LTD to charity and going forward. LTD to charity and going forward.
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  1. #1

    Nervous Newbie

    vas has no reputation


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    Default LTD to charity and going forward.

    Decided not to sell the LTD.
    Has anyone investigated the option of becoming a charity? I really mean real charity to spread free knowledge.

    Now with 20+ years experience in my field and with the IR35 changes coming, it might be time to pass some of this knowledge to the young guns for free. Also my field is getting a real trendy hot topic.

    Initial reading re:charities revealed: no tax on donations. And on trading income (up to 25% of the total turnover).

    So it seems logical to donate this current tax year's turnover of your LTD to your own charity thus saving corp tax.
    Of course you can donate more, but the tax saving would be lost.

    Then running the charity you take as much as needed as salary (and your wife) - running costs to the charity. Other benefits also.

    Actually if you are willing to behave as a genuine charity and even if you secure outIR35 contracts from now on, this is still a nice way to save 17% corp tax. Just think of it as pension pot.

    Your opinion?

  2. #2

    Contractor Among Contractors

    GhostofTarbera is NOT a disguised employee

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    Quote Originally Posted by vas View Post
    Just think of it as pension pot.

    Your opinion?
    More like you have been smoking Pot rather than pension pot sir

    Can I suggest you stick 2 knitting needles up your nose and your underpants on your head as plan B


    Sent from my iPhone using Contractor UK Forum

  3. #3

    Prof Cunning @ Oxford Uni

    WTFH has reached the peak. Play again?

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    Moved to General, since I suspect the OP is either trolling, or that most of the answers will not be professional.

    1. Do you understand what a charity is?
    2. Do you understand what you have to do to set one up?
    3. Do you understand that you don’t get paid dividends or any reduced-tax options. Everything is PAYE and must be carefully documented?
    4. You’d have to close your old company down and pay all the relevant taxes, you don’t just “convert it to a charity”
    5. What happened to your idea of leaving the country?
    6. Search for posts by pscont. He (and his other user IDs) has had some crazy ideas over the years about buying flats as offices, then giving them to his family and some such.
    7. In fact, why not just go back and continue posting as pscont, rather than using your new ID.
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  4. #4

    Super poster

    Zigenare is a fount of knowledge

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    Quote Originally Posted by vas View Post
    Your opinion?
    You're stupid.
    Old Greg - In search of acceptance since Mar 2007. Hoping each leap will be his last.

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