A warning to freelancers and the self-employed everywhere - MoneySavingExpert article

[roadsidetree]

Came across this article in MSE today (Martin Lewis' Blog… | A warning to freelancers and the self-employed everywhere)

As Martin alluded the details are quite sketchy. But can't help but wonder why she went burst though.

[TheFaQQer]

So, the gist of the blog post is "don't be a twat and think all your company money is your own".

Hardly a warning, or news - if it's not yours, don't spend it.

[craig1]

I work on a simple premise for income

1/3 for the tax man
1/3 for savings/investment
1/3 to bills and "blow as I damn well see fit"

Anything spare in the tax man account after I reconcile with my tax return gets treated as a nice bonus into my "blow as I damn well see fit" account.

[BoredBloke]

I work on a simple premise for income

1/3 for the tax man
1/3 for savings/investment
1/3 to bills and "blow as I damn well see fit"

Anything spare in the tax man account after I reconcile with my tax return gets treated as a nice bonus into my "blow as I damn well see fit" account.

doesn't leave a lot for the dog does it!

[Spacecadet]

doesn't leave a lot for the dog does it!

She can earn her own f**king money

[craig1]

doesn't leave a lot for the dog does it!

It does mean that I have a credible option of one day having a right old temper-tantrum at an idiot client, say "**** the lot of you" and retire into either Plan B or anything else I see fit! It's quite soul enriching knowing that I have that option when dealing with utter idiots and that I wouldn't need to ever bluff.

It usually also means that my "bonus" from my tax account pays for a nice holiday each year

[MarillionFan]

It does mean that I have a credible option of one day having a right old temper-tantrum at an idiot client, say "**** the lot of you" and retire into either Plan B or anything else I see fit! It's quite soul enriching knowing that I have that option when dealing with utter idiots and that I wouldn't need to ever bluff.

It usually also means that my "bonus" from my tax account pays for a nice holiday each year

[northernladuk]

Problem is we see people falling for this in the professional forums as well so isn't isolated to a few young TV Z listers.

[d000hg]

Ah. Accounting advice for the terminally stupid.

Terrific.

Problem is we see people falling for this in the professional forums as well so isn't isolated to a few young TV Z listers.

He's not aiming this advice at professional contractors, but people taking their first steps into self-employment. Many of whom will be sole traders rather than Ltd, which makes things much easier to screw up.


Obviously it's easier to call them stupid though.

[JoJoGabor]

I lvoe the fact that suddenly anyone can simply open a limited company to reduce their tax bill. With the Student Loans Director in the news, looks like this is really going to take off.

Hopefully this will keep the tax man busy with simple open and shut IR35 cases, and will leave us lot alone!!!