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London75
30th September 2008, 10:15
I've just set up a Ltd Co due to the lure of more control over my finances and trying to build an actual business around my field of expertise. The more I read though, the more pesimistic I get about the tax and NI benefits remaining long term.

In the current climate, does everyone now think it would be advisable to keep enough money in the company to cover the NI bill should MHMRC start automating the collection of missed payments? It strikes me that they have all the info they need from the new service company question and could operate a pay us now or prove you were right to not pay approach rather than the existing time consuming, we'll prove you owe us strategy.

If they went down that route, they could print off thousands of demands per week and put the onus on us to prove we were in the right. PCG couldn't pay for all of us to be defended and I bet a million pounds that the tax cover insurance companies will not pay as soon as things start getting ropey.

Getting a bit nervous now, actually wondering whether to just run full salary PAYE despite feeling I have a legitimate business.

ratewhore
30th September 2008, 10:50
Paranoia unbounded.

Anyway, the Tories say they're going to repeal IR35 and reduce CT back to 20% for small business.

Boomed all-round...

:yay:

Bob Dalek
30th September 2008, 10:52
Paranoia unbounded.

Anyway, the Tories say they're going to repeal IR35 and reduce CT back to 20% for small business.

Boomed all-round...

:yay:

... until they get in... then "Oh! Post Credit Crunch woes and a bad summer = piss off whores and pay-up now and always!".

London75
30th September 2008, 10:54
Do we really think a) they'll get in and b) they'll repeal it quickly enough to prevent us all paying fat bills first?

Or as with most devious governments will they take the opportunity to claw in all the payments first, then repeal IR35 legislation to great publicity once the real damage has been done.

ratewhore
30th September 2008, 10:55
... until they get in... then "Oh! Post Credit Crunch woes and a bad summer = piss off whores and pay-up now and always!".

Oh OK. Let's stick with NL then. At least we know our increased taxes will be going to the feckless layabouts watching daytime TV.

After all, it's only fair that those that can be bothered have to support those that can't be arsed...

Bob Dalek
30th September 2008, 10:58
Oh OK. Let's stick with NL then. At least we know our increased taxes will be going to the flipless layabouts watching daytime TV.

After all, it's only fair that those that can be bothered have to support those that can't be arsed...

You are labouring under a misapprehension: You prefer the puppet on the right, who is dressed in blue; you dislike the puppet on the left, who is dressed in red. In fact, there is one man operating both of them.

rootsnall
30th September 2008, 10:59
It's easy. Keep your salary and NI payments to a bare minimum and stick your fingers in your ears and start whistling if your hear the words IR35 or investigation. Works for me !

ratewhore
30th September 2008, 11:05
You are labouring under a misapprehension.

No, I'm afraid I'm not. There's a certain irony in most of my posts in this forum. Sorry if you missed it...

HairyArsedBloke
30th September 2008, 11:12
It's easy. Keep your salary and NI payments to a bare minimum and stick your fingers in your ears and start whistling if your hear the words IR35 or investigation. Works for me !

Or......

a) start a 'proper' business :rollin:

and

b) take the business and frack off to another country with it :wave:

Even if the Conservatives get in, I don't believe that they will be in any hurry to repeal IR35 and definitely will not clamp down on work permit abuse. Also, any repeal wouldn't be retrospective so current rules would apply for this financial year etc.

SallyAnne
30th September 2008, 11:15
I miss Denny!

rootsnall
30th September 2008, 11:16
a) start a 'proper' business :rollin:


Has there been any 'proper' business debates of late ? I used to enjoy them.

oracleslave
30th September 2008, 12:00
Has there been any 'proper' business debates of late ? I used to enjoy them.

I vote we bring back Denny. She used to initiate those quite well.

Pondlife
30th September 2008, 12:27
I vote we bring back Denny. She used to initiate those quite well.

:eek:

Have we wronged you in some way OS? Is this some kind of sick retribution? I for one unreservedly apologise for whatever it was.

oracleslave
30th September 2008, 12:33
:eek:

Have we wronged you in some way OS? Is this some kind of sick retribution? I for one unreservedly apologise for whatever it was.

No denying she was entertaining...in a reality tv car crash kind of way.

tay
30th September 2008, 16:19
I miss Denny!

**** off
Seriously


Oh wait that was Lucy... I get confused between all the crazy banned 'females'

gingerjedi
30th September 2008, 16:27
It's easy. Keep your salary and NI payments to a bare minimum and stick your fingers in your ears and start whistling if your hear the words IR35 or investigation. Works for me !

And me, every now and then I find myself reading up on IR35 and all the doom and gloom comes flooding back... then I work out the risk to gain ratio and forget all about it, ignoring it is a very good value bet.

MPwannadecentincome
30th September 2008, 16:39
It appears the UK in allowing single person Ltd companies is out of line with Europe and there must be pressure for the UK to conform, so the likelihood of Ltd companies working in the same manner as now is, in my opinion, not a long term option to rely on. Therefore I think it is best to make use of it whilst the going is good, after that, then oh well at least it is the same for everybody!

wantacontract
30th September 2008, 16:43
You are labouring under a misapprehension: You prefer the puppet on the right, who is dressed in blue; you dislike the puppet on the left, who is dressed in red. In fact, there is one man operating both of them.

Oh, I like that...thats a good one....