Inside IR35 - keeping LTD Inside IR35 - keeping LTD - Page 2
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  1. #11

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    Nope. Quite expected as you can guess from some of the questions we've had recently.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  2. #12

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    Quote Originally Posted by oliverson View Post
    But what if he paid for a 12 month train season ticket and 12 months lease on a flat whilst he was still contracting and then found himself forced to go on the payroll? The Ltd has already incurred those expenses but due to unforseen circumstances the game has changed. In essence aren't these travel/accommodation expenses, now enjoyed by the company's director now on somebody else's payroll, bought and paid for?
    What if he paid as 12 month leases and the client canned him?
    “Live a good life. If there are gods and they are just, then they will not care how devout you have been, but will welcome you based on the virtues you have lived by. If there are gods, but unjust, then you should not want to worship them. If there are no gods, then you will be gone, but will have lived a noble life that will live on in the memories of your loved ones.”

    ― Marcus Aurelius

  3. #13

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    Quote Originally Posted by Peoplesoft bloke View Post
    OK I have come across another muppet who thinks they will get paid net of the deemed employee taxes but carry on running his Ltd and even pay corporation tax.

    Just in case it is me who's the muppet - I'm not missing something here am I?

    I mean if all the income to yourco is from deemed employment there's no profit is there? That suggests zero corp tax and zero point in keeping the ltd going.

    Or am I missing something?
    No, there are no additional taxes. You can pay it as salary or as dividends (without including them on your SATR) and neither route will incur any further taxes, either corporate or personal. That is the core of the legislation, employment taxes, not double taxation (in that sense).

  4. #14

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    Quote Originally Posted by jamesbrown View Post
    No, there are no additional taxes. You can pay it as salary or as dividends (without including them on your SATR) and neither route will incur any further taxes, either corporate or personal. That is the core of the legislation, employment taxes, not double taxation (in that sense).
    Thanks I was beginning to think it was me - how can people not grasp this simple stuff?

  5. #15

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    Quote Originally Posted by Peoplesoft bloke View Post
    OK I have come across another muppet who thinks they will get paid net of the deemed employee taxes but carry on running his Ltd and even pay corporation tax.

    Just in case it is me who's the muppet - I'm not missing something here am I?

    I mean if all the income to yourco is from deemed employment there's no profit is there? That suggests zero corp tax and zero point in keeping the ltd going.

    Or am I missing something?
    It's possible that the ltd can be paid net, that is simple enough. What gets complicated is when they start talking about using this net salary as directors renumeration to offset corp tax losses
    “Live a good life. If there are gods and they are just, then they will not care how devout you have been, but will welcome you based on the virtues you have lived by. If there are gods, but unjust, then you should not want to worship them. If there are no gods, then you will be gone, but will have lived a noble life that will live on in the memories of your loved ones.”

    ― Marcus Aurelius

  6. #16

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    Quote Originally Posted by Peoplesoft bloke View Post
    Thanks I was beginning to think it was me - how can people not grasp this simple stuff?
    Not sure, but many people will be panicking and an infeasible number of contractors know nothing about IR35 even before these changes or rely mostly on hearsay, so it doesn’t really surprise me.

  7. #17

    bored now

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    Quote Originally Posted by Peoplesoft bloke View Post
    Thanks I was beginning to think it was me - how can people not grasp this simple stuff?
    Because most people don't have the willingness to go back to first basics and find this stuff out - they think they know something and start from there rather than starting at the beginning and checking if their knowledge is actually correct or not.

    And it's not helped by unskilled umbrella staff who offer what ever is required to get the person to sign up (say expenses without explaining why you don't qualify for them, or offering deemed payments but not pointing out the agency will can you immediately they receive the SDS request they wish to do).
    merely at clientco for the entertainment

  8. #18

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    OK so this gang reckons they have a "solution" to keeping your LTD PSC but they seem a bit cagey about saying what it is

    /wwwdotpayeworx.co.uk/ir35/ - IR35. What does it actually mean?

  9. #19

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    Quote Originally Posted by Peoplesoft bloke View Post
    OK so this gang reckons they have a "solution" to keeping your LTD PSC but they seem a bit cagey about saying what it is

    wwwdotpayeworx.co.uk/ir35/ - IR35. What does it actually mean?
    sounds like they'll take your money. Then pay it to your LTD minus their fee.
    Quite why you'd want to do that I don't know. You might as well take it into your personal hands and invest into your LTD. Total waste of time.

    There's probably plenty of gullible idiots who'll try it though.... *cough* loan charge *cough*
    See You Next Tuesday

  10. #20

    bored now

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    Quote Originally Posted by Peoplesoft bloke View Post
    OK so this gang reckons they have a "solution" to keeping your LTD PSC but they seem a bit cagey about saying what it is

    wwwdotpayeworx.co.uk/ir35/ - IR35. What does it actually mean?
    Discussed back in December and earlier this week at https://www.contractoruk.com/forums/...-payeworx.html

    And there will be a lot of these type of schemes. There is a lot of money to be made from unaware agencies and contractors at the moment.
    merely at clientco for the entertainment

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