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Recent content by michaelC
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IR35 Reforms to be Abolished!
So govenrment wants the employees to be tax experts. And determining the status before even start working there, when some of the IR35 tests are about how the work is being carried out. Madness. How would anyone accept working as Ltd co in this situation...- michaelC
- Post #9
- Forum: IR35 Reform
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IR35 repealed
The idea that either the contractor or his client must determine how tax is paid is so stupid. It means that either you choose Outside IR35 and don't sleep at night from stress, or choose Inside IR35 and get taxed to death. So the government needs to find a way to end this uncertainty. i.e...- michaelC
- Post #27
- Forum: Accounting / Legal
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MVL with physical assets
How about leaving the assets in the company at closure so that they become bona vacantia and pass to the crown. What happens after? Will the Queen come to take the old laptop?- michaelC
- Post #16
- Forum: Accounting / Legal
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MVL with physical assets
Exactly this. Unfortunately the macbook and rest of stuff kicked the bucket after 1 year and are no longer covered by the manufacturer's warranty. So they have to be written off.- michaelC
- Post #14
- Forum: Accounting / Legal
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Transferring Contract to Inside IR35
then he does MVL. is that an issue? - apart from having to wait 2 yrs before going outside ir35 again.- michaelC
- Post #33
- Forum: Business / Contracts
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Transferring Contract to Inside IR35
Just accept the inside contract whatever max rate they give, and quickly close the LTD company down - takes only 6 months.- michaelC
- Post #30
- Forum: Business / Contracts
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IR35 insurance when closing down a business
I am also interested in their tax liability insurance. However I think because of the below statements they ask you to confirm before insuring you, it makes the insurance useless. 1) You have autonomy over your method of work and are not subject to the same level of supervision or control as...- michaelC
- Post #15
- Forum: Business / Contracts
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Renew or leg it
they mean a reason to suspect fraud. Deciding that a contract is off IR35 rules when it should have been, is not fraud, but a mistake of judgement.- michaelC
- Post #7
- Forum: Business / Contracts
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Advice on choosing Umbrella or PAYE for my contract? Details inside.
have a look at this: https://www.gov.uk/government/publications/off-payroll-working-rules-communication-resources/know-the-facts-for-contractors-off-payroll-working-rules-ir35 "HMRC will focus on ensuring compliance with the new rules, rather than investigating past arrangements HMRC will not...- michaelC
- Post #14
- Forum: Umbrella Companies
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Renew or leg it
first of all HMRC said that they won't be investigating those who switch from outside to inside IR35 unless there was fraud or crime etc here on 2nd point...- michaelC
- Post #5
- Forum: Business / Contracts
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Contract ending can I furlough?
If thats true, they will finish investigating sometime during the year 60000 as theres over 740k claims every month- michaelC
- Post #62
- Forum: Business / Contracts
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SVP for BTL wife as director
how will you transfer the funds from the trading into the SPV? thats the main question. -
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Director loan...help!
I believe in paying your fair share in tax. Your fair share should not be based on how much you earned within a specified calendar year. It should be based on how much you cost to the government. Income and profit do not even represent one's true wealth hence the concept of income tax is...- michaelC
- Post #24
- Forum: Accounting / Legal
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Director loan...help!
The law is stupid to begin with, for taxing income and profits. i.e. Punish success and reward failure. And then penalizing 32.5% for using your own money, amazing. Anyhow i think best strategy is to repay loan now to avoid penalty. That would go into that financial year e.g 16/17. Next day...- michaelC
- Post #15
- Forum: Accounting / Legal
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SVP for BTL wife as director
So the SPV company would become shareholder of the trading company under a different share class so that the trading company can pass the funds as dividends.. I think this could work but im not sure if hmrc sees something wrong with it, as the shares are gifted to the SPV for nothing in return...
