Reply to: Hope you're paying yourself at least £10/hour

[MrMarkyMark]

Just think of all the fixed rate VAT collections they would be waving goodbye to. Mind you I'd be willing to bet a shilling that HMRC haven't even considered this...

We discussed it a while back.
A real doozy, for HMRC, especially as finance companies cannot claim the VAT back.

[Lost It]

Outlaw one man bands?

Just think of all the fixed rate VAT collections they would be waving goodbye to. Mind you I'd be willing to bet a shilling that HMRC haven't even considered this...

[seanraaron]

There's little point. You can get more out if your spouse is a needy biatch company secretary, but if you're intent on taking all of it out, you may as well save yourself a lot of hassle and go through an umbrella co.

Well, you might like the prestige and separation of business/personal? Right now I can't think of a good reason to do it unless I did start working actual consultant-style projects rather than team-based work with no fixed end.

I'm too new to the game to have a clue how things could go as before landing this gig I was approached about a data centre build (very neat, but sadly internally filled after a positive interview) and a job doing backfill for a team member who was seconded to something else for a few months. Of course if the government eventually outlaws one-man companies then the decision is made for everyone.

[LondonManc]

So, I'll probably be labelled simple/naive (feel free to add whatever additional mockery you can come up with), but does anyone ever set up one of these PSC/Limited company things and pay themselves full pay instead of dividends? You know, only keeping money in the company account for business-related expenses like stationary and the like. Not trying cast aspersions or anything, I'm genuinely curious.

There's little point. You can get more out if your spouse is a needy biatch company secretary, but if you're intent on taking all of it out, you may as well save yourself a lot of hassle and go through an umbrella co.

[seanraaron]

I would very much doubt it, in IT, but, sure, in other trades.
The old man had a LTD company, building, he didn't pay dividends, for example.

Seems like such a hassle. I'm working with a guy who's been on this site for two years - no way in heck you could argue the job falls outside IR35. I asked him if he's concerned and he said "kinda." No kidding!

[diseasex]

If you are aspirational _and_ young then the most sensible thing to do is leave this country.

Leave where? I just came here because i'm aspirational af _and_ young...

[MrMarkyMark]

So, I'll probably be labelled simple/naive (feel free to add whatever additional mockery you can come up with), but does anyone ever set up one of these PSC/Limited company things and pay themselves full pay instead of dividends? You know, only keeping money in the company account for business-related expenses like stationary and the like. Not trying cast aspersions or anything, I'm genuinely curious.

I would very much doubt it, in IT, but, sure, in other trades.
The old man had a LTD company, building, he didn't pay dividends, for example.

[seanraaron]

So, I'll probably be labelled simple/naive (feel free to add whatever additional mockery you can come up with), but does anyone ever set up one of these PSC/Limited company things and pay themselves full pay instead of dividends? You know, only keeping money in the company account for business-related expenses like stationary and the like. Not trying cast aspersions or anything, I'm genuinely curious.

[MrMarkyMark]

If you are aspirational _and_ young then the most sensible thing to do is leave this country.

Yup, agreed.

Not so young here, but, still considering doing just that.

[AtW]

Voting Tory is fine, if you are stinking rich, but, no good if you are aspirational.
Voting Labour is fine, if you have little, or nothing and want more of the pie, for little effort.

If you are aspirational _and_ young then the most sensible thing to do is leave this country.

[MrMarkyMark]

OK "more borrowing" ?

Or is it this? The inverted snobbery or cowardice of not wanting to be seen to vote Tory despite the fact that conservative ideals are what so many people live by?

Why were so many people afraid to admit that they wanted to vote Tory? - Telegraph

Yet on the outside these people will pretend to be labour supporters (just to supposedly give themselves some dubious veneer of credibility) despite the appalling outcomes that have been endured under their watch.

I don't support, or pretend to support, any of them.

Voting Tory is fine, if you are stinking rich, but, no good if you are aspirational.
Voting Labour is fine, if you have little, or nothing and want more of the pie, for little effort.

As for the rest, even a bigger bunch of losing, no hopers

[MrMarkyMark]

I think im just goint to find one of these offhsore "finance" / Umbrella companies things.

I wanted to play fair, pay my income tax normally but this is taking a piss. No mileage allowance, if I dont pay my self this much then they seize the company.

WTF?!

Good luck with that.

You will end up following those before you, HMRC breathing heavily down your neck, potentially up to the eyeballs in debt after retrospective payments are demanded.

Its not worth it.

[AtW]

But that was the entire point of the pension system, it was that those who were working should pay for the retired.

Yes, but the country can't afford it, so expenditure on pensions should go down by same X% as other spending elements of the budget.

Problem with pensions is there is no means testing because those who are entitled and should claim more would refuse to.

Means testing should be abolished - everyone who paid taxes should be entitled to pension, just because some were prudent not to spend all money does not mean they should not get what they were promised and paid for. Only option for refusal to supply such promises services should be full inflation-indexed refund of taxes paid by said person.

[piotrkula]

I think im just goint to find one of these offhsore "finance" / Umbrella companies things.

I wanted to play fair, pay my income tax normally but this is taking a piss. No mileage allowance, if I dont pay my self this much then they seize the company.

WTF?!

[SueEllen]

No pensions triple lock guarantee to buy their votes for sure.

Budget should have been cut X% across the board (phased over 5 years to make it a bit easier) to meet spending with actual, already way too high tax income.

Pensions is a big separate question - it's a ponzi scheme and everybody knows it.

QE should have been used to fund HS2 and some other infrastructure projects - Bank of England to hold shares for those projects, possibly sold in the future - Corbyn wants that (not sure about shares bit).

But that was the entire point of the pension system, it was that those who were working should pay for the retired.

Unfortunately Thatcher was too lazy/scared to increase the pension age. In reality the pension age should be what it is going to be but the age increase should be more gradual e.g. those retiring right now should be retiring at 66 not 65.

Problem with pensions is there is no means testing because those who are entitled and should claim more would refuse to.