[Closed] 27K a year? Well that's scuppered marrying my university sweetheart

I have a pension pot currently worth £30'000 and probably shrinking as i type. As i don't have kids i am in effect paying towards other peoples kids education whilst they are claiming Child Benefit.

Yes, but those kids will earn money in the future, and pay taxes, and hopefully pay back more into the system.

Equally, other people pay the police to chase axe wielding vigilantes 😛

Gorehound - Member

If you are registered as an offshore company E.G. registered as a company in the isle of man or Jersey you are exempt from paying UK income tax, also if you register your name as a limited company (like David milliband has) you only pay 20% corporation tax no matter how much you earn.

If you register as a .ltd company then yes your companies income is taxed at 20% corporation tax.

It also attracts VAT at 20% before that.

Then the money is in your company account so you need to pay it to yourself. This means paying yourself minimum wage for the hours your worked (so that £12k or so is 'tax free' apart form the 40% or so already paid).

Then you take expenses, these are VAT refundable so you get some of that initial 20% back if you buy a new car and only use it for company business, difficult to prove, so you'll need to buy another with your (not the companies) income later on too.

The rest as a dividend, but there's rules here too, obviously you've already paid 20%, which is offset against the income tax so the only threshold you need to worry about is the 40% threshold, if you pay yourself a dividend that takes you above than then it's taxed at 20% again (making it 40% in total).

There are loopholes like paying family members as secretariats, but that's what IR35's for.

Makes my blood boil seeing the skilled and the youth leave
and to welcome this shite makes my blood boil
nothing worse than having dinner round my dining table and
advising my Daughter to leave this country whilst she can
than stay in this shit I absolutely hat this country

Where does it become to welcome crap and let the skilled and youth of the country
go so they can have work and a descent life. ?

You still get away with paying 20 to 25% less income tax on a hell of a lot of money which is what counts.

Grantway - off you go then - moaning types like you are no asset.

Where do you suggest is better?

Look at Peterfiles explanation Muddydwarf, I think that explains it clearly. No-one is calling you a scrounger, just that there are numbers defining at which point [b]the average person[/b] starts being a net contributor to the economy. I thought it was higher than 27k to be honest.

The policy itself seems a bit one eyed on my basic understanding of it. Would it be correct that a full time mother would be refused a visa? What about all those necessary jobs which pay less than the average wage?

Where does it become to welcome crap and let the skilled and youth of the country go so they can have work and a descent life. ?

I think the policy is designed to not let the "crap" in, but a proportion of the non-crap also take a hit too.

You still get away with paying 20 to 25% less income tax on a hell of a lot of money which is what counts.

Errrrr, actually you don't, the main benefit for most people is you get paid upfront by the company paying your company, so you get all the pension contributions, and the money they'd have to pay you if they made you redundant, HR costs, company car costs etc. So the Gross pay is a lot higher.

In our office those of us on PAYE are on about a third of the contractors rates for the same jobs, but they're not driving round in Ferrari's, I actualy reckon the staff have better cars as we're guaranteed to still be in the job next week rather than on 5 days notice.

Surely going through the somewhat laborious marriage procedure is the long term solution.

[quote=Gorehound said]You still get away with paying 20 to 25% less income tax on a hell of a lot of money which is what counts.

You're wrong here. Dividends taken out of the company are treated as personal income and if you hit the 40% rate due to salary + dividends then you'll pay the going rate of tax on dividends above the 40% tax threshold.

[quote> http://www.guardian.co.uk/commentisfree/2012/mar/26/theresa-may-migrants-immigration

I think I will be moving abroad, won't hit 27k for at least 3 years and I don't know how we'd prove having more ties to the UK that the other way round considering only one half of us (me) have any ties! I don't want much to do with this country.

EEA Family Permits might be worth a look, not sure of your situation though.
[url= http://www.ukba.homeoffice.gov.uk/eucitizens/eea-family-permit/# ]EEA Family Permits[/url]

Errrrr, actually you don't, the main benefit for most people is you get paid upfront by the company paying your company, so you get all the pension contributions, and the money they'd have to pay you if they made you redundant, HR costs, company car costs etc. So the Gross pay is a lot higher.

In our office those of us on PAYE are on about a third of the contractors rates for the same jobs, but they're not driving round in Ferrari's, I actualy reckon the staff have better cars as we're guaranteed to still be in the job next week rather than on 5 days notice.

So these contractors get paid in excess of 100k a week for kicking a ball around a field, or do they have subbies ect to pay?

 

do you manage to evade [some]NI contributions if you do this?
Why do people do it if not to reduce their tax burden?

At what level should the entry level be set at so as no-one is going to feel hard done by?

edit: there is a way around what all the pies said, you can not pay yourself over the 40% threshold and keep the money in the company.

Obviously you can't spend this money, but you can take it out once you've stopped working as a sort of pension as long as you keep your annual withdrawals under the thresholds. so this is only really possible if you expect to be unemployed next year (milliband?) or approaching retirement. But in reality it's no better or different to a PAYE employee transferring the money into a pension before tax (if anything it's worse as you've paid vat and corp taxes on it).

