It's quite gutting isn't it...

getting all that cash in your account and then having to give a chunk of it away...far worse than PAYE, when you don't notice it!

Posted By: duke of york on September 14th 2011 at 12:49:40

Message Thread

Tax question (any accountants here?) (General Chat) - duke of york, Sep 14, 10:38:21
- Set up a Ltd Company for your freelance work. (General Chat) - tudders, Sep 14, 12:53:54
  - Boooooo! stone the nasty tax dodger ^^^^ (General Chat) - Ralf Scrampton, Sep 14, 13:01:20
    - I put a bit back where I can. (n/m) (General Chat) - tudders, Sep 14, 13:10:38
  - Is it worth it for ?10k income? (n/m) (General Chat) - duke of york, Sep 14, 12:56:54
    - About 1600-1700 quid by the sound of it... (n/m) (General Chat) - BerlinCanary, Sep 14, 13:05:33
      - Or roughly half, if that makes it sound better. (n/m) (General Chat) - tudders, Sep 14, 13:09:48
        
        that could pay for winter fuel allowance for 17 OAPs (General Chat) - Ralf Scrampton, Sep 14, 13:28:16
        
        Indeed. Or approximately 10% of what it costs me to look after my Mrs. (n/m) (General Chat) - tudders, Sep 14, 13:42:48
- Think of ?10 an hour, as ?6 an hour (General Chat) - pants, Sep 14, 12:45:32
  - It's quite gutting isn't it... (General Chat) - duke of york, Sep 14, 12:49:40
    - Yeah, the way I do it, is 33% is tax, and 7% is NI. So roughly 40% disappears (General Chat) - pants, Sep 14, 14:01:33
- well hello there (General Chat) - Tony Martin, Sep 14, 12:05:53
  - = "Roughly a third" (General Chat) - Arizona Bay, Sep 14, 12:14:09
  - That's wrong (General Chat) - Butterworth, Sep 14, 12:13:38
    - indeed thought he was doing another job, not SE (n/m) (General Chat) - Tony Martin, Sep 14, 12:15:27
      - although no the calc is not wrong - its just done as all employed income (n/m) (General Chat) - Tony Martin, Sep 14, 12:16:32
  - but if you want to get really clever you can save some tax... (General Chat) - Tony Martin, Sep 14, 12:08:09
    - and also if you are "self employed" instead of "employed" for the extra ?10k this will (General Chat) - Tony Martin, Sep 14, 12:13:50
      - Chairs (General Chat) - duke of york, Sep 14, 12:36:14
- Just send it all offshore and take the head of HMRC out to dinner a couple of times (General Chat) - BerlinCanary, Sep 14, 12:02:05
- OK, here goes (General Chat) - Newcastle Canary, Sep 14, 11:30:23
  - Yes, thanks (General Chat) - duke of york, Sep 14, 11:45:59
  - ^^^ = "About a third" (n/m) (General Chat) - Arizona Bay, Sep 14, 11:43:03
  - so what you're saying, is that.... (General Chat) - Cheltenham_Canary, Sep 14, 11:36:01
- Tony Martin is an accountant, he'll be able to find you a loophole or 2 (General Chat) - Ralf Scrampton, Sep 14, 11:00:43
  - Cheers, I will wait until he is about... (General Chat) - duke of york, Sep 14, 11:02:11
- Roughly a third. (General Chat) - Arizona Bay, Sep 14, 10:58:25
- Given the current situation of the country (General Chat) - ghostof barry butler, Sep 14, 10:53:00
  - Hmmm (General Chat) - duke of york, Sep 14, 10:55:50
    - or... (General Chat) - Cheltenham_Canary, Sep 14, 11:09:30
- So much for wisdom of the wrath! (n/m) (General Chat) - duke of york, Sep 14, 10:52:57
- Taking into account basic rate tax, plus income tax and NI contributions I'd say... (General Chat) - Dandy Highburyman, Sep 14, 10:43:15
  - Cock face (n/m) (General Chat) - duke of york, Sep 14, 10:44:37
- 9 grand (n/m) (General Chat) - Cheltenham_Canary, Sep 14, 10:39:23

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