Best tax saving scheme

[BA to the Stars]

If you just want to save tax, have all your gross earnings directed to me, I will pay you the equivalent of your tax coding therefore you will have no tax to pay and you have achieved your goal in minimising the tax that YOU have to pay. I will take on the worry of all the other tax Sorted.

Seriously, have a look at the PCG guides, if you intend on contracting for any decent length of time then go for a limited company solution and get yourself an accountant. Plenty on here and all recommended.

[Sockpuppet]

Hi All,

I need some advice on saving some tax on my contract. I would like to hear from someone who is knowledgeable on contracting in UK and knows how to maximise the tax saving within legal boundaries.

If someone can please advice me with an example on how to save maximum tax on a contract of £500 per day for 12 months. Please start by telling me whether to get the contract on a limited company or as self-employed. Then how much salary to take and how much dividend, etc. Also if need be shall I employ my spouse as an employee, expenses, etc.

Thanking in advance,

Cheers

I don't bite.

You are diver and I claim my crispy £5.

[Pondlife]

I'm going to be helpful.

1. Click this link: nice picture

Far and away the best response to a noob question in CUK history.

[expat]

Can you create a thread with a title, something like "STOP - have you posted in this area before? If not, READ THIS".

Then perhaps a nice mod will make it sticky.

Seems that stickies just overwhelm newbies, who think that it can't be so hard that you actually have to read all that stuff..... so they don't.

Much easier to ask in post 1 for a complete explamnation of everything tailored to their case, then get huffy when told to RTFM.

[phoneguy_23]

Can you create a thread with a title, something like "STOP - have you posted in this area before? If not, READ THIS".

Then perhaps a nice mod will make it sticky.

What Crap is all this ?? why can't you just lay off

[phoneguy_23]

Now in this particular case, Mal, I think you would be perfectly justified in flaming him!

What the hell is your problem dude, just shut your gob and rest in peace

[phoneguy_23]

Beat me to it!

Phoneguy_23 : Obviously the answer is not to declare any of it then you pay no tax at all. I'm sure nobody would mind...

MAL: I guess you didn't bother to read my post properly, it clearly says within legal boundaries. Mate if cannot give proper advice then don't reply all together, why waste your and others time....

[Moscow Mule]

I'm going to be helpful.

1. Click this link: nice picture

2. In the CUK Navigation box on the right hand side of the screen there is a link that says "First Timers" click it and read all the information in that section.

3. Then if you go to http://www.pcg.org.uk/ on the menu on the left hand side of the screen there is a menu item called "New to Freelancing" click it and read the page. Feel free to download any PDF that you feel is relevant and read it.

4. Then read all the information again.

5. Then come back to this forum and read the threads with sticky's on at the top of the forum index.

6. Then if you feel you have a question use the search box. There is a link that says search in it - you click it and put in a combination of words. If the first combination of words doesn't produce any results but in another combination.

Can you create a thread with a title, something like "STOP - have you posted in this area before? If not, READ THIS".

Then perhaps a nice mod will make it sticky.

[SueEllen]

I'm going to be helpful.

1. Click this link: nice picture

2. In the CUK Navigation box on the right hand side of the screen there is a link that says "First Timers" click it and read all the information in that section.

3. Then if you go to http://www.pcg.org.uk/ on the menu on the left hand side of the screen there is a menu item called "New to Freelancing" click it and read the page. Feel free to download any PDF that you feel is relevant and read it.

4. Then read all the information again.

5. Then come back to this forum and read the threads with sticky's on at the top of the forum index.

6. Then if you feel you have a question use the search box. There is a link that says search in it - you click it and put in a combination of words. If the first combination of words doesn't produce any results but in another combination.

[Moscow Mule]

Just work cash-in-hand, I always do.

[MickeyP]

Waiting for newbie-bashing rant from Chris79...............

[malvolio]

Beat me to it!

Phoneguy_23 : Obviously the answer is not to declare any of it then you pay no tax at all. I'm sure nobody would mind...

[THEPUMA]

Now in this particular case, Mal, I think you would be perfectly justified in flaming him!

[phoneguy_23]

Hi All,

I need some advice on saving some tax on my contract. I would like to hear from someone who is knowledgeable on contracting in UK and knows how to maximise the tax saving within legal boundaries.

If someone can please advice me with an example on how to save maximum tax on a contract of £500 per day for 12 months. Please start by telling me whether to get the contract on a limited company or as self-employed. Then how much salary to take and how much dividend, etc. Also if need be shall I employ my spouse as an employee, expenses, etc.

Thanking in advance,

Cheers