So these contractors get paid in excess of 100k a week for kicking a ball around a field, or do they have subbies ect to pay?

You have completely lost me there, I'm not a footballer.

Anyway I'm going to get drunk while I can still afford it. 😆

[quote=Junkyard said]do you manage to evade [some]NI contributions if you do this?
Why do people do it if not to reduce their tax burden?

Ken Livingstone to the forum please...

Why do people do it if not to reduce their tax burden?

It does, but not by the huge margins some people seem to think. NI is one thing you do avoid. As I said, it's particularly good if you don't think you'll be earning as much next year as you can pay yourself as and when you need to, rather than paying 40% tax one year and being unemployed on JSA the next, the other group of people benefiting are if you move around a lot, your rent and car mileage can (in certai circumstances) be paid out of the company before tax rather than after income tax.

 

Ta It was a genuine question

Thinking about this and the under £27K thing.

If, for example, 5000 people work in an NHS Trust earning under the £27K then they may well not be net contributors in purely monetary terms. However, their contribution to society as a whole is still extremely valuable and far in excess of their monetary cost.

The same is also true of unpaid carers of the young, aged or disabled, assembly workers in a multinational manufacturing firm or a myriad of others within our society both public and private sector.

True but unfortunately the tories measure everything in MONEY

So do most people nowadays and I believe this is what fosters so much dissatisfaction.

Not that I can change it for anyone else, just myself.

True but unfortunately the tories measure everything in MONEY

I suppose Ynot B liar and gordon the moron didn't. They're the ones who left us in this mess.

Thinking about this and the under £27K thing.

If, for example, 5000 people work in an NHS Trust earning under the £27K then they may well not be net contributors in purely monetary terms. However, their contribution to society as a whole is still extremely valuable and far in excess of their monetary cost.

The same is also true of unpaid carers of the young, aged or disabled, assembly workers in a multinational manufacturing firm or a myriad of others within our society both public and private sector.

True, but we're not talking (or I'm not anyway) about the whole of someone's contribution to society. Just tax receipts and what they take out of the system in healthcare, policing, schooling, pen pushing etc.

The people doing worthwhile but lower paid jobs would still be there in a completely tax free society (let's assume they've not died of treatable illness or been beaten up by the mad max styled hoards of bandits). But under the current system (and I think this is moraly right) they pay in according to their ability and take out according to need.

Where's that last sentence come from, its a quote about the NHS IIRC? The current system is progressive so takes from everyone according to their ability to pay (it could be more progressive, but then that would take umbridge at being lumped in with the scroungers 😛 ), and everyone's needs are going to be on average equal.

Given it is a worldwide global slow down [ and the tories had agreed to match labour spending] and it starte din the US to blame one govt for this is , being kind, shortsighted.

The bursting of the U.S. housing bubble, which peaked in 2007, caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions globally.[4][5] The financial crisis was triggered by a complex interplay of valuation and liquidity problems in the United States banking system in 2008.[6][7] Questions regarding bank solvency, declines in credit availability and damaged investor confidence had an impact on global stock markets, where securities suffered large losses during 2008 and early 2009. Economies worldwide slowed during this period, as credit tightened and international trade declined.[8] Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion and institutional bailouts. Although there have been aftershocks, the financial crisis itself ended sometime between late-2008 and mid-2009.[9][10][11] In the U.S., Congress passed the American Recovery and Reinvestment Act of 2009. In the E.U., the U.K. responded with austerity measures of spending cuts and tax increases without export growth and it has since slid into a double-dip recession.[12][13]

Many causes for the financial crisis have been suggested, with varying weight assigned by experts.[14] The U.S. Senate's Levin–Coburn Report asserted that the crisis was the result of "high risk, complex financial products; undisclosed conflicts of interest; the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street."[15] Two factors that have been frequently cited include the liberal use of the Gaussian copula function and the failure to track data provenance.[16]

Gorehound - Member

I suppose Ynot B liar and gordon the moron didn't. They're the ones who left us in this mess.

I'm confused, are you supporting the conservatives, labour, or someone else?

At the end of the day governments swing back and forth between slightly left and slightly right, nothing every really changes between them, it just takes a few years for public opinion to swing far enough the other way again to elect the other lot.

Hence why we have Gorehoud pineing for a socialist utopia, whilst telling us that Labours spending is what got us into the mess and the conservatives are going to get us out of it.

I also cannot tell what he wants. I think he just wants to say it is all shit tbh

At what level should the entry level be set at so as no-one is going to feel hard done by?

It should never be dictated by earnings, rather on what skills can be offered to benefit society by an independent immigrant. British people should be allowed to marry [b]anyone they wish[/b] and expect their country to welcome that decision.

grantway - Member
Makes my blood boil seeing the skilled and the youth leave
and to welcome this shite makes my blood boil
nothing worse than having dinner round my dining table and
advising my Daughter to leave this country whilst she can
than stay in this shit I absolutely hat this country

Where does it become to welcome crap and let the skilled and youth of the country
go so they can have work and a descent life. ?

