I asked one chap I contract with about what he would do if (once) T&S came in, and his response was "I'll just carry on claiming and wait until they maybe investigate me". Which is a big risk - it's the easiest thing in the world for HMRC to filter their search results on small companies with large enough travel expenses to make an investigation worthwhile - but one that I expect a lot of people will be taking.
My own T&S isn't a lot, but I'm easily a higher rate taxpayer so the dividends will hurt a bit. At the end of the day, though, I was recently offered a permie role with a "fantastic rate at a blue chip client" that was a third of my annual turnover, so I'll be sucking it up, maybe indulging in a bit more aggressive tax planning to minimise the hit.
My own T&S isn't a lot, but I'm easily a higher rate taxpayer so the dividends will hurt a bit. At the end of the day, though, I was recently offered a permie role with a "fantastic rate at a blue chip client" that was a third of my annual turnover, so I'll be sucking it up, maybe indulging in a bit more aggressive tax planning to minimise the hit.
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