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  #21  
Old 26-Jan-2007, 00:58
Dibble
 
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Originally Posted by TP
Tonio, I guess you could say I 'freelance'. I contract using a management company. It's quite easy to setup and plenty of different companies do it.

If you want to know who I use etc just send me a u2u and I'll give you some contact information.

You'll need to check that your current solution remains compliant mate, if you are currently in a "composite" then the new IR56 legislation will screw you, and dont let your management company tell you any different, if you are already set up as a stand alone LTD comany then you'll be ok.

Tonio, you have a PM
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  #22  
Old 26-Jan-2007, 01:08
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Quote:
Originally Posted by DIBBLE
You'll need to check that your current solution remains compliant mate, if you are currently in a "composite" then the new IR56 legislation will screw you, and dont let your management company tell you any different, if you are already set up as a stand alone LTD comany then you'll be ok.

Tonio, you have a PM

Hes right ya know....
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  #23  
Old 26-Jan-2007, 01:15
Mr C Mr C is offline
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Originally Posted by BDG
Having said all that i haven't been 'employed' since i was made redundant in 1980, and i wouldn't want to change back.


Only coz no one would have you.
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  #24  
Old 26-Jan-2007, 01:56
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Quote:
Originally Posted by DIBBLE
You'll need to check that your current solution remains compliant mate, if you are currently in a "composite" then the new IR56 legislation will screw you, and dont let your management company tell you any different, if you are already set up as a stand alone LTD comany then you'll be ok.

Tonio, you have a PM

But Dibble, surely if hes a 1 man Ltd Co he'll be screwed by IR35 unless he has a good contract...
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  #25  
Old 26-Jan-2007, 02:15
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Originally Posted by Ozz
But Dibble, surely if hes a 1 man Ltd Co he'll be screwed by IR35 unless he has a good contract...

As my new accountant can you expand on this?
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  #26  
Old 26-Jan-2007, 10:41
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Originally Posted by DIBBLE
Tonio, you have a PM

email sent.

Cheers,
Tonio.
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  #27  
Old 26-Jan-2007, 12:51
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Originally Posted by Si W
As my new accountant can you expand on this?

Well sort of. Not an area of expertise but have had previous dealings. Best places to get info on this are:

http://www.shout99.com/contractors/index.pl?n=10

http://www.startups.co.uk/What_is_it...F1oEYn0nA.html

http://www.startups.co.uk/IR35_Who_d...P1oEYn0nA.html

The second 2 are the best.

In reality it is still a very grey area and always will be. If you are a contractor it is likely you have very little expenses (ones I have dealt with have at least) so the calculation actually benefits you slightly initially at least:

If you are under IR35 basically you take the total income, knock off 5% for expenses and the rest has to be a salary (which is where you lose out cos dividends save money).
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  #28  
Old 26-Jan-2007, 13:30
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Don`t forget that some compan`y will not deal with you unless you have a schedule D insurance number and there hard to get hold of, so I`m told.

I have a normal national Insurance number as well as a schedule D but there`s so much hasle with tax, national insurance etc I just declare my stuff as unearned income, as I`m not VAT registered, and don`t bother using the schedule D as they can`t get there tiny mins around the fact that I have a full time job and do the accasional freelance work.

Good Luck and get a good accountant.
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