Reply to: Does your salary/divedend split affect your financial "power"?

[Signo_cypher]

If you read the forms corrently and fill them out correctly you still need toaccount for any "dividends" you recieve.



I believe that there are 2 elements of this - Chaild Tax Credits & Family Tax Credits - you may be entitled to one and not the other.

I still get an amount from them of about 0.87p - I spoke on the phone yold them how much I earnt and they were still happy that it was the right amount.

Don't forget as well that you can cliam for some stuff inbetween contracts.....

Thanks for the reply, I will wait till I get the form and give them a call.

[Signo_cypher]

I sure did!!

Do you mean last year you paid IR35??

Yes, the contract was well caught and agency wouldn’t budge. I needed a foot in the door so took the gig. That was was my first contact role. 12 months on I had a years experience and a tidy amount saved. I learnt a lot in that time. Thanks to this forum infact

Do many people on here go from outside IR35 to inside? thats got to hurt financially, at least I have done it the other way round.

[Sysman]

Slightly different question: I am now on an IR35 friendly contract (as opposed to being inside for most of last year) when it comes to filling in the child tax credit form later this year do I put my salary as £7500 or my annual turnover? Surely I will be on their rader when they notice a £60,000 drop in salary from last year?

Blame globalization for your pay cut.

[Bluebird]

Slightly different question: I am now on an IR35 friendly contract (as opposed to being inside for most of last year) when it comes to filling in the child tax credit form later this year do I put my salary as £7500 or my annual turnover? Surely I will be on their rader when they notice a £60,000 drop in salary from last year?

If you read the forms corrently and fill them out correctly you still need toaccount for any "dividends" you recieve.

So how much child tax credit does someone on £67500 get?

I believe that there are 2 elements of this - Chaild Tax Credits & Family Tax Credits - you may be entitled to one and not the other.

I still get an amount from them of about 0.87p - I spoke on the phone yold them how much I earnt and they were still happy that it was the right amount.

Don't forget as well that you can cliam for some stuff inbetween contracts.....

[TheFaQQer]

So how much child tax credit does someone on £67500 get?

£0

[someone has my name]

not a lot

[crack_ho]

Slightly different question: I am now on an IR35 friendly contract (as opposed to being inside for most of last year) when it comes to filling in the child tax credit form later this year do I put my salary as £7500 or my annual turnover? Surely I will be on their rader when they notice a £60,000 drop in salary from last year?

So how much child tax credit does someone on £67500 get?

[Bod]

You just need to eat a large strawberry with Aunt Flo, PC Copper, Farmer Barleymow and Frank the Postman.

Followed by a nice milkshake with Alberto Frog.

All of that brought on a sudden LSD-esque flashback.

[TheFaQQer]

Late 30's, must be losing it..... etc

You just need to eat a large strawberry with Aunt Flo, PC Copper, Farmer Barleymow and Frank the Postman.

Followed by a nice milkshake with Alberto Frog.

[Jason]

On the other hand as these are all short engagements for specific deliverables, I can put anyone in I want to do it, if they are not satisfied with the deliverable I don't get paid, and I use my own equipment. Then I think I am unlikely to have any problems with IR35

so I can live with self cert.

[d000hg]

I had this problem when I started out.

I do lots of short term work 3-5 days, and manage to fill the whole year that way. Trouble is they were all expecting to see a nice 6 month contract.

The way I had to go was self cert because of this issue.

Hmm, that's a good point.

[Jason]

I had this problem when I started out.

I do lots of short term work 3-5 days, and manage to fill the whole year that way. Trouble is they were all expecting to see a nice 6 month contract.

The way I had to go was self cert because of this issue.

[Troll]

I am now on an IR35 friendly contract (as opposed to being inside for most of last year) when it comes to filling in the child tax credit form later this year do I put my salary as £7500 or my annual turnover? Surely I will be on their rader when they notice a £60,000 drop in salary from last year?

Do you mean last year you paid IR35??

[Signo_cypher]

Ditto

Depends on the bank/mortgage company. Just got a mortgage with the woolwich (barclays) - (through contractor money ) Just needed to state my annual turnover for last year, a copy of my CV and current contract and bobs your uncle. 3 times my annualized rate was mine.

Slightly different question: I am now on an IR35 friendly contract (as opposed to being inside for most of last year) when it comes to filling in the child tax credit form later this year do I put my salary as £7500 or my annual turnover? Surely I will be on their rader when they notice a £60,000 drop in salary from last year?

[Bod]

Speak your mind Bod... don't be bashful - we are all friends here

I dropped a clanger, my post was meant for the "Feel the love" thread, it was very inappropriate here in this one - hence the very hasty edit.

Late 30's, must be losing it..... etc