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Where Taxpayers and Advisers Meet

Search found 6 matches

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by taxz
Sun Dec 22, 2019 12:25 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Public sector calculations for contractor
Replies: 3
Views: 1064

Re: Public sector calculations for contractor

Happy to disclose my position initially stated is correct. Our accountant finally agreed, and all is good.
by taxz
Thu Dec 19, 2019 1:05 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Public sector calculations for contractor
Replies: 3
Views: 1064

Re: Public sector calculations for contractor

The outcome is that we deduct less income tax and less employers NI, and that it all seems compliant on the face of it. The contractor gets more. We get more margin. Will the contractor complain? Unlikely. Will this ever be a problem? No idea. We can't even establish right or wrong. Have spoken dire...
by taxz
Wed Dec 18, 2019 11:40 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Public sector calculations for contractor
Replies: 3
Views: 1064

Public sector calculations for contractor

We are an intermediary (I) (a consultancy to be sure), supplying an IT contractor to a public sector client (P). The contractor is deemed inside IR35 for tax purposes. He operates as a service provider through his own limited company (C). (C) invoices us a daily rate times days worked. In this case ...
by taxz
Sat Oct 12, 2019 11:06 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: VAT invoice for sub contractor inside IR35 public sector
Replies: 1
Views: 11413

VAT invoice for sub contractor inside IR35 public sector

I have a subcontractor who will be working for my public sector client inside IR35. The subcontractor wants to paid via his limited company, and we will consider his company a supplier and have a contract between us, even though he's considered an employee for tax and NI purposes. We understand that...
by taxz
Fri Jul 05, 2019 5:19 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT in relation to tax avoidance and settlement
Replies: 2
Views: 6218

Re: IHT in relation to tax avoidance and settlement

"In my case, IHT adds ca. 34% on top of the tax bill arising from settlement" Are you certain about this? I am not particularly familiar with the loan charge issues but usually the exit charge on a distribution from a discretionary trust is max 6%. Yes I am 100% sure. I can show you HMRC's calculat...
by taxz
Thu Jul 04, 2019 12:17 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT in relation to tax avoidance and settlement
Replies: 2
Views: 6218

IHT in relation to tax avoidance and settlement

I used contractor loan schemes for a few years, and now hoping to settle with HMRC. No problems there. Loans are promised to be interest free and will never be recalled. I have however, from reliable source, been recommend to have the loans written off and as a result pay IHT. The reason given was t...

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