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| 08:10.13 | bilarh | google.co.uk is cool today :D |
| 08:23.44 | wethrin | coo |
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| 10:01.31 | bilarh | if you're a contractor, can you avoid paying 40% tax somehow? |
| 10:01.50 | bilarh | that's not likely to land you in jail or with a huge fine from inland revenue? |
| 10:07.51 | antiphase | Ha ha |
| 10:07.59 | antiphase | Pay your taxes, you foreign swindler |
| 10:08.10 | bilarh | hehe :P |
| 10:08.30 | bilarh | seeing "tax planning", not "evasion" :P |
| 10:09.09 | antiphase | I think all the simple ways of doing it have probaby been unloopholed because of people taking the piss in the past |
| 10:09.25 | bilarh | ok |
| 10:09.41 | antiphase | Like paying yourself a 1 pound salary and being paid in share dividends from your limited company |
| 10:09.44 | bilarh | thinks up new innovative ones involving eastern european countries |
| 10:09.57 | bilarh | yeah that's instant IR35 death now i think |
| 10:10.00 | antiphase | You could just launder it through gambling sites |
| 10:17.01 | gregj | yes, register your firm in slovakia |
| 10:17.04 | gregj | much lower taxes |
| 10:17.05 | gregj | ;] |
| 10:17.06 | gregj | or greece |
| 10:17.20 | bilarh | yes, not sweden :) |
| 10:17.31 | bilarh | greece is excellent, seeing as they're on the verge of civil war :) |
| 10:17.41 | gregj | ;] |
| 10:17.42 | z00dax | gets online |
| 10:17.44 | gregj | but taxes are low |
| 10:17.52 | bilarh | hehe yes |
| 10:17.59 | gregj | so |
| 10:18.01 | gregj | who cares ;] |
| 10:19.34 | antiphase | You can't get out of paying income tax if you're UK domiciled, regardless of having an offshore company |
| 10:19.46 | antiphase | Corporation tax on the other hand; see Tesco |
| 10:19.51 | bilarh | god damnit |
| 10:19.58 | bilarh | how about something like |
| 10:20.03 | bilarh | earn loads of money for six months |
| 10:20.07 | bilarh | take out "enough" to live on |
| 10:20.17 | bilarh | or even a year |
| 10:20.23 | bilarh | then lose contract and be unemployed for six months |
| 10:20.28 | antiphase | "Earn" involves "Pay tax" though |
| 10:20.30 | bilarh | can you store profits in the company and take them out later? |
| 10:20.30 | MrKen | bilarh: There are various schemes involving companies registered in Jersey, etc but not used them |
| 10:20.38 | MrKen | bilarh: My account offers one |
| 10:20.57 | MrKen | bilarh: And you can do stuff with trusts too if you have £100K cash to set one up |
| 10:21.02 | MrKen | er, accountant even |
| 10:21.12 | bilarh | ok, i fail at the 100k part :) |
| 10:21.14 | bilarh | miserably |
| 10:21.28 | MrKen | It's a nice scheme though, you pay next to nothing in tax |
| 10:21.40 | bilarh | mrken: what are the risks? |
| 10:21.52 | MrKen | bilarh: The loophole gets closed, that's it AFAIK |
| 10:22.07 | bilarh | is this the "trust" option you mean? |
| 10:22.25 | MrKen | bilarh: But take a look at a scheme that pays you through an umbrella registered in Jersey. You should pay something like 15-20% tax then |
| 10:22.25 | bilarh | or the jersey company? |
| 10:22.30 | MrKen | bilarh: Yeah, trust option |
| 10:22.32 | bilarh | ah ok |
| 10:22.58 | MrKen | bilarh: www.contractorcalculator.co.uk is quite useful |
| 10:23.06 | bilarh | nice to see that the government has gone to lenghts to ensure that the already rich (i.e have 100k in the bank) can get away with not paying much tax :D |
| 10:23.57 | MrKen | bilarh: http://www.probiztax.com/ |
| 10:24.13 | MrKen | bilarh: That's one such scheme I'm aware of. Not affiliated or used it at all, just know it exists |
| 10:24.27 | bilarh | ok, cool, thanks for the links |
| 10:24.31 | bilarh | food for thought |
| 10:40.35 | cpufreak | be careful with umbreella companies |
| 10:40.46 | cpufreak | a friend is currently being but raped y HMRC |
| 10:41.14 | cpufreak | as his umbrella company stole the 40% or so tax that he and 250 others were getting, and rather thangiving it to hmrc, took it ou to f the country |
| 10:41.25 | cpufreak | and hmrc are coming after him and the 250 others |
| 10:41.48 | bilarh | ouch :S |
| 10:42.19 | bilarh | that's the thing, it always feels a little bit dodgy |
| 10:42.46 | cpufreak | as it was their liability |
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| 11:13.07 | MrKen | cpufreak: Ouch |
| 11:13.38 | dick_turpin | Afternoon all |
| 11:24.42 | ChoHag | Get an accountant and a ltd company. |
| 11:24.59 | ChoHag | safer and cheaper for very little difficulty. |
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| 16:38.28 | hali | drying my wet socks on a cisco 6509 in the comms room, great use of spare heat |
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| 17:06.59 | cpufreak | why not just put them out in the sun? |
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