Feel free to leave any time. Anyone who would refer to people earning less than £25k as crap is detrimental to our society and we would be better off without you and your hate. I genuinely look forward to people like you leaving.

To OP where is your sweetheart from?

If she is from developed country or developing country it might be better for you to join her there ... or ride out the recession and come back later after the recession. You will be more relax by then.

🙂

I don't want a socialist anything. 13 years of socialist govt has put this country right bac to where we were in the late 1970s.

13 years of socialist govt has put this country right bac to where we were in the late 1970s

late 1970's, can you not read 😉

i think they mean the hyperinflation and oil crisis, general strike and 3 day week. You cannot ignore the commonalities between then and now.

PS it may be easier and quicker if you tell us what you want rather than we guess and you use hyperbole as your method of answering.

The OP would be delighted if he could go back to the late 1970s, he could marry his sweetheart and live happily ever after without anyone asking more than a not very probing "you are marrying for love aren't you?"

This was from 1997 to 2010, were you asleep during the labour govt?

i think they mean the hyperinflation and oil crisis, general strike and 3 day week. You cannot ignore the commonalities between then and now

This was from 1997 to 2010, were you asleep during the labour govt?

Bloody nanny state is what I say ... bunch of nosey bastids. Especially that Mr and Mrs Balls.

I think DS may be suggesting that they were not actually socialists.

EDIT:Indeed DS happy days

thank god Thatcher came along to sort out the mess...thats what we need right now

So what are they the national front in disguise?

This was from 1997 to 2010, were you asleep during the labour govt?

yes, but I don't remmeber any of this happening in the last 10 years.

i think they mean the hyperinflation and oil crisis, general strike and 3 day week.

On the plus side, punk rock did make a slight comeback, but I don't think that had anything to do with Blair.

So what are they the national front in disguise?

So what are they the national front in disguise?

" ... make no mistake ..." (article link in OP) why do they keep using that phrase? I know the US President use it a lot ... hhhmmm ...

Well, what the govt can do is simply this. Discriminate against those countries that constantly breach the rules. i.e. ban them. No political correct shite needed.

But not try to ban all countries ... stupid woman (MP May).

This isn't 25.7K between us, this is 25.7K for the UK spouse only. We are both graduates, but in my line of work as a Biomed 20k is all I can hope for over the next few years.

How the **** would I be a burden if we were living at my rents, earning 30K at the MINIMUM between us. My girlfriend having spent 50k on a university education here, let alone the extra 10k her parents will give her for her masters. I've never been on the dole and if we ever have a problem with graduate jobs both of us are always guaranteed full time work in a Hotel with our board paid for us.

We are both young, hardly use the NHS and could even afford to take out private health and dental insurance.

So if it goes through the UK can miss my arse. I'll disappear and they won't be getting any of my student loan back, they will lose a graduate in Biomedicine and a graduate in Economics. We'll go to Australia, Singapore or Hong Kong instead as we have contacts there. My girlfriend is getting an 80 percent average at Uni, has a stupidly high IB score. Again, a burden? Really?

And for your info this was not only in the Guardian but in the Daily Heil as well. The conservatives and labor are both ****tards.

Did they ask Lansley about this?

Seriously, this rule will create a HUUUGE hole in the private healthcare system in three years time.

Lord knows how many non-eu care assistants (who will have a snoball's chance in hell of making 25k with all the overtime in the world) in Residential and nursing homes and private hospitals and hospital units will have to leave their jobs and go "home". Professionally, I know of several large and expensive private units (who take 100% uninsured and not-paying-themselves NHS patients at great expense to [s]their local PCTs/commissioners[/s] the taxpayer) who will be gutted (like a fish, not like bieing diappointed) of nursing staff once this begins to take effect. Not to mention any units who rely on nursing agencies for relief staff (and indeed the agencies themselves!)

May's a disaster when it comes to immigration tbh, she treats it like a sales target, "reduce immigration by x% by any means". No interest in getting the right people in... Her approach to student visas is just demented, education is a UK success story and we work hard to get people here from all over the world- and they're paying customers too, they substantially fund the education of UK students. Yet almost every month there's a new rule or charge, designed to make it harder to get a non-EU student here and studying. Because to some people, every immigrant you turn away or deter is a result, even the ones that pay a fortune to be here, then leave.

Did they ask Lansley about this?

Seriously, this rule will create a HUUUGE hole in the private healthcare system in three years time.

Lord knows how many non-eu care assistants (who will have a snoball's chance in hell of making 25k with all the overtime in the world) in Residential and nursing homes and private hospitals and hospital units will have to leave their jobs and go "home". Professionally, I know of several large and expensive private units (who take 100% uninsured and not-paying-themselves NHS patients at great expense to their local PCTs/commissioners the taxpayer) who will be gutted (like a fish, not like bieing diappointed) of nursing staff once this begins to take effect. Not to mention any units who rely on nursing agencies for relief staff (and indeed the agencies themselves!)

Good, I hope the cons **** the country beyond belief and the Daily Mail types get what they deserve.

According to them it doesn't matter if we screw the healthcare system up and create an even bigger aging population....as long as there are less brown people.