Originally posted by Lewis
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Previously on "Potential "income Shifting Tax" Legislation"
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Originally posted by moorfield View PostNothing stopping the wife being say a 51% shareholder director and the contractor 49% a non-director ? Technically speaking the contractor has no power then to control the income shifted ?
Have our accountant members anything to say on this (income shifting) topic yet ?
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Originally posted by moorfield View PostSo what are people on here going to do from April ?
Taking back the wife's/girlfriend's/civil partner's shares ? Keeping more money in ltdco ? Putting more into a pension ?
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Originally posted by moorfield View PostNothing stopping the wife being say a 51% shareholder director and the contractor 49% a non-director ? Technically speaking the contractor has no power then to control the income shifted ?
Have our accountant members anything to say on this (income shifting) topic yet ?
Originally posted by chris79I'm no accountant, but there would be very little advantage in HMRC pursuing this legislation against any company turning over less than ~£50k between two people given the current tax bands.
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Originally posted by chris79 View PostI'm no accountant, but there would be very little advantage in HMRC pursuing this legislation against any company turning over less than ~£50k between two people given the current tax bands.
Which given the amount of money they pumped into Northern Rock is pretty puny by comparison.
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Nothing stopping the wife being say a 51% shareholder director and the contractor 49% a non-director ? Technically speaking the contractor has no power then to control the income shifted ?
Have our accountant members anything to say on this (income shifting) topic yet ?
Leave a comment:
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Originally posted by malvolio View PostI'll believe that when I see it. Best guesss to date is that he exempts companies with a turnover under £50k or something equally stupid.
(Not trying to be sarcastic, but this would be the case right - i.e. if they were to recalculate the majority of the profits under one persons allowance it would come out very roughly the same as if split between two people, or one person earning the lions share, and the other earning a £5k a year part-time job as the company book keeper).
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I'll believe that when I see it. Best guesss to date is that he exempts companies with a turnover under £50k or something equally stupid.
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http://www.shout99.com/contractors/s...le.pl?id=49759
"BBC website ... [Income Shifting] billed as the tip for the third u-turn on taxation, after non doms and corporation tax rethink."
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So what are people on here going to do from April ?
Taking back the wife's/girlfriend's/civil partner's shares ? Keeping more money in ltdco ? Putting more into a pension ?
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Yep agreed. A meeting last week aimed at gathering the views of the small business comunity started with the HMRC chairman saying that this legislation will be enacted...
It won't be workable, and every claim under it ought to be appealed to the commissioners, which will be fun. But go read the website and get up to speed, just in case.
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Consultation period ends February 29th.
Budget day is March 12th.
Chances for them to consider the points raised in consultation before the budget - next to none.
Chances that Darling will want to look even more of a fool than he does at the moment by yet another botched taxation climbdown - next to none.
This is coming, folks.
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I don’t think they anticipated the upheaval this proposal would create. I think the treasury will probably back-pedal on this one, which would be a relief for many.
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Originally posted by chicane View PostAlso known as "the list of Limited Company Director names that will be passed onto HMRC for priority income shifting investigations following introduction of the legislation".
Be afraid.
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