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Yeah don, and not once have I claimed to be rich, so give it a rest. Everything I have, own and do is quite modest to some on here.
This like one of those "What colour laces for Hong Kong?" threads that CFH is so fond of, isn't it?
Except a little less tasteful.
Nah; Flashy's posts are definitely more tasteless. He lacks [i]class[/i], you see. 😐
If you employ someone, then don't you have to pay their NI and that? As well as ensuring the premises used for the work meets all health and safety regulations, etc? And duzent it have to be registered as a business address? Does that need planning consent or something?
I imagine ensuring all these things might be a right headache, not to mention quite an additional expense.
Plus any employees are entitled to all their statutory holidays, sick p[ay etc. That'll have to be ensured too.
Yeah don, and not once have I claimed to be rich, so give it a rest.
You've made the mistake of openly discussing your earnings though, that's just not [i]British[/i], you know...
Both being self employed [b]and me being well into the 40% bracket[/b]
😆
I have a lot of outgoings don. I wasn't particularly good with money when I was younger. Yeah a lot comes in, but a lot goes out. Cue more abuse, but I'm not cash rich by a long stretch. Well maybe to tj I am.
Fred, not so much if she's self employed too
This is why we need more tax inspectors - stop this petty tax evasion and there would be plenty of money.
Tax Avoidance, not evasion.
Tax evasion - he is considering creating an imaginary job for his wife to reduce tax. Not because he needs someone to do a job.
Nothing to add except in my tired state I read the original title as
"Enjoying your spouse"
And I don't know of a tax break for that 😮
I have a lot of outgoings don. I wasn't particularly good with money when I was younger. Yeah a lot comes in, but a lot goes out.
Bless, but you were shouting about being well into 40% territory, which walls you piss it up don't really interest me, but the constant reminders of 300 quid per day, or whatever it is, and all the other lifestyle clues are a quite amusing in their tackyness.
I can't actually believe that this is a genuine question either. I'm quite sure that a little bit of forum detectivery could find you true identity. I would also be incredibly surprised to discover that tax inspectors don't ride mtbs and/or read internet forums.
Tax evasion - he is considering creating an imaginary job for his wife to reduce tax. Not because he needs someone to do a job.
no it's avoidance if she prints off some invoices and takes them to the post office for a fee.
it's a legal manipulation of the system. it has to be illegal to be called tax evasion.
Tax evasion - he is considering creating an imaginary job for his wife to reduce tax
No, he's decided that for legitimate business reasons he needs a secretary and is considering employing his wife in the role.
Both being self employed and me being well into the 40% bracket and Mrs STR not being, can we spread the earnings?i.e. I 'employ' Mrs STR as a secretary and pay her say a grand a month?
Note his inverted commas.
he clearly intends to invent a non job for his wife to evade tax.
No, he's decided that for legitimate business reasons he needs a secretary and is considering employing his wife in the role.
Is he balls! 😆
Did you not bother reading his OP?
Both being self employed and me being well into the 40% bracket and Mrs STR not being, can we spread the earnings?i.e. I 'employ' Mrs STR as a secretary and pay her say a grand a month? Not looking to do anything illegal per se, but if there is a genuine loophole, I may as well use it.
All he's doing is what everybody does in this society; look for maximum gain for minimum pain.
It might seem selfish, but that's the society we live in. Entitlement without Responsibility.
Now if tax were assessed on household income, he and his wife would be paying more tax between them.
But would that be any 'fairer'? It would benefit [i]society[/i] better.
It might seem selfish, but that's the society we live in. Entitlement without Responsibility.
A bit like trying stuff on in your LBS and buying it off the internet, eh Fred? What was it you said again
Business is business; dog eat dog. My priority is to myself
😉
Anyone who is self employed and pays 40% tax needs to shoot their accountant and advisors.
Another amusing thread where all of us on a lot less than somebody else become righteous as if they wouldnt try and find loopholes to pay less tax IF they earned that kind of money. Sorry guys your living in a fantasy world if you think you'd not use loopholes earning mega bucks. Sanctimonious clap trap.
Yes employing your missus as either a b share holder or an employee will legally reduce your tax bill. A nice accountant can show you how. Charity begins at home.
This is abit of a daft thing to ssk on an open forum.
Get sn accountant if u dont have one already
A bit like trying stuff on in your LBS and buying it off the internet, eh Fred?
Yeah, exactly like that. Of course it is. Great so see what a fantastic grasp on reality you have, Labby.
No, he's decided that for legitimate business reasons he needs a secretary and is considering employing his wife in the role.
😆
You're just making crap up in your own head again, in't yer? In the folorn hope that if you shout about it enough, it might actually be true.
Dear oh dear oh dear... 😆
You're so good at autopwning that you do our work for us. So public spirited of you. 😀
X
spread the love.
Yes employing your missus as either a b share holder or an employee will legally reduce your tax bill.
From the link above...
Where a deduction is claimed for payment at the commercial rate in respect of substantial duties performed at premises away from the family home it is very likely that the deduction is allowable. Conversely, where payment at a non-commercial rate is made in respect of minor services performed at the family home a deduction is unlikely to be justified.
Shareholders are obviously entirely different, but the advice above appears to be pretty clear cut. Who knows what would happen if you were caught (and how likely is that?). Mate of mine did get caught evading tax when working in ROI. I think they gave him some choices, so he paid the arrears and a naughty tax on top 🙂
speak to an accountant and get some professional advise. It can be achieved I am sure and he should tell you what your other half needs to in order that she qualifies for this and then make a decision based on your circumstances and risk appetite.
TheArtistFormerlyKnownAsSTR - Member
Not really in the position to go Ltd at the moment, as I juggle my personal and business overdrafts when cash flow is slow - I would imagine this would get a bit tricky/messy as a Ltd co.
POSTED 10 HOURS AGO # REPORT-POST
Sounds like your finances are in a mess if you pay 40% tax yet have to juggle money, have personal and business overdrafts and don't think you are in a position to go Ltd.
Fast lie many lions.
This might have been mentioned, but despite the fact that i have been looking at STW on and off all day, I am [i]still[/i] reading this thread title as '[b]enjoying[/b] your spouse'.
Sounds like your finances are in a mess if you pay 40% tax yet have to juggle money, have personal and business overdrafts and don't think you are in a position to go Ltd.
A month or so before Christmas I was owed £54k. My finances aren't completely rosy, but could you stand that? Being in a financial mess and experiencing slow cash flow are completely different animals if you understand business in the slightest.
If your tax liability is that high then your profits are strong and you should have funds to cover emergencies.
The last time I was paying 40% tax I could have covered that comfortably.
Seriously - it sounds like you need to employ someone to advise on your finances, not employ a ghost position to 'save' tax - I think you would *actually* be better off.
IMO