Originally posted by Mephisto
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!
Salary for 2020/2021
Collapse
X
-
-
Originally posted by CatOnMat View PostAh - the difference between tax evasion (illegal) and tax avoidance ...See You Next TuesdayComment
-
We recommend £791 salary to our clients with 1 director on the payroll for 2020/21. It is most tax efficient and yes it will require a small payment of Employer's NIC after the end of the tax year.Comment
-
Originally posted by Lance View Postapart from GAAR makes some avoidance illegal as well. It's no longer as clear cut.Comment
-
Originally posted by genius View PostWho really cares though? We're talking pennies here?
For me it's obvious which way to go because I have employees so we have to make those HMRC / PAYE payments anyway. So might as well grab that extra £50 for my wife and me. Combine it and we can have a nice evening out next March, if any of the places we want to go are still in business after coronavirus.Comment
-
Originally posted by Maslins View PostOn the whole I agree with this. The overall tax difference between ~£8,784 and ~£9,500 is very modest, and the latter will require the small hassle of an additional payment to HMRC not required for the typical client opting for the former. Hence why it wasn't an obvious choice and we debated internally. In the end we feltb slightly bigger risk of clients being annoyed if they felt we'd taken the lazy option and cost them ~£50, than being annoyed about having to make an extra payment that we'd highlight to them in ~13 months time.
This business consulting advice has been offered at no charge, to give your company an idea of the services WIB Business Consulting can offer. However, if you believe WIB Business Consulting even exists, you are too gullible to be our client.Comment
-
Originally posted by WordIsBond View PostIf only your clients were smart enough to hold two thoughts in their mind at once, you could offer them an "easiest" option that costs £50 and a "cheapest" option that saves them £50 but makes them make an extra payment. And let them decide which they like.Comment
-
Originally posted by Maslins View PostWe did (and still do) that with 2 employee companies (eg H&W) and the employment allowance. Quite often when we give clients a choice the response is along the lines of "just tell me what's best". People active on this forum will be skewed towards the "I take an interest and want to understand" end of the market. Many aren't interested and consider that they pay us to weigh up these things and tell them what's best to do. Of course that applies mainly when it's something with just £50 at stake than something much more significant.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
-
Originally posted by northernladuk View PostIs husband and wife really a two employee company?Comment
-
Originally posted by abz2020 View PostWhat does your accountant say?'CUK forum personality of 2011 - Winner - Yes really!!!!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