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  1. Replies
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    If he has got £60k in the Company and is going to...

    If he has got £60k in the Company and is going to close it, then he is likely going to end up using an MVL. I think the MVL takes care of the money and therefore not possible to leave it all in Bank...
  2. Thread: warchest etc

    by mogga71
    Replies
    34
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    2,076

    All good questions. Had a similar argument a few...

    All good questions. Had a similar argument a few weeks before lockdown. My friends have rental properties and some were thinking about selling them due to the constant measures imposed by...
  3. Thread: warchest etc

    by mogga71
    Replies
    34
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    2,076

    Hmmmmm ... not sure you are being serious here. ...

    Hmmmmm ... not sure you are being serious here.

    1. Pensions are just about the only tax benefit contractors have left when caught by ir35 (ie. most contractors next year IMHO).
    2. 70 ? Thats...
  4. Replies
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    Thought about cancelling the closure too but the...

    Thought about cancelling the closure too but the risk is just too big of a HMRC investigation in my case. The flip from outside to inside to outside again is a risk IMHO .... especially in a post...
  5. Replies
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    I am in the same boat as you. May I ask how long...

    I am in the same boat as you. May I ask how long they say it will take to prepare the final accounts?

    LBH the accountants want to draw the process out for as long as possible. I started things...
  6. Replies
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    4,331

    I am being charged £390 by my accountant of 3...

    I am being charged £390 by my accountant of 3 years. I thought that was reasonable .... £250 is cheap.
  7. Replies
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    When I was considering using an MVL my accountant...

    When I was considering using an MVL my accountant quoted exactly the same amount as actually closing the company without a liquidator being involved (ie. a strike off rather than an MVL). That is...
  8. Replies
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    Agreed 100% ... hence closing the company. IMHO...

    Agreed 100% ... hence closing the company. IMHO the best bet in combatting an investigation ... but certainly not guaranteed. Also, the Pension element will be protected from such an investigation....
  9. Replies
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    7,601

    Agree with this. I was going to use an MVL but...

    Agree with this. I was going to use an MVL but had second thoughts as I can see there being a need for real outside ir35 contracts when the dust settles as we will be in the middle of a sh1tstorm. I...
  10. Replies
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    1,806

    Love the video. For the sh1t storm coming our...

    Love the video.

    For the sh1t storm coming our way .... and its coming ..... all that can really be advised is try and hold hard assets.

    Most people don't realise that EVERY single fiat currency...
  11. Replies
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    It's certainly crazy times. In the good old days...

    It's certainly crazy times. In the good old days (20 plus years ago) you would be advised to buy physical gold as its the best non-fiat 'currency'. Unfortunately the price of gold has been (and...
  12. Replies
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    14,224

    I tried to explain the Umbrella Company situation...

    I tried to explain the Umbrella Company situation to my dear old Mother a few months back.

    She said 'So you are employing somebody to be your employer' ... and toddled off to the bar.

    I had no...
  13. Replies
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    1,017,338

    I am a contractor at a major Bank in the City...

    I am a contractor at a major Bank in the City (unfortunately). Was in a meeting last week with management and they said that all global permie positions have now been frozen and they were only...
  14. Thats an unusually long post by you Godlike?...

    Thats an unusually long post by you Godlike? :happy
  15. It's only a matter of time before creating money...

    It's only a matter of time before creating money catches up to everybody. That is a 100% fact. Every fiat currency ever has failed. My guess is that it will come a few years after the virus ends. ...
  16. Replies
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    Am presently placing a shed load into my SIPP...

    Am presently placing a shed load into my SIPP from Ltd Company in readiness to go all in with Apple and Shopify when the dust settles. In my eyes will be a fantastic buying opportunity.
  17. Replies
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    This is so true. In the new agile and devops...

    This is so true. In the new agile and devops worlds (2 different things) , the Pod or team seems to now consist of a bunch of devs who do absolutely everything...... in our place it's got to the...
  18. Replies
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    12,727

    Boris needs to order all people who can work from...

    Boris needs to order all people who can work from home MUST work from home.

    My work colleagues at a major bank are being forced to go into work even though they can easily wfh. I am due to switch...
  19. Replies
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    10,355

    Sorry ... what do you mean by they will be? Do...

    Sorry ... what do you mean by they will be? Do you mean free to work Outside again after they have just declared they were Inside after they were initially Outside? So basically just pretend the...
  20. Replies
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    10,355

    Totally agree with this. I have already had a...

    Totally agree with this. I have already had a permie contractor at my Bank indicating they will do this if they can.

    Its a personal situation obviously, but if I were them I would use the extra...
  21. Replies
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    10,355

    That is pure, pure quality and exactly sums up...

    That is pure, pure quality and exactly sums up the situation.
  22. Replies
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    26,770

    For a lot of contractors at large clients and...

    For a lot of contractors at large clients and have just flipped from outside to inside and plan to stay at same gig, IMHO nothing really has changed. If I were them I would still close the Company...
  23. Replies
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    26,770

    Totally agree with this. Strangely, it's...

    Totally agree with this. Strangely, it's possibly made things even worse for many contractors. The HMRC now have got the outside to inside 'flippers' and many of them will probably continue at same...
  24. Replies
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    10,355

    Nope they are not. What total and utter...

    Nope they are not. What total and utter SHAMBLES.

    TBH though we will all be lucky to have a job in 2 months time anyway. This is going to be worse than 2008 IMHO.
  25. Replies
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    I am talking to my accountant this afternoon...

