Today is my last ever contracting day!

[ChimpMaster]

Someone who worked in IT in the 1980s...

[ChimpMaster]

It is getting worse for sure.

But cash reserves were never disallowed - unless I'm misunderstanding. It was often discussed, especially around the 2016 budget when the 2 year anti-phoenix rule was brought in. But it wasn't acted on any further than to stop people repeating the liquidation/ER...

[ChimpMaster]

I feel you. I was/am sad. I guess that shows in my original post above. Not sad to stop contracting, but sad to see another phase of my life ending. Another milestone I suppose, but it does solidify that I'm older and now need to plan for the next stage.

I too had the chance to continue...

[ChimpMaster]

Wow 33 years! That is a great achievement. Nice to now have the choice to work or not isn't it?

The job I'll be starting is also WFH and a decent salary so I think I'll do a couple of years and then probably drop out. I really want to work for a startup at some point before I am too ol...

[ChimpMaster]

Hey, I'll be around. I'm sat at home enjoying some downtime and already finding it hard to keep myself occupied! The dream was always that I would stop working after contracting, or at least stop for 3 to 6 months, and go travelling, catch up with my life history a bit, shoot the breeze etc..... but...

[ChimpMaster]

I never put money into a pension during my contracting years. I just didn't want to have to wait 20 years to get my hands on the funds, because I prefer to have control over it myself and invest it sooner. In my mind it was better to wait until my retirement from contracting and then liquidate and claim...

[ChimpMaster]

No change to CGT or BADR / ER unless I've missed it.

Still glad I MVL'd quick time anyway!

[ChimpMaster]

Wealth not earnings. If you have £688288 (2004 figures) in total wealth then you're in the top 1%.



The net worth information is based on data from HMRC for 2004-2005 and includes marketable assets including house equity, cash, shares, bonds and investment trusts. These values...

[ChimpMaster]

Yes exactly that. There are options and the insolvency firm can advise accordingly....

[ChimpMaster]

And what a ride it has been, ever since I joined CUK as a young lad.

When I first started jumped from permiedom I said to the Mrs that I would be happy to get even just 6 months from contracting - that was what I needed to at least cover my risk factor in the short term. Never in my wildest...

[ChimpMaster]

I pay my (very good) independent £88/month inclusive of VAT. He charged me £120 extra to work a couple of nights and a weekend to get my final accounts done in a rush for the liquidators.

[ChimpMaster]

Barclays are good.

But it's probably easier to find an insolvency firm that doesn't need to take control of your funds during liquidation....

[ChimpMaster]

We've put an offer in on a property and said that we will pay £x if we complete before any SDLT rise, or £(x - SLDT) if the completion is after any SDLT increase (expected in April).

We're cash buyers so it's up to the vendor and the solicitors how fast this moves. Not bothered either...

[ChimpMaster]

Option 3 with a 6 week extension.

Though I would be surprised if it wasn't longer, say 3 - 6 months for example, given how slow the property market moves.

[ChimpMaster]

Firstly, this 'upgraded' version feels like it was developed by an 8 year old. And not one of the clever ones from another country.

Secondly, when I try to reply to the thread at MVL before 3rd Mar 2021 - Contractor UK Bulletin Board , I get the error message:-

Invalid Page...

[ChimpMaster]

I have no idea how the insolvency firm will manage to distribute so quickly. They need lots of info from you, not least the final (cessation) accounts, CT600, Final VAT Return etc. If you already have that in place then there is a chance.

I am using Frost Group who distribute by way of...

[ChimpMaster]

I have said for many years now: use an independent accountant rather than a firm where you are just a number.

I have used the same guy for the past 8 years and he has been quick and efficient and flexible on the accounts - doing both my IT and my Property accounts and advising on both....

[ChimpMaster]

You're in between a rock and a hard place, like many who built up property businesses over the years. Section 24 has completely decimated the way that property portfolios used to work and there really isn't an easy way out of this.

BUT congratulations on being single and building up...

[ChimpMaster]

It's about striking a balance on your tax affairs. So it isn't easy for anyone to advise without knowing the details of your tax situation as well as what your future plans might be.

Might not be worthwhile moving this one BTL into a Ltd but you could buy your next one in a Ltd.
...

[ChimpMaster]

Still trying to work out what skills. If you're looking for pure tech skills then you can get offshore bods cheap cheap.

If you're looking for designers, problem solvers, architects etc then it would be good to know what kind of experience is useful....