penalties, regardless of what is paid to the individual. Nothing has changed there, carry on as normal and...
Leave a comment:
-
I’m saying that the MSC legislation isn’t a risk you can easily manage so, on balance, I would forget about the old company being “tarnished”. If it were me, I would carry on as usual with the old company and taking the usual precautions w/r to IR35 and commercial risk, which are completely...
Leave a comment:
-
It may be "tarnished" in your mind, but it's still a trading vehicle, you won't be able to close it and, in the unlikely event that HMRC win the CK/Boox at one or other tribunal or, finally, in court, then they will quite likely argue that you attempted to avoid the Reg 80 obligation by splitting...
Leave a comment:
-
Yes on the first (Chapter 10, large client), no on the second, your other activities are completely irrelevant w/r to MoO on the contract in question....
Leave a comment:
-
Also, you may want to take advice about two businesses operating concurrently that are engaged in the same or a similar trade. Most likely, HMRC will consider those two businesses to be the same trade. This is a consideration w/r to the outcome of the CK/Boox case (normally, HMRC only cares about these...
Leave a comment:
-
OK, so it's under Chapter 10, in which case the liability notionally falls on the Fee Payer first and any risk to YourCo partly depends on the contract wording and any claw-back clauses it might contain. Either way, your structure makes no difference w/r to IR35, likewise working for the property business,...
Leave a comment:
-
It obviously won't offer you any additional protection w/r to IR35 because the whole point of IR35 is to "look through" the supply chain and associated contracts and make a judgement about whether you are effectively an employee of the end client, based on a hypothetical contract. In terms...
Leave a comment:
-
I guess there's a spectrum between all or nothing but I agree that, once you get into a balance sheet of millions, it's impractical to protect everything under FSCS, especially as it's per banking license, not per bank. In that case, I would probably bank with one of the big high-street lenders and...
Leave a comment:
-
That said, I would always be very careful with Tech Bro institutions whose products are not backed by the FSCS, like Revolut and Wise, as they are definitely not too big to fail. In the case of Wise, it would be less risk to use their asset/bond-backed investments than have a lot of funds sitting in...
Leave a comment:
-
No, there is no insurance like that. It would be nice if the NS&I products were available for businesses, but they aren't. You can invest company money in gov't bonds or other low risk investments, of course, but they will qualify as investments w/r to the CIHC rules. Beyond that, the only realistic...
Leave a comment:
-
It depends but, either way, IR35 is a consideration. It's Chapter 8 if there's no UK company in the supply chain and the client is wholly overseas (i.e., no PE or branch in the UK). Otherwise, it's Chapter 10. In practice, quite a few contracts with overseas clients will be under Chapter 10 because...
Leave a comment:
-
It isn't that hard to have accounts with multiple banks. Also, £85k isn't really pennies in the business world. IIRC, about 95% of all UK businesses are micro entities under the CA 2006. Not worth considering how larger companies hedge risk because that is a different world, but businesses small and...
Leave a comment:
-
If you don't mind tying the money up for a year, you'll do a lot better than easy access (e.g., V.M. one-year bond @ 5.15%, similar for Allica Bank, Shawbrook and others. There are also 6-month bonds at around ~5%). Tide is OK - the interface is a bit 1990s and they are a bit over-zealous on their KYC...
Leave a comment:
-
Bear in mind that accountants screw up quite frequently and they typically don't know much about the legislation affecting contracting businesses (never get IR35 reviews from your accountant etc.). I've had some good accountants in the past, but I frequently caught issues or needed to chase things and,...
Leave a comment:
-
No activity results to display
Show More
26 March 2024
- 13:33 - d000hg clicked Thanks for this node: Moving on from InTouch (Brookson) by jamesbrown
23 March 2024
- 14:51 - Fuzzynavel clicked Thanks for this node: Outside IR35 Ltd co in holding structure by jamesbrown
22 March 2024
- 19:02 - Fuzzynavel clicked Thanks for this node: Outside IR35 Ltd co in holding structure by jamesbrown
- 18:59 - Fuzzynavel clicked Thanks for this node: Outside IR35 Ltd co in holding structure by jamesbrown
- 13:44 - d000hg clicked Likes for this node: Business Savings Accounts by jamesbrown
- 13:44 - d000hg clicked Likes for this node: Business Savings Accounts by jamesbrown
- 10:09 - d000hg clicked Likes for this node: Business Savings Accounts by jamesbrown
18 March 2024
- 11:10 - oliverson clicked Thanks for this node: Moving on from InTouch (Brookson) by jamesbrown
6 March 2024
- 21:33 - ladymuck clicked Likes for this node: Facebook is down by jamesbrown
- 13:40 - Dark Black clicked Likes for this node: My accountant died (RIP) - Anyone using a FreeAgent "CoPilot" ? by jamesbrown
5 March 2024
- 17:02 - SueEllen clicked Likes for this node: Facebook is down by jamesbrown
- 16:47 - Protagoras clicked Likes for this node: Facebook is down by jamesbrown
- 12:08 - oliverson clicked Likes for this node: Professional indemnity insurance when clients are based in the USA by jamesbrown
- 07:26 - Platypus clicked Thanks for this node: My accountant died (RIP) - Anyone using a FreeAgent "CoPilot" ? by jamesbrown
29 February 2024
- 16:32 - dsc clicked Thanks for this node: Demand for AI "Surging" by jamesbrown
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: