Originally posted by _V_
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What is everyone going to do assuming HMR&C and Osborne get their way?
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Originally posted by centurian View PostSame argument applies to the US. The "top rate of tax" may be 39.6%, but once you add on state and local taxes, it's a lot more than the 47% marginal Tax+NI rate here, especially in the more affluent states/cities.
And they have a lot more bands. In some places, the top rate kicks in when earning millions.Leave a comment:
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Originally posted by AtW View PostYep.
Canada is supposed to be heavy taxing country ... whole 29% of taxable income over $138,586!!!
... and they've got great tax funded services.
To be fair they've got also local tax - depends on territory where you live, so there is some choice - 10% in Alberta, overall looks like no worse than 40% here.
And they have a lot more bands. In some places, the top rate kicks in when earning millions.Leave a comment:
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Originally posted by DaveB View PostIt's a step in the right direction, but I still think we are going to need to show multiple concurrent clients in order to dodge it altogether. What that looks like in practice depends on how they define things in the actual legislation.
3 contractors invoiceing eachother for a day a month A->B->C->A would give everyone multiple clients, at least on paper.
If they are going to develop stupid, arbitrary, tests, they at least need to be easily applied. For example, working from your own premises/WFH would be a straightforward exclusion (aligned with lack of SDC on some level). A test of concurrent clients wouldn't be workable unless it was a straightforward yes/no at the end of the year (i.e. did you have concurrent clients at any point during the year?). In that case, it wouldn't be so much a loophole as a gaping chasm.Leave a comment:
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Originally posted by DaveB View PostThis is the kind of stuff that needs to be looked at in detail when we know what the actual outcome is. As I've said before, there will be loopholes. HMRC / HMG are simply not that good at drafting this stuff and there will be far more, and likely far better, people interested in pulling it apart than they can put on creating it to begin with.
In 2009 my boss there didn't know the different between a FTC and a contractor and asked me to become one, for 5 years. I politely declined indicating why.Leave a comment:
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Originally posted by alphadog View PostIf anyone wants a dogs body to join their team at Lloyd's, I am your manLeave a comment:
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Originally posted by MarkT View PostBut what if I invoiced my father in law, a solicitor, for £50 a day consultancy, 1 day a month, then paid it back to him for legal services.....forever...
I like to sail close to the wind....Leave a comment:
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Originally posted by DaveB View PostIt's a step in the right direction, but I still think we are going to need to show multiple concurrent clients in order to dodge it altogether. What that looks like in practice depends on how they define things in the actual legislation.
3 contractors invoiceing eachother for a day a month A->B->C->A would give everyone multiple clients, at least on paper.
I like to sail close to the wind....Leave a comment:
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Maybe I'll set up a plan B offering advice to contractors how to proceed.Leave a comment:
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Originally posted by AtW View PostYep.
Canada is supposed to be heavy taxing country ... whole 29% of taxable income over $138,586!!!
... and they've got great tax funded services.
To be fair they've got also local tax - depends on territory where you live, so there is some choice - 10% in Alberta, overall looks like no worse than 40% here.
Only downside - far away and lots of snow. But if your lifestyle is destroyed by a "pro-business" Tory Scumverment then might as well move.
London
Jan: 8C/2C---55mm---61
Feb: 8C/2C---41mm---78
Mar: 11C/4C---42mm---114
Apr: 14C/6C---44mm---168
May: 18C/9C---49mm---197
Jun: 21C/12C---45mm---206
Jul: 24C/14C---45mm---211
Aug: 23C/14C---50mm---203
Sep: 20C/11C---49mm---148
Oct: 16C/8C---69mm---116
Nov: 11C/5C---59mm---72
Dec: 8C/3C---55mm---52
Vancouver
Jan: 6C/1C---154mm---60
Feb: 8C/2C---123mm---85
Mar: 10C/3C---114mm---134
Apr: 13C/5C---84mm---182
May: 17C/8C---68mm---231
Jun: 19C/11C---55mm---229
Jul: 22C/13C---40mm---295
Aug: 22C/13C---39mm---268
Sep: 19C/11C---54mm---199
Oct: 14C/7C---113mm---125
Nov: 9C/3C---181mm---64
Dec: 6C/1C---176mm---56
London is warmer and much drier, but Vancouver gets an extra 300 hours of sun annually.Leave a comment:
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