del949:
I see the point Chas makes and tend to agree.
it seems that only those involved in PAYE actually pay their moral dues taxwise and everyone else uses legal wording and rules to escape a portion of it.
In that respect the lorry driver using Ltd co status to reduce his tax bill legally is no different to the multinationals using tax havens .
It’s legal but is it right?
As long as we see the rich and powerful doing the same thing can we really grumble when the lowly truck driver jumps on the same bandwagon?
I don’t think so, start the reforms on tax with the ones sheltering millions of £’s and work down to the worker saving a few hundred quid.
as I keep getting told “we are all in it together”
Harry Monk thinks he’s shafting the tax man, he’s actually shafting the tax payer.
I don’t have a problem with what Harry Monk does, I have the choice to do what he does but I chose the path I took.
Maybe one day we’ll all think the same way & the silent & passive minority that pays its way will embrace the Harry Monks & forgive them for their sins of taking without giving anything in return.
Harry Monk:
Pay yourself less than your personal tax allowance a year in wages and take the rest as dividends.
Tax avoidance / tax evasion is a big debate that is best not discussed whilst waving a copy of The Sun newspaper in the air.
I really wish that the decent & honest amongst us would direct our energies towards what I call tax injustice. I pays my dues, I just wish everyone else would too.
you wish to combine tax and morality? no problem. how many different taxes are paid on fuel from when it comes out the ground to when it comes out of the pump?
income tax is just one tax, we all pay more than our dues through various other taxes so your moral debate is null and void
del949:
I see the point Chas makes and tend to agree.
it seems that only those involved in PAYE actually pay their moral dues taxwise and everyone else uses legal wording and rules to escape a portion of it.
In that respect the lorry driver using Ltd co status to reduce his tax bill legally is no different to the multinationals using tax havens .
It’s legal but is it right?
As long as we see the rich and powerful doing the same thing can we really grumble when the lowly truck driver jumps on the same bandwagon?
I don’t think so, start the reforms on tax with the ones sheltering millions of £’s and work down to the worker saving a few hundred quid.
as I keep getting told “we are all in it together”
Harry Monk thinks he’s shafting the tax man, he’s actually shafting the tax payer.
I don’t have a problem with what Harry Monk does, I have the choice to do what he does but I chose the path I took.
Maybe one day we’ll all think the same way & the silent & passive minority that pays its way will embrace the Harry Monks & forgive them for their sins of taking without giving anything in return.
Ha’way man,next thing you’l be wanting any one who’s ‘in business’ to run their business like a ‘real’ one,paying a proper wage!Don’t think we understand how the world works■■?
If expense offsetting across the board were scrapped, EVERYONE would be paying the right amount of tax from the start - ie flat rate on all earnings above the personal allowance.
The trouble is, most people don’t work where they live nowdays, and couldn’t afford to commute if it were not for the tax offset gained.
I already turn down some agency work offers when it’s “too far to go for no expenses combined with a below-par hourly rate”.
You’re not shafting the other taxpayers if you just earn less to pay less tax, and find yourself doing less hours, but better paid hours closer to where you live for being thus fussy. Who gains if you waste more money on fuel and commuting time after all? - Maybe the excheqeur on all that fuel used but all those other motorists out there using their 4x4’s to merely “pop around some chatting class friend’s place for tea and biscuits” could do with being off the road altogether…
Working 20 hours a week @ £12.50ph is a lot better than a 40 hour week @ £6.25ph because you can do 20 hours in 2 shifts but will probably find yourself doing 5 round commutes doing the 40 hours… £250 with a lower overhead is better than £250 with a higher one is what I’m saying.
Don’t forget all that extra wasted time actually DOING the commute as well, for which none of us get paid.
Mike-C:
For you guys who are limited and pay yourself a weekly salary, do you need to take account of this new legislation ? hmrc.gov.uk/paye/file-or-pay … dlines.htm
Yes they do need to implement RTI so need to upload PAYE information ON EVERY SINGLE PAY DAY.
I don’t feel the problem is the tax, its the way the agencies have used LTD and umbrella to get out of paying what they should and getting around the AWR. They’ve screwed it up for those who don’t want to go down that route, the amount of agencies doing PAYE is now very small, so the choice is limited.
Just a quick question…what is the advantage of setting up ltd company over just being a sole proprietor?
It seems a long winded operation. So there must be advantages yeh?
Just a quick question…what is the advantage of setting up ltd company over just being a sole proprietor?
It seems a long winded operation. So there must be advantages yeh?
Henrys cat:
I don’t feel the problem is the tax, its the way the agencies have used LTD and umbrella to get out of paying what they should and getting around the AWR. They’ve screwed it up for those who don’t want to go down that route, the amount of agencies doing PAYE is now very small, so the choice is limited.
