Is it as bad as it seems? Is it as bad as it seems?
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  1. #1

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    Scrag Meister's Avatar
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    Default Is it as bad as it seems?

    Hi all

    4 years ago I moved back to Devon, and tended to work in and around London, obviously claiming accommodation, travel etc.

    However I have just been asked for interview by a large well known english banking group and they are one of the all contractors via umbrella inside IR35 lot.

    I know that there is a cover-all 5% tax allowance however with London accommodation and the travel and other unclaimable expenses that is somewhat inadequate.
    The rate is low in comparison and there has been no enhancement to account for IR35 losses.

    It is as bad as it seems or am I missing something?

    ADV-thanks-ANCE
    Never has a man been heard to say on his death bed that he wishes he'd spent more time in the office.

  2. #2

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    unfortunately, yes it is
    Entropy is NOT what it used to be.
    Inertia, however........................

  3. #3

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    Quote Originally Posted by Scrag Meister View Post
    I know that there is a cover-all 5% tax allowance...
    Isn't this being removed?

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    Quote Originally Posted by Paralytic View Post
    Isn't this being removed?
    Unfortunately, yes it is.
    Blog? What blog...?

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    Quote Originally Posted by BR14 View Post
    unfortunately, yes it is
    Quote Originally Posted by malvolio View Post
    Unfortunately, yes it is.
    There's a running theme here.

  6. #6

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    Quote Originally Posted by BR14 View Post
    unfortunately, yes it is
    Quote Originally Posted by malvolio View Post
    Unfortunately, yes it is.
    Quote Originally Posted by Paralytic View Post
    There's a running theme here.
    unfortunately, yes , there is
    Entropy is NOT what it used to be.
    Inertia, however........................

  7. #7

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    It's not as bad as it seemed. It's worse.
    Boomers tend to believe in “freedom of speech”, which is a fascist concept used to spread hateful ideas.Given that hate speech is not possible without free speech, any defence of free speech is a form of hate speech. - Titania McGrath

  8. #8

    Nice But Dim

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    Quote Originally Posted by Scrag Meister View Post
    Hi all

    4 years ago I moved back to Devon, and tended to work in and around London, obviously claiming accommodation, travel etc.

    However I have just been asked for interview by a large well known english banking group and they are one of the all contractors via umbrella inside IR35 lot.

    I know that there is a cover-all 5% tax allowance however with London accommodation and the travel and other unclaimable expenses that is somewhat inadequate.
    The rate is low in comparison and there has been no enhancement to account for IR35 losses.

    It is as bad as it seems or am I missing something?

    ADV-thanks-ANCE
    Worse. Come April you'll lose the 5% expenses allowance as well.
    "Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.

  9. #9

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    GhostofTarbera's Avatar
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    Default Is it as bad as it seems?

    Quote Originally Posted by Scrag Meister View Post
    Hi all

    4 years ago I moved back to Devon, and tended to work in and around London, obviously claiming accommodation, travel etc.

    However I have just been asked for interview by a large well known english banking group and they are one of the all contractors via umbrella inside IR35 lot.

    I know that there is a cover-all 5% tax allowance however with London accommodation and the travel and other unclaimable expenses that is somewhat inadequate.
    The rate is low in comparison and there has been no enhancement to account for IR35 losses.

    It is as bad as it seems or am I missing something?

    ADV-thanks-ANCE
    2 of my friends have just quit HSBC as they are on £500 a day but commute from jock land and costs £3K ish a month on expenses - now out of net income about £6K leaves just £3K after mortgage and house bills it leaves them negative income

    Expenses is the killer for people who need to

    Sent from my iPhone using Contractor UK Forum

  10. #10

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    Quote Originally Posted by GhostofTarbera View Post
    2 of my friends have just quit HSBC as they are on £500 a day but commute from jock land and costs £3K ish a month on expenses - now out of net income about £6K leaves just £3K after mortgage and house bills it leaves them negative income

    Expenses is the killer for people who need to

    Sent from my iPhone using Contractor UK Forum
    This harks back to the other post I made, about the government not realising/caring that they are destroying not only contracting but the whole economy built around it. These expenses that we incur are income for someone else's business. Income that creates jobs. Income on which tax is paid. Hotels, landlords, restaurants, transport, insurance, accountancy, umbrellas etc.

    Contracting is not just about I.T. There is a whole micro-economy built around it and the government will end up killing jobs and receiving much less in tax once they force through their misinformed plans.

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