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Recent content by XLMonkey
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Building a Consulting Practice- Who has done it?- Advice & Guidance
Hi James I've gone up and down this road a couple of times, in the end electing to remain small and go for higher fees/more complex work rather than taking on staff. However, its often the case that you need scale in order to get the best projects, so I understand why you're interested in it...- XLMonkey
- Post #10
- Forum: Business / Contracts
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IR35 Consultation Responses?
Thanks Lisa I clicked on the link but the response doesn't appear to be live yet? (text on the website says click here, but no actual link)- XLMonkey
- Post #4
- Forum: The Future of Contracting
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The Ben/Jo case study and IR35
There isn't a "right" number for the case studies, since it depends on a whole load of different factors. However, there is definitely a wrong number, which is the one that HMRC used. The math I did on scenario 2 was as follows: Mark - gross salary 27,345, net income 21,684 Sarah - limited...- XLMonkey
- Post #38
- Forum: The Future of Contracting
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IR35 Consultation Responses?
Bit of a long post this... just thought it might be useful to share any responses that people have actually submitted to HMRC re. the IR35 consultation... This is the first part - looking at those lovely case studies XLM ----- Dear Sir/Madam I am writing in response to the discussion...- XLMonkey
- Thread
- Replies: 70
- Forum: The Future of Contracting
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Who here has a formal IT qualification?
GCSE Computer Studies, followed by years of nothing but actually building applications and rolling them out, then the old CITP thing, which proved to be completely pointless. I gave up actually doing IT in 2003 - it seemed too much like hard work. -
Tell me your views
Welcome, Carol. The thread seems to have gone fabulously off topic already. Par for the course... For what its worth, I used to think that promoting myself as a specialist in one particular niche was a good idea. However, the more time I spend working for myself, the more I think that... -
Service Company Question in Personal Self assessment
Reluctantly, I think your accountant is probably right to do so. HMRC are entitled to ask questions about your tax affairs and the basis of your income as part of your SA return, and you are obliged to answer them. So, even if you don't like the implied question (are you or have you ever been...- XLMonkey
- Post #22
- Forum: Accounting / Legal
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Real cost of new equipment?
You are right. Provided the invoice totals £2000 or more, and the items on it are related, then you can reclaim the VAT even if you are on the flat rate VAT scheme. So, you could add a back, peripherals, printer etc all together onto a single order in order to get over the £2000 limit. Still...- XLMonkey
- Post #19
- Forum: Accounting / Legal
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Freelance Mastermind Session - Slough
As part of the run-up to National Freelancers Day, I'm running a Freelance ‘Mastermind’ session on 16th November in Slough. This is a fantastic opportunity to focus the mind, sharing knowledge with other freelancers and coming up with breakthrough ideas to transform your business. (well...- XLMonkey
- Thread
- Replies: 1
- Forum: Social / Events
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Plan A funding Plan B
Assuming that Plan B is also a limited company, then there are two options: 1. Lend the money from one company to the other. You can do this on an interest-free, no strings attached basis; but you need to declare this on Plan A company's annual return. There are certain rules that you need to...- XLMonkey
- Post #4
- Forum: Accounting / Legal
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Current state of market
Agree, but there's a bit more to it than that.... Over in the public sector, the Cabinet Office have imposed a moratorium on all new IT projects until after the spending review is completed. As a result, about half of all demand for contractors has stopped all at once. If you have been...- XLMonkey
- Post #12
- Forum: Business / Contracts
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Hard to find contracts?
ITContractorUK : re. the costs and benefits, if you send me a pm I have a spreadsheet to calculate the costs and revenue based on your own circumstances (a bit more detailed than the things on the contractor websites). btw. I don't do it just for the money. But if it wasn't for the money, I...- XLMonkey
- Post #51
- Forum: Business / Contracts
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How much salary do you take from your Ltd?
Not a silly question at all. You may be better off if your total income is below 5,715; but don't forget that total income will also include any other money you earned whilst you were abroad (since you will probably have to pay income tax on that as well). You are right that salary is...- XLMonkey
- Post #44
- Forum: Accounting / Legal
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Security Clearance (SC) Q&A Read first before asking questions
To add some more detail on this bonkers piece of inter-departmental policy. Your SC clearance is automatically and always valid for 10 years. However, for reasons that are not explained, the Home Office (and any police organisation/agency that uses the Home Office Departmental Security Unit)...- XLMonkey
- Post #9
- Forum: Business / Contracts
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Aren't the majority of IT contractors inside IR35?
Yes, it is. Two reasons 1. National Insurance. If you are an employee, then you would pay both employers and employees NI on the revenue you get from the client. That works out at c. 24% additional tax up to the higher rate threshold, and c. 13% above it. 2. Income smoothing. If you are an...- XLMonkey
- Post #19
- Forum: Accounting / Legal
