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Recent content by lukemg
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L
ok to leave after 3 month contract?
No obligation to stay but every chance you are burning the bridge behind, I would be honest, tell them about the other offer but not in any way infer they should match the rate, just leave it out there...- lukemg
- Post #14
- Forum: Business / Contracts
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L
New to contracting at 57?
Don't know about your skillset but market seems hotter than I have ever known (everyone seems to have jacked it in) - PM/Service stuff. As discussed above, most people can score one contract but can you get the next one ? You will know your own personality traits, which will matter a lot. I... -
L
Financial advisor (pensions, savings etc)
Found myself inside for a short time, could not find anything better than massive pension contribution to my SIPP to take the edge of the tax take.- lukemg
- Post #8
- Forum: Accounting / Legal
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L
Options for borrowing cash from the company
I have taken salary and dividends up to high rate level but need to borrow another 30k for a few months. Don't want to cash in share investments at the moment as timing isn't great. Can I borrow from the company ? Do I have to pay it back with interest - isn't that just paying myself interest in...- lukemg
- Thread
- Replies: 3
- Forum: Accounting / Legal
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Options for large amount of money in ltd company?
What a (mostly) good thread, thanks all. Not in the same position as have mostly extracted what I can each year into SIPP's etc but I might still need to run down a sum in my Ltd. Last time I had a break from work, accountant started rumbling that I was still taking a salary when the co wasn't...- lukemg
- Post #71
- Forum: Accounting / Legal
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L
Getting wobbles at 45
Seem to be a few angry people on here, or is it a healthy spirited debate ? I am 55 and looking at the end game, if only the demand for work had not gone so crazy and I was less greedy. My two pence: - I would prefer never to pay my mortgage off but the bank has other ideas so I pay as little as... -
L
Cost of living
Appreciate vast numbers are struggling, thanking lucky stars I can cover the basics. One of my favourite things about contracting (for me) is no longer even thinking about all the day-to-day costs incurred, knew I wasn't going crazy so I just never think about food or bills. Number of years ago... -
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Personal allowance Question
Don't sweat it, I had to ask my accountant something very similar after a mix of inside and outside contracts. I just sent him the p45 details and said how much can I pay myself to avoid paying high rate tax and what mix of salary/divi's was best. He was in touch in an hour and sorted it. It's...- lukemg
- Post #12
- Forum: Accounting / Legal
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L
Contract rates not obeying inflation
WHS x1000 - Could try but would never be able to say it better ! They are buying the flexibility in the vast majority of cases for no additional cost. This is also why anything good never sees a job board as people hire from their own network or from trusted recommendations. It's a myth that...- lukemg
- Post #73
- Forum: Business / Contracts
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L
Contractor with 2 IR35 Contracts
Dont forget countback 3 years for the pension so thats 120k to work with if you haven't used any up in previous and current years and that is a nice starting pot. Stick it in a global index VWRL works well for me and is low cost/hugely diversified or consider Vanguard lifestrategy for auto...- lukemg
- Post #57
- Forum: Business / Contracts
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L
Gorilla Accounting and workload
WHS - think I am on 4th by now, not been an issue BUT my accounts and questions are likely to be very easy, if you need detailed help you might find a junior lacking- lukemg
- Post #11
- Forum: Accounting / Legal
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L
Don't use JSA group
switch after year end accounts, Gorilla is basic but respond well and cost is reasonable- lukemg
- Post #15
- Forum: Accounting / Legal
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L
Outside to Inside IR35
Agreed, thought outside was toast and did consider closing but glad I kept it ticking over as I am back outside and it's all in place.- lukemg
- Post #7
- Forum: Business / Contracts
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Saving for pension - any regrets?
Could not agree more, I always thought it's a great way to get money out of the business and for inside gigs it's an absolute no-brainer to reduce tax by maximising pension contribution (For me anyway). Alongside SIPP (mostly global tracker ETF's e.g. VWRL) I have ISA's in similar state...- lukemg
- Post #89
- Forum: Business / Contracts
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L
What does retirement look like for you?
Interesting thread. I am on the verge, plan for a while is not to work any summers, lockdown and needing one last mortgage pushed me back in the game after a very pleasant year off and I kind of got a taste for it after being fairly burned out. I am seeing this one through till April then...
