Reply to: Any room on the bench?

[Old Hack]

Pretty sure tax credits take account of dividend income. Otherwise we'd all do it! :-)

I know someone who does the overshore tulipe and claims it. Well dodgy.

I meant to leave money in the company, and only take min wage, no divis

[psychocandy]

We've just started paying the absolute bare legal minimum in wages, taking the rest, up the upper limit, in dividends between me and Mrs OH. I was tempted to pay myself min wage and claim tax credits. With 3 kids, we'd have got £30k a year, but it was a step too far.

Just had enough of being milked.

Pretty sure tax credits take account of dividend income. Otherwise we'd all do it! :-)

I know someone who does the overshore tulipe and claims it. Well dodgy.

[MarillionFan]

Not quite true but they have to go to nursery during the day and I don't really have to.

Ftfy.

[eek]

Ftfy

Not quite true but they have to work during the day and I don't really have to.

[MarillionFan]

Well as I sell a Saas web product it makes money whether I work, post on CUK, or go for a bike ride.

<-- And as should be clear I'm only here because I've got no real life mates.

Ftfy

[eek]

You are making profit from posting 12-14 hours on CUK?!?!?!

Well as I sell a Saas web product it makes money whether I work, post on CUK, or go for a bike ride.

<-- And as should be clear I'm only here when bored. I really need to get the public facing site up and running and employ some people.

[MarillionFan]

And thats me just finished.

[SimonMac]

<Placeholder>

You finally be exposed as the waste of space chancer you claim to be?

[darmstadt]

Damn, other countries sound like a pain in the arse to work in as a contractor. As long as I pay my tax, social and VAT, all the rest is mine. I have no need to deal with all this salary or dividend tulip. So much easier here, but only if you do it correctly (as many have found out to their own cost )

[quackhandle]

For the individual, in this case, your good self, this is very good news. I hope and believe your life will be easier and more relaxed. But for the economy as a whole, when smart people do this, it's a disaster, and it's happening all over Europe. I know quite a few people between 30 and 45 who are cutting their hours and turning their attention to their hobbies instead, simply because they don't want to continue in a race to the bottom where they get to keep less and less of the rewards of their work and can't rely on ever getting a decent pension. I want to live NOW, while I'm healthy, and not break my back to support a system that is collapsing, and that demographers have been warning would collapse for the last 50 years.

+1.

[Mich the Tester]

We're stepping down soon. Currently buying a small holding in South Devon, have sold our house in Surrey, and the one in Somerset will go on the market later this year. No mortgage means I'll dumb down into a local council tech role, wife to go back into teaching. Costs low (high efficiency green energy solutons - lots of land to grow veg, turkeys etc) and stress lower. Pretty much getting to the stage of being burnt out to be honest. Too many years

For the individual, in this case, your good self, this is very good news. I hope and believe your life will be easier and more relaxed. But for the economy as a whole, when smart people do this, it's a disaster, and it's happening all over Europe. I know quite a few people between 30 and 45 who are cutting their hours and turning their attention to their hobbies instead, simply because they don't want to continue in a race to the bottom where they get to keep less and less of the rewards of their work and can't rely on ever getting a decent pension. I want to live NOW, while I'm healthy, and not break my back to support a system that is collapsing, and that demographers have been warning would collapse for the last 50 years.

[kal]

52% here. The great thing with contracting though is that I decide what my costs are and what my profits are. I don't have to spend all year in cheapo hotels if the taxman prefers me to stay in posh places. I also don't have to work all year, so I can easily manage my hours to avoid the top tax rate. Lady Tester is a permie who's recently gone down from a 38 hour week to a 32 hour week because she hit the higher tax rate and can't be arsed working like hell to support a fat, useless government and a growing army of dependents. We are living examples of the idea that high marginal tax rates kill the incentive to work and produce. I'd rather just work a bit less, earn a bit less, pay off the mortgage and to hell with your stupid rates of taxation.

Amen to that!

[Old Hack]

Yep, that's the long and the short of it. It doesn't matter how much tax we pay, politicians never have enough money and always come back squealing for more. My answer to the lot of them is 'get stuffed'. I'm not playing the high income game any more, it's low personal costs, high business costs, low salary and easy living for me. I don't need or care for brand new cars and I certainly don't want to fall into the trap of buying a great big expensive house that would keep me working to the grave.

We're stepping down soon. Currently buying a small holding in South Devon, have sold our house in Surrey, and the one in Somerset will go on the market later this year. No mortgage means I'll dumb down into a local council tech role, wife to go back into teaching. Costs low (high efficiency green energy solutons - lots of land to grow veg, turkeys etc) and stress lower. Pretty much getting to the stage of being burnt out to be honest. Too many years

[Mich the Tester]

Just had enough of being milked.

Yep, that's the long and the short of it. It doesn't matter how much tax we pay, politicians never have enough money and always come back squealing for more. My answer to the lot of them is 'get stuffed'. I'm not playing the high income game any more, it's low personal costs, high business costs, low salary and easy living for me. I don't need or care for brand new cars and I certainly don't want to fall into the trap of buying a great big expensive house that would keep me working to the grave.

[Old Hack]

We've just started paying the absolute bare legal minimum in wages, taking the rest, up the upper limit, in dividends between me and Mrs OH. I was tempted to pay myself min wage and claim tax credits. With 3 kids, we'd have got £30k a year, but it was a step too far.

Just had enough of being milked.