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underwriter

WEALTH MANAGEMENT

38 posts in this topic

Is there anyone in here on over the threshold of 45%+ tax?

 

For minions like us, the general public, can we change our tax so we pay less, like all the famous celebs out there do? Or is that a complicated scenario...?

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U switch urself up to a limited company, pay urself a basic wage n pay urself the rest in dividends so you never pay more than 21% tax

Well worth an accountant

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No idea about these big boy tax loopholes tho

Investing in certain industries u get tax breaks or saink

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Tax is emotional, when you hit that 40% you understand why conservatives have the stance they do. In all honesty I don't think you should need to be taxing people more than 40%, the issue is people will find ways to not pay tax on all their earnings anyway.

 

I know a few people who have that same thing Jimmy Carr got exposed for, something like the money goes straight into a trust (without being taxed) and you withdraw when and where you need, not sure if it can be transferred to a 3rd party without being taxed.

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U switch urself up to a limited company, pay urself a basic wage n pay urself the rest in dividends so you never pay more than 21% tax

Well worth an accountant

what if you are working for a company already on like 55k? you just tell the company you wanna go contract/self employed etc?

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U switch urself up to a limited company, pay urself a basic wage n pay urself the rest in dividends so you never pay more than 21% tax

Well worth an accountant

what if you are working for a company already on like 55k? you just tell the company you wanna go contract/self employed etc?

 

 

You'd have to get hired as a contractor, not as simple as just saying pay me as a contractor.

For instance, if I worked out what I get paid daily as a perm - say it's £120.

http://www.sjdaccountancy.com/contractor_calculator/index.html

Put it in this and I'd take home more than I am now as you pay different tax.

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You pay the same amount of tax, just it gets paid differently. You pay different national insurance.

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Tax is emotional, when you hit that 40% you understand why conservatives have the stance they do. In all honesty I don't think you should need to be taxing people more than 40%, 

 

Bingo.

 

Microeconomics is one of the biggest reasons I'll probably be voting for the Conservative Party. 

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You pay the same amount of tax, just it gets paid differently. You pay different national insurance.

This is not the case,

As a contractor with a ltd company you pay no more than 20% as you pay yourself a salary up to your tax free allowance (which in turn allows you to avoid income tax and PAYE tax (national insurance) then you pay the rest as dividends which is a flat rate of 20%

If you are very smart you can save some money off your tax bill by claiming some tax back on certain goods like office equipment and expenses, you can even claim back some VAT too

So in reality you can go as low as 18/17% (even lower if you have a good accountant)

The loopholes are nuts and there's not a darn thing HMRC can do about it.

Heck you can be even more snide and have an offshore company in a tax haven country and pay next to nothing in tax but imo that's taking it too far. One of my boys does this, he opened up a company in Sicily. good luck to him if HMRC pulls him up for an audit.

In any case I can see that OP is inadvertently trying to boast about being on some high salary but you must be some kind of mug to be paying 45% tax tbh

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It's an empty boast. 

 

Chaps is unemployed. Working people pay HIIM.

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Nah Underwriter is Imhim, a Canary Wharf don 

 

Your right about chaps though

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Nah Underwriter is Imhim, a Canary Wharf don 

 

Your right about chaps though

You actually believe this?

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Where have you read that you only pay 20% tax after personal allowance?

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I didnt say that.

 

employees pay Income tax and PAYE via salary, companies pay corporation tax via dividends

 

If you have a limited company as a contractor you can take money out using both methods by being an employee of your own company and paying yourself up to the tax free allowance and take the rest out as dividends as you are the sole stakeholder of the company as company director 

 

Corporation tax is flat rate 20%

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Oh sorry, I thought you were saying you being a contractor working for an LTD, not as one. My assumption was we were talking about being self employed.

 

Cool, yeah, got ya.

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Yeah I see the confusion, I think somebody mentioned in this thread that you could be a contractor and a company pays you. But this would make you a sole trader, thats different to being a contractor working for a company and invoicing them by fronting your own limited company. In this way the company would pay your limited company...then in turn your limited company pays you (Via mixture of salary and dividends)

 

btw the way you tax as a sole trader is completely different lol (Gets even more complicated) they can claim back more VAT than a limited company can but in turn have to pay back higher tax (think similar to salary rates)

 

Its hard to get your head around it lol 

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Dunno why my man's making this topic when he is unemployed.

Leave your pointless life questions to google

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I watched this docu-series last night.   It's a good watch for those that are interested in tax and the super rich.

 

http://www.bbc.co.uk/iplayer/episode/b04xw2x8/the-superrich-and-us-episode-1

 

However, after watching this i began to feel disappointed and disillusioned with the Tory government. Before i even watched this my stance was " i'm voting for conservatives" "They are cutting tax"  "They are building back our economy"

 

After watching this show i will be voting for Labour party.

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You needed a programme to tell you this?

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I watched this docu-series last night.   It's a good watch for those that are interested in tax and the super rich.

 

http://www.bbc.co.uk/iplayer/episode/b04xw2x8/the-superrich-and-us-episode-1

 

However, after watching this i began to feel disappointed and disillusioned with the Tory government. Before i even watched this my stance was " i'm voting for conservatives" "They are cutting tax"  "They are building back our economy"

 

After watching this show i will be voting for Labour party.

 

LOL at voting Labour because of some BBC documentary. You seem to forget that it was their overspending and lack of useful regulation of the City that we got into a financial crisis in the first place.

 

I agree with you that it also made me think very carefully about the economic situation though. All the parties are useless in reality. Your best bet is to do everything within your power to make yourself financially viable.

 

Also, don't forget that it was a pretty loaded documentary.

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I watched this docu-series last night.   It's a good watch for those that are interested in tax and the super rich.

 

http://www.bbc.co.uk/iplayer/episode/b04xw2x8/the-superrich-and-us-episode-1

 

However, after watching this i began to feel disappointed and disillusioned with the Tory government. Before i even watched this my stance was " i'm voting for conservatives" "They are cutting tax"  "They are building back our economy"

 

After watching this show i will be voting for Labour party.

 

LOL at voting Labour because of some BBC documentary. You seem to forget that it was their overspending and lack of useful regulation of the City that we got into a financial crisis in the first place.

 

I agree with you that it also made me think very carefully about the economic situation though. All the parties are useless in reality. Your best bet is to do everything within your power to make yourself financially viable.

 

Also, don't forget that it was a pretty loaded documentary.

 

 

I am fully aware of that.

 

And the Tories have tried to stabilise our economy. 

 

/

 

This documentary did not make me decide on who i might vote for,  it just made me understand things a lot more about the divide between us and the elite.

 

i do agree with you in regards to making myself more financially viable so it does not become an issue for me.  

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