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The continuing nonsense of "Take Home Pay"
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Originally posted by l35kee View PostIt really is.Comment
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Originally posted by VelcroPower View PostIt really isn't.
Business mileage - not income
Christmas party to go out when you were going to do that anyway - income
Laptop that you need to buy to do the job - a bit of both
SimpleComment
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Originally posted by VelcroPower View PostI saw something yet again on LinkedIn today about "Take Homes" and how if you "go Limited you can retain up to 85% of your earnings". We all know it's cobblers, especially these days
If you invoice £8k a year you can take home nearly 100% for example.Comment
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Originally posted by VelcroPower View PostHow much corporation / income tax do you pay on this income?Comment
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Originally posted by l35kee View PostLaptop expense is income**Comment
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Originally posted by VelcroPower View PostIt was more the fact that the worst one is the FCSA accredited one that caught my attention. Audited by EY and all that.
The numbers provided by the calculators are only to entice you in using their services. I imagine that once you engage with them they will follow the tax code etc. to the letter.
With "income splitting" with a spouse you can end up paying about 15% tax in total on YourCo gross income even at around £400pd. That's not exactly the same as 85% "take home", but some people don't realise it.Comment
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Originally posted by WordIsBond View PostSorry, I don't need a laptop except for work.Comment
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Originally posted by malvolio View PostDoesn't help that he's asked the wrong companies as well.Comment
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Originally posted by Darren at DynamoAccounts View PostThey're absolute garbage but as you say, on sites to promote services. Some are that far out it borders on mis-selling
When the FCSA are trying to say that the industry is being unfairly targeted by HMRC it's hard to take seriously when calculators seriously inflate how much money people can actually take home.Comment
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