Originally posted by sasguru
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Reply to: Top end guys don't have a ltd
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Previously on "Top end guys don't have a ltd"
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Originally posted by MrMarkyMark View PostI like him actually, even if his username sounds like it comes from a governmental hygiene recommendation
FTFY.
Hopefully.
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I like him actually, even if his username sounds like it comes from a governmental feminine hygiene recommendation
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Originally posted by Fronttoback View PostThe point is, the additional overhead and hassle you go through to run a LTD just isn't worth it when your bringing in top dollar.
Yeah I could save 20% tax (I doubt it's that much)... But who cares. 80% of a pile is still a pile. And I have no hassle, and get my dough every two weeks instead of having to leave it in a company account and take a divvie. And I don't have to worry about IR35, business accounts, receipts, etc etc. I just stash some cash for tax and that's that.
I'm telling you, I'm not exaggerating - the majority of the big contractors are not running LTDs. But if you want to take the p1ss go for it. It's your lower level guys who do all that stuff- because they have too. Contracting at low levels is a one way ticket out of careerdom for them- so they have to do maximum milking. For those who chose their skill set with a wise long term view, who will come back in to senior perm roles on 100k+ at the end of contracting - it's not so important.
I know a BA who jumps through many hoops and pays 10% tax legally. Bores the life out of me he does- once he starts talking abour his complicated setup. The amount of flying he has to do, maintaining properties in various places- ridiculous, and a bit bad taste actually. I enjoy paying a lot of tax, since I take lot of dough out for doing not very much.
The energy is better spent learning a better skill that earns more money. Then kick back and define your lifestyle. That's true freedom. The hassle that you boys go through is beyond a joke- it's not freedom but another form of hardship. You're a slave to your accounts.
For the same reason, I didn't save any money when I was a permie in my 20s. I made sure I was doing work to set up my contracting career, and I partied all my permie income away. It was not efficient to save at those levels. I saved plenty once I started contracting. Why waste your time?
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Originally posted by mudskipper View PostI reckon you should try an Aussie accent.
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Originally posted by Fronttoback View Post<snip>
I'm telling you, I'm not exaggerating - the majority of the big contractors are not running LTDs. But if you want to take the p1ss go for it. It's your lower level guys who do all that stuff- because they have too. Contracting at low levels is a one way ticket out of careerdom for them- so they have to do maximum milking. For those who chose their skill set with a wise long term view, who will come back in to senior perm roles on 100k+ at the end of contracting - it's not so important.
I know a BA who jumps through many hoops and pays 10% tax legally. Bores the life out of me he does- once he starts talking abour his complicated setup. The amount of flying he has to do, maintaining properties in various places- ridiculous, and a bit bad taste actually. I enjoy paying a lot of tax, since I take lot of dough out for doing not very much.
<snip>
2. £100k perm salary is really not that much any more if you are capable.
3. "maintaining properties in various places"? What's that got to do with anything. I guess you're one of his tenants, given that you enjoy throwing money away.
Idiot. 81.Last edited by ChimpMaster; 29 November 2016, 10:47.
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Originally posted by mudskipper View PostI reckon you should try an Aussie accent.
Gotcha.
Chuck another shrimp on the Barbie, Sheila..
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Originally posted by MaryPoppins View PostI read that (sadly rather disjointed) monologue in my head using a hybrid Partridge/Brent voice - most enjoyable.
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I read that (sadly rather disjointed) monologue in my head using a hybrid Partridge/Brent voice - most enjoyable.
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Originally posted by Whorty View PostThe 'hassle' is a few hours maximum each month ... yes, MONTH. To create the invoice, complete my expense forms and update my spreadsheet. Then once a year I send this off to my accountant to process. He sorts out my quarterly payroll so no hassle for me there. So yes, 25 hours a year is a real hassle
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