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That's how I took it also. So your expenses can go up from the 5k but the rest would still be PAYE.
Rule Number 1 - Assuming that you have a valid contract in place always try to get your poo onto your timesheet, provided that the timesheet is valid for your current contract and covers the period of time that you are billing for.
It all sounded quite promising at first, but when they were pressed on the detail it appears that they are set on really hammering the super-wealthy (i.e. those that pay tax in the 40% band as that, apparently, accounts for only 10% of the country's taxpayers!!) If their figures are that far out it is scarcely worth listening to them.
“The period of the disintegration of the European Union has begun. And the first vessel to have departed is Britain”
That's how I took it also. So your expenses can go up from the 5k but the rest would still be PAYE.
develop new rules that will allow specialist contractors to properly charge reasonable and legitimate expenses against their pre-tax income.
I would welcome this - as long as I didn't have the expense of running a Ltd too.
No more employers NI, no more CT, just a tax on the income you make minus the expenses you have generating that income.
Seems to be the most equitable way of taxing that income. You obviously end up paying more personal tax, but I can't be bothered to work out what the break even contract rate would be.
"See, you think I give a tulip. Wrong. In fact, while you talk, I'm thinking; How can I give less of a tulip? That's why I look interested."
I would welcome this - as long as I didn't have the expense of running a Ltd too.
No more employers NI, no more CT, just a tax on the income you make minus the expenses you have generating that income.
Seems to be the most equitable way of taxing that income. You obviously end up paying more personal tax, but I can't be bothered to work out what the break even contract rate would be.
The next thing we will hear is that New Lie are cutting taxes. After all, the election is lost so they may as well continue to try to bribe the electorate for damage limitation, to the cost of the next Tory government and the taxpayer after 2010.
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