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Reply to: Coproration Tax To Rise to 25%
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Previously on "Coproration Tax To Rise to 25%"
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Come to think of it - Tory Scum robbed Pension Funds with that corp tax increase, very nice in the environment of fook all interest needed to pay pensioners.
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Originally posted by ChimpMaster View PostBut cash reserves were never disallowed - unless I'm misunderstanding.
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Originally posted by AtW View PostAFAIK few years ago HMRC disallowed cash reserves being claimed as ER, and now ER is lower and might be nuked completely this autumn. The deal is getting worse all the time...
But cash reserves were never disallowed - unless I'm misunderstanding. It was often discussed, especially around the 2016 budget when the 2 year anti-phoenix rule was brought in. But it wasn't acted on any further than to stop people repeating the liquidation/ER procedure every few years.
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AFAIK few years ago HMRC disallowed cash reserves being claimed as ER, and now ER is lower and might be nuked completely this autumn. The deal is getting worse all the time...
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Originally posted by Whorty View PostWhy are contractors not doing this already? Money left in the company bank account is earning diddly squat interest, much better to put it into a pension - you will get a better return, and you save corp tax.
Fortunately "Moneyboxing", though on HMRC's radar, was never outlawed or taxed out of existence.
However, I do think it's generally a good idea to make use of pension allowances and in hindsight it would have been good for me to chuck in £40k a year into a pension. Would have made a nice side investment with another income stream.
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Originally posted by MPwannadecentincome View PostI predict some large pension payments will be made from 2023 onwards to offset profits to keep the corp tax liability to the minimum.
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Well, in this case this is profits, which would be after PAYE costs and pension, but yes you could be right on the what people perceive as being well off.
I predict some large pension payments will be made from 2023 onwards to offset profits to keep the corp tax liability to the minimum.
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Originally posted by MPwannadecentincome View Postsomebody somewhere in the civil service has a 50K magic number somewhere?
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When the Govt announced self employed Coronavirus support it was restricted to profits of upto £50K per annum. Strange the number is the same even though the business model is different, self employed don't pay Corp Tax... somebody somewhere in the civil service has a 50K magic number somewhere?
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Originally posted by Great Parks View Post
Hardly. How many of those you've listed are going to be incorporated?
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Originally posted by Great Parks View Post
Hardly. How many of those you've listed are going to be incorporated?
There are also tradesmen who are incorporated. Some of them will make under 50K profit.
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Originally posted by d000hg View PostA small hair salon? A sandwich shop or pub? Someone running a B&B?
Really not hard when you look outside your own bubble. Many businesses make very little profit especially if they pay salaries rather than just use dividends.
For that matter, many contractors have profits under £50k once salary and pension and everything is worked out.
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