Agencies cannot do anything without drivers agreeing if all drivers walked out of the door when told to come of PAYE they would not last a week
You are doing this tax avoidance thing all wrong. I believe you should set up a company in Guernsey or something and charge your haulage firm an amount equivalent to your profits for ‘services rendered’ and then the offshore company then banks the cash for you or pays you a dividend.
Please stop avoiding tax in the way you are doing as it is morally wrong to go paying accountants wages and some money to HMRC, it just doesn’t seem right the way you are doing it(I read it in the Sun so it must be right!).
cheekymonkey:
Just a quick question…what is the advantage of setting up ltd company over just being a sole proprietor?
It seems a long winded operation. So there must be advantages yeh?
Worse case scenario:
As sole trader it is you who is personally liable for any & all losses (financially) you may incur, either you own losses, or 3rd party losses that you may be involved in. ie; as an agy driver causing damage or personnel injury. So in effect if you could loose everything you own (house, car etc.) if you where a sole trader.
Whereas with a Ltd Co, it would be the Ltd Co that is liable for the losses, and your personnel assets would be protected. So if the worse case happened, you could fold the company, walk away leaving your personnel assets intact.
Also most agys will not deal with drivers in a Sole trader business
There really isn’t any benefit for taxation purposes any more when they aligned corporation tax with income tax. You’ll save a little on NI but that is all.
The main reasons for doing it are limiting your liabilities and also agencies want drivers as ltd to cover their own backsides.
cheekymonkey:
Just a quick question…what is the advantage of setting up ltd company over just being a sole proprietor?
It seems a long winded operation. So there must be advantages yeh?
Worse case scenario:
As sole trader it is you who is personally liable for any & all losses (financially) you may incur, either you own losses, or 3rd party losses that you may be involved in. ie; as an agy driver causing damage or personnel injury. So in effect if you could loose everything you own (house, car etc.) if you where a sole trader.
Whereas with a Ltd Co, it would be the Ltd Co that is liable for the losses, and your personnel assets would be protected. So if the worse case happened, you could fold the company, walk away leaving your personnel assets intact.
Also most agys will not deal with drivers in a Sole trader business
So agency drivers are not covered by third party insurance?
There really isn’t any benefit for taxation purposes any more when they aligned corporation tax with income tax. You’ll save a little on NI but that is all.
Yes, for someone who is essentially a “disguised employee” that is true, although he could of course claim everything from a pair of trousers to a new PC as a legitimate business expense against corporation tax.
Harry Monk:
Pay yourself less than your personal tax allowance a year in wages and take the rest as dividends.
Tax avoidance / tax evasion is a big debate that is best not discussed whilst waving a copy of The Sun newspaper in the air.
I really wish that the decent & honest amongst us would direct our energies towards what I call tax injustice. I pays my dues, I just wish everyone else would too.
Mick Philpott sends his thanks for your generous contribution.
Harry Monk:
Pay yourself less than your personal tax allowance a year in wages and take the rest as dividends.
Tax avoidance / tax evasion is a big debate that is best not discussed whilst waving a copy of The Sun newspaper in the air.
I really wish that the decent & honest amongst us would direct our energies towards what I call tax injustice. I pays my dues, I just wish everyone else would too.
Mick Philpott sends his thanks for your generous contribution.
Yes, basically the more tax Westerners pay, the more they support bankers, politicians, the Mick Philpott’s of the world, and the more they pay for Uncle Sam to rain bombs down on little brown babies in villages in Iraq, Afghanistan and soon North Korea.
No apologies from me for paying as little as I can.
Harry Monk:
Yes, basically the more tax Westerners pay, the more they support bankers, politicians, the Mick Philpott’s of the world, and the more they pay for Uncle Sam to rain bombs down on little brown babies in villages in Iraq, Afghanistan and soon North Korea.
No apologies from me for paying as little as I can.
By practicing your tax avoidance measures Harry, don’t you think you might have become one of those bankers, politicians & Philpott’s?
Does it feel good? Do you feel you’re on the same level as them? Do you find yourself ‘laughing’ along with them at the plight of the little man?
Good luck to you, there was a time when I could buy your truck brand new & set myself up as an OD by diverting just a small part of my entertainment budget.
Now that you have achieved the dizzying heights of an OD you probably look down on us mere chattels, despite the fact that we can have a day off once in awhile without plunging ouselve’s into debt for the rest of our live’s.
Enjoy it Harry while you’re still totally absorbed into your own dreams of working for yourself. One day you’ll wake up to discover who you’re actually working for.
