Get saving while you can, they are determined to get you.
I’ve just been through this with several of my “staff” trust me HMRC is determined, silly really as the overall tax take will be negligible. |
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By *ndykay OP Man
over a year ago
Falkirk |
"I’m not in the know.
What’s the deal with it I take it that’s it’s considered bad? "
It’s good news if you work for yourself or through your own Ltd Company.
When the rules change we will all effectively work as though we are in PAYE. But a lot of us have large expenses such as petrol etc that we can currently offset against our Corporation Tax. That benefit will be wiped out and we will actually end up worse off than if we just worked directly for a company.
If that makes sense lol |
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"I’m not in the know.
What’s the deal with it I take it that’s it’s considered bad?
It’s good news if you work for yourself or through your own Ltd Company.
When the rules change we will all effectively work as though we are in PAYE. But a lot of us have large expenses such as petrol etc that we can currently offset against our Corporation Tax. That benefit will be wiped out and we will actually end up worse off than if we just worked directly for a company.
If that makes sense lol "
Yeah cheers.
Sound decision to push it back then while people may be struggling.  |
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By *ndykay OP Man
over a year ago
Falkirk |
"I’m not in the know.
What’s the deal with it I take it that’s it’s considered bad?
It’s good news if you work for yourself or through your own Ltd Company.
When the rules change we will all effectively work as though we are in PAYE. But a lot of us have large expenses such as petrol etc that we can currently offset against our Corporation Tax. That benefit will be wiped out and we will actually end up worse off than if we just worked directly for a company.
If that makes sense lol
Yeah cheers.
Sound decision to push it back then while people may be struggling. "
I think so. We don’t get any sick pay or holiday pay so we are already at a disadvantage. But at least this means I can keep my reserve topped up. Plus, with a holiday on corporation tax as well, should work dry up I don’t have to panic about that bill in July. |
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By *hunky GentMan
over a year ago
Maldon and Peterborough |
"I’m not in the know.
What’s the deal with it I take it that’s it’s considered bad?
It’s good news if you work for yourself or through your own Ltd Company.
When the rules change we will all effectively work as though we are in PAYE. But a lot of us have large expenses such as petrol etc that we can currently offset against our Corporation Tax. That benefit will be wiped out and we will actually end up worse off than if we just worked directly for a company.
If that makes sense lol "
You could still claim your expenses.
It doesn't apply to every Contractor. You can still work outside the guidelines if you comply with certain standards.
It's not all doom and gloom. |
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By *ndykay OP Man
over a year ago
Falkirk |
"I’m not in the know.
What’s the deal with it I take it that’s it’s considered bad?
It’s good news if you work for yourself or through your own Ltd Company.
When the rules change we will all effectively work as though we are in PAYE. But a lot of us have large expenses such as petrol etc that we can currently offset against our Corporation Tax. That benefit will be wiped out and we will actually end up worse off than if we just worked directly for a company.
If that makes sense lol
You could still claim your expenses.
It doesn't apply to every Contractor. You can still work outside the guidelines if you comply with certain standards.
It's not all doom and gloom. "
Unfortunately I WILL fall inside of the regs. And it just won’t be worth all the extra hassle to save £50 a year. So there is no point. It’s just another way to screw over the little man trying their beat to earn money. |
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