Re: The @#%$ way
lower earning limit
go to the IR website to work what it currently is (£91 a week or something?)
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Reply to: Can I opt out of paying the pension tax?
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Previously on "Can I opt out of paying the pension tax?"
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Guest repliedRe: The @#%$ way
Whats LEL?
Mailman
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Guest repliedThe @#%$ way
Pay yourself a salary that is equivalent to the LEL. This way you get a years pension credit and the amount of NI paid is nil.
Of course you need to be outside IR35 for this to work.
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Guest repliedIf you don't like it
$^%$ off to Europe then. Ain't life simple.
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Guest repliedI have to pay Spanish Social Security of 225.11 Euros a month for which I receive medical care and after 15 years a full spanish pension - currently 600+ Euros a month.
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Guest repliedNo idea...but considering Englands rather poor history at looking after Tax the EU must be a better alternative
Mailman
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Guest repliedSo they don’t have the equivalent of National Insurance in the EU then?
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Guest repliedYep...Im referring to the NI.
I reckon, apart from double taxation...as Ive just found out...the best way is to invest in property and then in 20 or 30 years when its time to retire...sell and live off the proceeds from that.
Then again...Im guessing that once the respective governments have taken their cut of the sale that there wont actually be that much left to live off!
Again...something as important as tax law CANNOT be left to the English to look after...this MUST be controlled by the EU!
Mailman
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Guest repliedIn that case, do not pay any salary (or get caught by IR35).
When I had accountants they always said one should pay a certain amount of salary and not all as divi, but as far as I have been able to discover there is no law that says you have to pay salary at all to a director. Any ideas by the pros?
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Guest repliedthe way I undestood it, mailman was talking about the NI component that goes in your state pension pot - is that right, mailman?
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Guest repliedPension tax?? What pension tax??
Are you referring to the NI you pay to get a laughably small small state pension?, the tax on dividend income by Brownstuff, or the tax you might pay on it if you ever get a pension that is not laughably small?
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Guest repliedi don't think you can opt out of that....
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Guest started a topic Can I opt out of paying the pension tax?Can I opt out of paying the pension tax?
Lads and laddessesssesss...is it possible for me as a contractor to opt out of the pension tax altogether?
I wont be retiring in England and I dont like to "invest" my money in schemes where things go pear shaped so often and so quickly.
So...can I stay out of paying the pension tax altogether? Or am I stuck in this monstrosity retirement tax for the duration of my stay in good old Mother England?
Regards
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