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RightLaugh
3rd August 2007, 15:01
Is is worth taking the risk going LTD even if you know you are inside IR35?
What's the chance of being investigated and what are the consequences?
I assume you pay interest?
However, if you invest that money you could make enough to breakeven there.
Penalties as well? Are these high?

Clippy
3rd August 2007, 15:07
Bored.

RightLaugh
3rd August 2007, 15:08
Bored.

go home then.

Ardesco
3rd August 2007, 15:09
If you have to ask.....

ChimpMaster
3rd August 2007, 15:12
How do you KNOW you're inside IR35 - does your contract specifically say that you will be treated as an employee of the client?

No one really KNOWs ... you might have an inkling that you are within the IR35 remit but until proved otherwise I would be inclined to avoid ticking that box on your Tax Return.

If you want to overpay taxes, feel free, but then just go PAYE rather than use your Ltd.

chicane
3rd August 2007, 15:12
What's the chance of being investigated and what are the consequences?


The chance of being investigated, as a percentage, is 43 plus your mother's age, divided by the age of your last pet when it died.

Many people caught by IR35 have never been seen again after their initial beating by Gordo's cronies.

RightLaugh
3rd August 2007, 15:16
How do you KNOW you're inside IR35 - does your contract specifically say that you will be treated as an employee of the client?

No one really KNOWs ... you might have an inkling that you are within the IR35 remit but until proved otherwise I would be inclined to avoid ticking that box on your Tax Return.

If you want to overpay taxes, feel free, but then just go PAYE rather than use your Ltd.

I'm not. I was just asking a question. I'm LTD, with SJG and PCG.
Oh yeah and I'm bored.

RightLaugh
3rd August 2007, 15:18
The chance of being investigated, as a percentage, is 43 plus your mother's age, divided by the age of your last pet when it died.

Many people caught by IR35 have never been seen again after their initial beating by Gordo's cronies.

In excel I got #DIV/0!
Never had any pets :-<

oraclesmith
3rd August 2007, 15:21
Is that the name of the company then ? Regardless Limited.

RightLaugh
3rd August 2007, 15:24
Is that the name of the company then ? Regardless Limited.

yep. that's the one. You heard of us. We're quoted on AIM and sponsor the golf.

barry_abs
3rd August 2007, 15:26
it's an interesting question.. i'm about to start contracting again - my first stint ended after 4 months when we moved house.. i took a permie job, being nothing else at the time and was left with a ltd. doing nothing except racking up useless yet necessary accountancy fees (i took the perm job in june, i had to pay the accountant right up to march the following year to get my year-ends completed).

so, miserable initial ltd experience in mind, i may just go umbrella.. so many contracts fall under IR35 now i can't be arsed dodging it.

oraclesmith
3rd August 2007, 15:28
I hope you got a refund on corp tax then ?

RightLaugh
3rd August 2007, 15:30
I hope you got a refund on corp tax then ?

who talking to me or the boring one above.

oraclesmith
3rd August 2007, 15:34
who talking to me or the boring one above.

barry_abs. I haven't got ABS and it's been quite expensive in the long run.

barry_abs
3rd August 2007, 15:35
I hope you got a refund on corp tax then ?
yeah, i think i did (several years ago now)..

Clippy
3rd August 2007, 15:38
who talking to me or the boring one above.

Hello TheRightStuff :wave:

Weren't you banned?