She is a Thespian, they have an IR35 get out of jail free card with Hector.
The actors union did a deal years ago.
If only her employer had given her some tax advice. Now they will have to pay her tax if HMRC have any sense. By employing her without the insulation of a Ltd they are still responsible.
Bet HMRC bottle it.
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Previously on "A warning to freelancers and the self-employed everywhere - MoneySavingExpert article"
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Originally posted by zeitghostThat statement's so dumb it takes your breath away.
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Originally posted by amoeba View PostIs it that easy though - doesnt going bankrupt mean you cant run a company for X years and cant even get a bank account for a year or so?
The disadvantages are outweighed by the £174k advantage!!
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Originally posted by d000hg View PostWith payments on account and how far in arrears you pay CT, it's easy to get confused. That's why we have accountants.- the self employed don't do payments on account, at least not until 18 months or so after they have started
- the self employed don't pay corporation tax
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Originally posted by Platypus View PostWho's the bozo? She had and spent £174k of tax money. Now she's bankrupt, the debt vanishes. I doubt she'll be out of work going forward, so life continues as before.
Nice!
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Originally posted by ThomasSoerensen View PostI see this a corporate darwinism....Only the ones who have a bit of common sense survive....I find it laughable that people just jump in head first without doing any research....Bozos.
Nice!
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Originally posted by FiveTimes View Postload of crap, both should know that they have to pay tax.
Originally posted by ThomasSoerensen View PostThat does not make it any less dumb.
The gov wouldn't have run that "tax doesn't have to be taxing" campaign if people didn't think it was.
With payments on account and how far in arrears you pay CT, it's easy to get confused. That's why we have accountants. I hope all the overly superior posters in this thread do their own accounts, it's so simple that paying someone would be a waste of money.
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Originally posted by zeitghostEr, don't the deductions on your permie payslip sort of give a slight hint that all the money isn't yours?
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Originally posted by cojak View PostPermies are insulated from tax by PAYE. They see money in the bank every month that's theirs to spend as they like.
I'll bet most of these people didn't give tax any thought at all.
Or thought that the tax fairy took care of that for them.
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In business I run 3 accounts, Current, CT, VAT and that works fine. Also have a personal income tax account that accrues money when I need to.
Even my 18 year old son uses one of my accounts in my name, that he pays money into for running his car, you know insurance, tax, 1 service a year.
Means that he can't touch the money unless I let him. Works well, and has been the case for my older kids in the past.
May not be tax, but means a smoother ride when the expenses arise, same in principle.Last edited by Scrag Meister; 9 February 2012, 12:55.
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Originally posted by Pondlife View PostI've changed my name by deed poll to pondlife consulting ltd. Therefore any money in the company account is mine.
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Originally posted by k2p2 View PostWhat's this tax stuff? Should I be putting money aside for it?
Oh if you're on the FRS (Free Random Spending-Money) then you can forget about VAT too
HTH
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