    I am talking to my accountant this afternoon about something else so will mention this to him.

    But I think the general consensus was that as absolutely no deductions are taken before the Pension...
  26. Replies
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    I am at a major bank and like yourself, most...

    I am at a major bank and like yourself, most contractors on my floor have been there for more than 5 years ... not me though. A lot of them are now talking about this very issue of possible outside...
  27. Replies
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    Thats exactly the problem though isn't it? ......

    Thats exactly the problem though isn't it? ... it's not certain.
  28. How many Public sector contractors who switched to inside have been investigated?

    There is an awful lot of doom and gloom on these forums about the real possibility of HMRC coming after the public sector contractors who switch from Outside to Inside and stay at the same gig.

    I...
  29. Cheers ... I didn't realise that.

    Cheers ... I didn't realise that.
  30. in a few years time, those who have flipped will...

    in a few years time, those who have flipped will have closed down their companies anyway I would guess.
  31. To be fair, the contractors haven't implicitly...

    To be fair, the contractors haven't implicitly admitted they were inside .... their clients have done it for them .... in some cases incorrectly.

    For what its worth I reckon the HMRC will steer...
  32. I don't think he can put £160k in as he will have...

    I don't think he can put £160k in as he will have only just opened up the SIPP. The most you could put in is £40k. The SIPP provider may well have measures in place to prevent the overspend. This...
  33. Strangely, the new IR35 rules that kick in next...

    Strangely, the new IR35 rules that kick in next month could well help the permie-contractors. Yes, you can take it with a pinch of salt, but the HMRC have now stated, on multiple occasions, that for...
  34. Replies
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    Yes, that's correct. Paystream will do this. ...

    Yes, that's correct. Paystream will do this. One of the only ones who will. Others offer SS but not directly into your SIPP.

    You will need to take the minimum wage but after that you can pay...
  35. Replies
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    8,005

    Ok ... I'll Bite 1. Salary Sacrifice £40k per...

    Ok ... I'll Bite

    1. Salary Sacrifice £40k per year into your pension...

    2. Get your company to match your contributions.
    (Reducing Employer and Employee NI contributions)

    3. When you get to...
  36. Replies
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    I know exactly how it works. Apologies for my...

    I know exactly how it works. Apologies for my rather stupidity written post.

    What I was trying to point out is that it's pointless trying to get your employer to match the contributions when you...
  37. Replies
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    hmmm : Get your company to match your...

    hmmm :

    Get your company to match your contributions.
    (Reducing Employer and Employee NI contributions)

    ...not sure about this ... you are your employer according to the stupid iR35 rules.
  38. Replies
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    Sorry, but I don't get this. Why? Nothing has...

    Sorry, but I don't get this. Why? Nothing has really changed for them. In fact I would say that for those who now offer a PAYE option (instead of pointing the contractors to an Umbrella Company)...
  39. IMHO folk are getting too concerned about the...

    IMHO folk are getting too concerned about the retrospective investigations. Yes I know its the Tax People but they have stated multiple times they won't go after people who switch to Inside. I...
  40. I think there is a serious chance that the Banks...

    I think there is a serious chance that the Banks will soon stop employing permie techies and instead employ 'caught by iR35' contractors. They are going to end up cheaper.
  41. IMHO you would be pretty damn unlucky if that...

    IMHO you would be pretty damn unlucky if that happened.

    Whats more, if you are working at one of the big companies (like the Banks) nobody will be working outside anyway.

    I work on a floor with...
  42. As that money was earned when you were outside...

    As that money was earned when you were outside ir35 then you can pay dividends etc.

    A lot of contractors I know, including myself, are thinking about using a tax efficient MVL to close the...
  43. Replies
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    Thanks for the info .... very helpful. Hopefully...

    Thanks for the info .... very helpful. Hopefully you are OK with the pensions .... although I am not 100% sure if you can transfer any old pension to a SIPP. You probably would be OK I reckon.
    ...
  44. Replies
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    When you say are thinking of paying £160k into a...

    When you say are thinking of paying £160k into a SIPP this gives me the impression that you plan to put the money directly into this newly opened SIPP. Alas, that is not possible. You can only do...
  45. Replies
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    IMO this thread needs to be one of the most...

    IMO this thread needs to be one of the most viewed on here and surprised this issue has not been questioned more.

    The holiday situation with Umbrellas is nuts. Basically as soon as you get in a...
  46. Replies
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    17,807

    Thank you very much for this. Extremely helpful....

    Thank you very much for this. Extremely helpful. Those costs are not bad at all. I will contact them and ask if they charge more for keeping my Limited Company operational and dealing with...
  47. Replies
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    I think by law you need to pay the minimum wage. ...

    I think by law you need to pay the minimum wage. So you pay all the deductions on that (not much). I am assuming everything else then goes into your pension until the 40k limit is hit?

    May I ask...
  48. Contractor Umbrella do....

    Contractor Umbrella do. https://www.contractorumbrella.com

    See threads on this very page.
  49. As the Umbrella company is now your employer,...

    As the Umbrella company is now your employer, they should provide all insurance.

    Have a look at the opening paragraphs from this (Contractor Umbrella) :
    ...
  50. Replies
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    Many thanks eek ... that is really, really...

    Many thanks eek ... that is really, really helpful. Of course the real beauty is that as long as you are in the Pension scheme in this calendar year (2019-20) and have not paid into it this year,...
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