Originally posted by northernladuk
View Post
- 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!
Help with tax please
Collapse
X
-
Originally posted by MaryPoppinsI hadn't really understood this 'pwned' expression until I read DirtyDog's post. -
Comment
-
Originally posted by LisaContractorUmbrella View PostI can think of at least one NLUK
And her brother even worsemerely at clientco for the entertainmentComment
-
Hi sorry if I haven't been to clear , they take a cut and pay me gross I only had 3 weeks work on this particular job. I am constantly in and out of work and I always sign on between as it is my proof of whereabouts for my security vetting, I just want to know what are the benefits of having a ltd company and how do go about paying NI , and what things can I claim for to reduce my tax bill , I work away from home and use my own transport daily for work , maybe there was a misunderstanding and the thought I already have a ltd company , can u have a Ltd company and still claim jsa while out of work ?Comment
-
Originally posted by ajk View PostHi sorry if I haven't been to clear , they take a cut and pay me gross I only had 3 weeks work on this particular job. I am constantly in and out of work and I always sign on between as it is my proof of whereabouts for my security vetting, I just want to know what are the benefits of having a ltd company and how do go about paying NI , and what things can I claim for to reduce my tax bill , I work away from home and use my own transport daily for work , maybe there was a misunderstanding and the thought I already have a ltd company , can u have a Ltd company and still claim jsa while out of work ?Comment
-
Comment
-
Originally posted by ajk View PostHi sorry if I haven't been to clear , they take a cut and pay me gross I only had 3 weeks work on this particular job. I am constantly in and out of work and I always sign on between as it is my proof of whereabouts for my security vetting, I just want to know what are the benefits of having a ltd company and how do go about paying NI , and what things can I claim for to reduce my tax bill , I work away from home and use my own transport daily for work , maybe there was a misunderstanding and the thought I already have a ltd company , can u have a Ltd company and still claim jsa while out of work ?
With regard to JSA, I am not 100% sure if you would be entitled but don't you have to be 'available for work'? If that is the case then I am not sure you would be able to make that claim as you would be running a business.Comment
-
Originally posted by LisaContractorUmbrella View PostFirst things first - leave the umbrella company that you are with - they are taking money from you for nothing! They have taken a cut of the contract and left you to sort out your own tax - an umbrella company's role is to account for your tax through PAYE. Secondly have a read up on IR35 and see what your status is likely to be - there are financial benefits to working through your own Ltd Co if you are outside IR35 but, if you are inside, your tax will be payable through PAYE regardless of whether you have your own company or work with an umbrella company.
If it really is the case that the OP is being paid gross then would he be better off declaring himself self-employed? More favourable tax position than PAYE, and less hassle than running a Ltd Co. ?Comment
-
Originally posted by Contreras View PostNo doubt umbrella companies like to use IR35 as a marketing tool but I have always considered the "service" is the ability to contract with an employer/agency that will only do business with a Ltd Co. and even if that's all they do it's still a service - the OP would not have a contract otherwise.
If it really is the case that the OP is being paid gross then would he be better off declaring himself self-employed? More favourable tax position than PAYE, and less hassle than running a Ltd Co. ?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
-
Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment