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Recent content by pmasoft
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End of an era
Retirement or Diversify Retirement or Diversify Thanks. At least I won't have to consider IR35 going forward.- pmasoft
- Post #6
- Forum: Business / Contracts
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End of an era
Retirement or Diversify Retirement or Diversify I guess everybody is different. Personally I would get bored retiring. Hence my new "careers". Over the years I have diversified. Firstly in 2000 when IR35 materialised I went into property. 2007 I got into art. 2008 Interiors. 2020...- pmasoft
- Post #5
- Forum: Business / Contracts
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End of an era
Hi all, after working in IT for nearly 49 years and contracting for 32 of them I am going to call time. Of course a highly paid, working from home, outside of IR35 contract might tempt me back :wink So I am continuing with my property development and to that end am also now involved with...- pmasoft
- Thread
- Replies: 9
- Forum: Business / Contracts
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Going alone in doing annual Company accounts
Own year end accounts Own year end accounts Hi Chloe, I have been doing my own accounts for years now and it isn't complicated. If you have a previous years accounts to hand it is easy to see the figures you will need to tot up. Then work through the online HMRC submission pages. It...- pmasoft
- Post #7
- Forum: Accounting / Legal
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Anyone Worried?
Time for a change Time for a change I have been contracting since 1988 with very few voids. This time around it has been over a year. First Brexit, then IR35, have both taken their toll on the market, the latter more so. So I have not been just sitting on my bum and contemplating my navel...- pmasoft
- Post #99
- Forum: Business / Contracts
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National Insurance allowance
Yes Yes Yes Yes. OP has paid tax on 25k but only used half allowance. Therefore he could draw 5500 for remainder of year and have already paid correct tax on 25000+5500. Therefore no further tax liability. You seem to be ignoring the tax he has already paid. He did not get 11k of 25k tax free.- pmasoft
- Post #46
- Forum: Accounting / Legal
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National Insurance allowance
Suspect you are right as to confusion. I suppose the simplest way of looking at it would be if OP has 11000 allowance and is half way through year he could take 5500 salary over remainder of year and pay no further tax. Any more and it is taxed on difference. Simples!- pmasoft
- Post #44
- Forum: Accounting / Legal
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National Insurance allowance
Thank you! :happy It is relevant to the OP but seems to have been hijacked by others and taken off in another direction which wasn't anything to do with the original post.- pmasoft
- Post #40
- Forum: Accounting / Legal
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National Insurance allowance
I'm not, but given up trying to convince people. It isn't the Employers who dictate this it's HMRC.- pmasoft
- Post #38
- Forum: Accounting / Legal
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National Insurance allowance
Not you NL. You have been unusually quiet :tumble:- pmasoft
- Post #34
- Forum: Accounting / Legal
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National Insurance allowance
"He seems to think"? I know that is how it works. :smile I wasn't saying earning money does not increase your liablity to be taxed on it at any point in my posts. The OP was told he had no more allowance to use and I messaged that he would under the cumulative tax method used by HMRC/BigCo- pmasoft
- Post #30
- Forum: Accounting / Legal
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National Insurance allowance
There really are some ignorant morons on this site!- pmasoft
- Post #29
- Forum: Accounting / Legal
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National Insurance allowance
No idea, but you will not receive 11k tax free. Only 11k/12 will be tax free IF you are paying it through PAYE using the cumulative method See below which both explains and confirms what I have been saying...- pmasoft
- Post #24
- Forum: Accounting / Legal
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National Insurance allowance
[/B] No you're wrong (partially). That's not how it works. The tax is calculated on what you have earnt to date not on what you expecting to earn in the rest of the year. Although there is an element of prescience in calculating if you need to be paying higher rate tax and in that case they...- pmasoft
- Post #22
- Forum: Accounting / Legal
