What is everyone going to do assuming HMR&C and Osborne get their way?

[DimPrawn]

The fact all we now have is an entrepreneurial economy would suggest keeping it is a good idea, but it seems Osborne's only wish is to bankrupt the UK as fast as possible so my statement is invalid.

I think he's looking forward to leaving a note to the next Labour chancellor "This is how you REALLY AND PROPERLY screw up an economy and a country, you amateurs."

[LucidDementia]

Why would they keep ER? It would allow people pay 18% corp tax (when it arrives) and then 10% CGT on remaining amount by claming ER - effective taxation of 26% instead of PAYE which can reach 60% (45% income tax + 2% employee NIC + 13.8% employer NIC).

The fact all we now have is an entrepreneurial economy would suggest keeping it is a good idea, but it seems Osborne's only wish is to bankrupt the UK as fast as possible so my statement is invalid.

[AtW]

But if they bring in a rock solid 1 month limit and eliminate entrepreneurs relief, then it's DOOM DOOM DOOM!

Why would they keep ER? It would allow people pay 18% corp tax (when it arrives) and then 10% CGT on remaining amount by claming ER - effective taxation of 26% instead of PAYE which can reach 60% (45% income tax + 2% employee NIC + 13.8% employer NIC).

[AtW]

Evolve my business model.

Ben Dover Productions company name is already taken...

[Lightwave]

Nope.

Wrong side of 45 now and turnover is double that. The "M" word appears nowhere on my CV.

It depends what you do and how you do it. Move with the times and stay up to date, and there is plenty of money to be made.

And where?
Once I had enough cash to enjoy life I became less willing to chase around the country (etc) for a bit more.

[Pondlife]

and if direct, are end clients already doing this?

No, hence "intermediary reporting requirement". If a PSC is working direct, there is no reporting requirement, although the PSC may have a reporting requirement on a subcontractor (i.e. where the PSC is an intermediary).

WJBS

More on it at http://forums.contractoruk.com/accou...uirements.html

[DaveB]

There's no long term money in IT, you have 20 years to coin it in as a techie, 20 to 40 years old. In your 40's you need either to be well into plan b, or taken the permie management pill, where £100K p.a. is a common as muck. I know managers on twice that with bonuses.

Nope.

Wrong side of 45 now and turnover is double that. The "M" word appears nowhere on my CV.

It depends what you do and how you do it. Move with the times and stay up to date, and there is plenty of money to be made.

[DimPrawn]

Similar here perhaps.
I used to make £100k in the good old days, now the margin over what I'd get permie is much reduced, but the sting in the tail is that few employers want a permie in their 50s who's been on the tools designing stuff and avoided all leadership/management nonsense as a freelancer for 20 years.

There's no long term money in IT, you have 20 years to coin it in as a techie, 20 to 40 years old. In your 40's you need either to be well into plan b, or taken the permie management pill, where £100K p.a. is a common as muck. I know managers on twice that with bonuses.

[Lightwave]

I don't bring in anything like £100k to begin with, in order that I could require it! I could just get a bog standard 30k coding job if worst came to worst, and I deliberately don't allow myself to forget that my contracting income is a massive luxury.

Similar here perhaps.
I used to make £100k in the good old days, now the margin over what I'd get permie is much reduced, but the sting in the tail is that few employers want a permie in their 50s who's been on the tools designing stuff and avoided all leadership/management nonsense as a freelancer for 20 years.

[jamesbrown]

and if direct, are end clients already doing this?

No, hence "intermediary reporting requirement". If a PSC is working direct, there is no reporting requirement, although the PSC may have a reporting requirement on a subcontractor (i.e. where the PSC is an intermediary).