LondonPM1's very own pollution thread

[eek]

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if only mods would apply common sense...

[LondonPM1]

I have to agree with WTFH here - the one person who turned this thread into a problem is you with every post you made about tax which wasn't anything to do with the OPs original question and sidetracked this thread as we had to correct your complete and lack of understanding how tax (and business for the matter) actually works.

My point was that being contractor vs perm results in a few % Vat gain that needs to be properly accounted for when converting between contractor and perm.

Its true I ve been out of UK contracting for a few years 2017 to be exact but it was for many years a good 3%. I expensed plenty of drinks . dinner trains and travel but rarely Apple laptops

I dont have the exact number but like I said it was 3% which was something

[WTFH]

Reading comprehension also seems to be a problem you have. My only attack on you in this thread has been for inappropriate use of Flat rate VAT percentages after they were changed in April 2017 (at which point I switched to doing VAT the old fashioned way).

If we're to believe his posts, in 2017 he earned £193,200 + VAT @20%.

For me it was 2017 - 840 a day / 230 days a year / Finance london

That would be invoicing the client £231,840. Which, if my maths is correct, is over £230,000. That would mean he was not eligible for FRS.

Add in to that the, let's call it £70k "passive" income that went through his company, so the company books would be reporting over £300k.

[Old Greg]

if only mods would apply common sense...

If you remember your Greek mythology, the three Graeae had one eye and one tooth between them. The Mods have one braincell, which they rotate on a duty roster, except realityhack ran off with it years ago.

[LondonPM1]

If we're to believe his posts, in 2017 he earned £193,200 + VAT @20%.



That would be invoicing the client £231,840. Which, if my maths is correct, is over £230,000. That would mean he was not eligible for FRS.

Add in to that the, let's call it £70k "passive" income that went through his company, so the company books would be reporting over £300k.

Oh WTFH you are a smart fox - I billed a lot up to 2017 - In 2017 I moved outside the UK - Bought a few properties in auction in company name and NOW have the 75K passive income

One day I ll invite you to my chalet somewhere in Europe and you can enjoy my view

[LondonPM1]

If you remember your Greek mythology, the three Graeae had one eye and one tooth between them. The Mods have one braincell, which they rotate on a duty roster, except realityhack ran off with it years ago.

How useful and enlightening !! We have greek philosophers here to help in business section - Where are the environmentalists and socialists as will to settle this once and for all

[northernladuk]

This is mean tto be the smart section

Not anymore... In to him lads n lasses.... Banzaiiiiiiiiiiii

[LondonPM1]

I haven't read through this thread because there's a lot of "noise" here.

Is it actually a choice of £600/day vs £80K+ or is the reality now it is a choice of £0/day vs £80K+?


Because if you can still get those kind of contract rates you would be mad to take that kind of income drop and go permie.

I think people need to let go of what they could command pre-covid and pre-private-sector-IR35 rules.

Everything has changed and for the worse.

Thank you for helping to answer the much debated question on here which I really wanted to start up before my thread got hijacked

600 per day in my view is FAR better than 80K perm take home once you take into account the CONTRACTOR benefits like VAT gain expenses director salaries dividends etc - Many people on here twist and turn and say thats not true and talk endlessly about the perm benefits like a days training a year!!!

[WTFH]

Oh WTFH you are a smart fox - I billed a lot up to 2017 - In 2017 I moved outside the UK - Bought a few properties in auction in company name and NOW have the 75K passive income

One day I ll invite you to my chalet somewhere in Europe and you can enjoy my view

I'd rather not. I doubt there'd be room enough in your chalet for me and your ego.
I'm happy with living in the UK and then not coming on here obsessed with rates and past "efficiencies" that don't apply any more.
I'm also happy to be mortgage free on all my properties, and when I rent ones out, it's to friends at a rate that covers costs.

[LondonPM1]

I'd rather not. I doubt there'd be room enough in your chalet for me and your ego.
I'm happy with living in the UK and then not coming on here obsessed with rates and past "efficiencies" that don't apply any more.
I'm also happy to be mortgage free on all my properties, and when I rent ones out, it's to friends at a rate that covers costs.

Good business strategy

No leverage and charity rents for friends - It works for you Im happy - I m more business minded and greedy