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Recent content by hugebrain
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Whoever gets in build some flaming houses!
Imagine if you do it contractor-style and just buy the house outright. Then it’s obvious that if the rent is higher than the running costs you are making money. The mortgage payments are mostly to make up for the value of money going down because of the governments insane money-printing. But... -
Whoever gets in build some flaming houses!
You could go contracting three days a month and whack in an extra day if they don't pay the rent. Seriously, your mistake is thinking that the rent has to cover the mortgage for BTL to be successful. You only have to cover the running costs, which are negligible. -
Some people thought it was a hoax
I think now that the masks, vaccines, natural origin of Covid, are all proven to be hoaxes, they are trying to squirm out of saying they’re sorry by pretending that the people who doubted them believe something else. FYI, here are the main conspiracy theories in order of truthfulness. Flat... -
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Consequences of too much salary sacrifice into a pension??
But why stop paying into the SIPP when you hit the limit? Google says that you then pay the income tax you would have had to pay anyway but you get to pocket the NI and apprentice money. ( GINAA ). Personally, I’d pay the income tax and then invest in some dodgy EI scheme and claim the tax...- hugebrain
- Post #19
- Forum: Accounting / Legal
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Are you all using SIPPs now?
Yes it would since the nice people at HMRC give you back the corporation tax if you make a loss (and bigger pensions mean bigger losses). But don’t do it because pretty soon you may find yourself on minimum wage and paying £15,000 a month into a SIPP! -
Flippity-Flop: Weighing up a Return to Contracting
If you mean why 3x in Switzerland, it’s because you can live the high life on their unemployment between contracts. If you mean why double the hourly rate it’s because 50x5x8 gives you 2000. The tax and other advantages bump the contract rate up a bit so you can take more than 2 weeks holiday...- hugebrain
- Post #55
- Forum: Business / Contracts
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Are you all using SIPPs now?
Yes, my company owns shares. It’s a bit of a mix which is better - with the company the money is a bit more accessible and you can use profits to pay yourself a salary for example. -
Are you all using SIPPs now?
I’m pretty sure you can go into a loss. Tesco don’t stop paying their staff pensions if they make a loss one year - so it should be the same for Yourco. I think there’s something vague about it being reasonable or something. (but as I said before it’s not a great idea pay yourself a pension... -
Are you all using SIPPs now?
Don’t make any contributions from your company. Keeping the money in the company is almost the same as having it in a SIPP anyway (you defer the tax until you take it out). If you ever have to endure the horrors of an inside IR35 contract you will need your pension allowances. If I work for the... -
How will the rumoured pension allowance changes change your approach to contracting?
I’ll be putting £180,000 instead of £160,000 into my SIPP this year. With £20,000 in the ISA it barely leaves enough to live on. Must check if I qualify for any benefits. -
Flippity-Flop: Weighing up a Return to Contracting
Just double the hourly rate to get the equivalent salary. Unless you are in Switzerland where you can triple it cos of all the free holidays.- hugebrain
- Post #48
- Forum: Business / Contracts
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How do you calculate IR35 take home pay when calculators contradict each other?
Basically inside IR35 you pay less tax, but it’s all jam tomorrow. For the first year you can pop 160,000 into your pension (more now?) so it’s not too bad, but then minimum wage just pays for your ISA and leaves you with nothing to live on. But the second year it starts to get crazy. You are... -
Inside IR35 not working - Scam Alert
Since you are an employee and not a business you have more rights to get paid and come higher up the list if anyone goes bust. That said, it is a total scam, the agencies should be jailed for quoting a salary that you can’t get paid and getting kickbacks from the umbrellas, it is as corrupt as...- hugebrain
- Post #7
- Forum: IR35 Reform
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When Was your Last Face To Face Interview?
Got my current job with a face to face interview. These zoom calls are a nightmare if you are good looking and have a firm handshake. They keep asking about programming and stuff.- hugebrain
- Post #8
- Forum: Business / Contracts
