• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Collapse

You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:

  • You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
  • You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
  • If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.

Previously on "IR35 penalty calculation"

Collapse

  • soyoh30298
    replied
    OK, can you tell us, is your first post because you are seeking advice, or is there some other reason for it, because it's more like you're speaking in riddles.
    Just a warning for everyone. I was very surprised.

    Leave a comment:


  • WTFH
    replied
    Originally posted by soyoh30298 View Post

    It doesn't matter. It's about risk awareness. Whatever you do, it's no secret that IR35 is such a grey area that HMRC can come knocking and you always fall short (just see recent case or Kaye Adams). And people thinking they can put £1k a month for a rainy day is astonishing.
    OK, can you tell us, is your first post because you are seeking advice, or is there some other reason for it, because it's more like you're speaking in riddles.

    Leave a comment:


  • soyoh30298
    replied
    Whatever
    Last edited by soyoh30298; 8 December 2023, 13:25.

    Leave a comment:


  • northernladuk
    replied
    Originally posted by soyoh30298 View Post
    So I was reading the new offset consultation:
    https://www.gov.uk/government/consul...non-compliance

    Thus, it doesn't even matter that you paid 90% tax, the fact that penalty is applied to the full amount is a huge leverage.
    In my example above, if you get a 50% penalty for deliberate careleness etc. Even if you owe only 10k tax after offset, that'll mean a penalty of 100k instead of 5k. That's huge, and I wonder why it's not discussed much
    Because most of us focus on staying clearly outside IR35 and work on prevention rather than management of the fall out. Knowing a lot about IR35 and gathering evidence, keeping your nose very clean and leaving/changing things when it becomes a little grey and all the above becomes fairly irrelevant. You appear completely fixed on the penalties but don't see any discussions about how you should be managing yourself first. Maybe you already know so fair enough but we've seen plenty of people talking about getting caught that haven't put the effort in to avoid that first.

    Leave a comment:


  • soyoh30298
    replied
    Nevermind
    Last edited by soyoh30298; 8 December 2023, 13:24.

    Leave a comment:


  • WTFH
    replied
    Have you got a tax adviser or are you doing this all yourself?
    How many years does this cover?
    Have they given you a breakdown of figures (including interest)?

    Leave a comment:


  • northernladuk
    replied
    I haven't a clue what all that is supposed to mean. Looking at your history and the number of IR35 posts you've made I think I should be asking you this not the other way around.

    Isn't this more or less the same question in the old thread below that you resurrected in June?
    https://forums.contractoruk.com/acco...35-bill-2.html

    Leave a comment:


  • soyoh30298
    started a topic IR35 penalty calculation

    IR35 penalty calculation

    Title
    Last edited by soyoh30298; 8 December 2023, 13:24.

Working...
X