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Anon_E_Mouse

Another Rat Leaving The Sinking Ship

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I'm a well paid day rate contractor and director of my own one man band limited company.

My little bit of action against the last years of the Champaign Socialists and ineffective ConLibs was to not pay myself a salary/dividend, but instead live off my house deposit savings (which were getting NIL interest anyway). So the state was only getting Corporation Tax (? approx. £50k) & VAT (? approx. £45k) from me.

In the next month I will be making the jump into Europe, although not losing my UK residency. Plus closing my UK company down.

So I will pay local taxes and and I could have a tax bill of £10k or so to pay back in the UK. With my foreign earned money staying in local currency in a couple of banks around Europe (but not in Euros).

So from an equivalent income of approx. £225k +VAT, I will now be contributing ~£10k to a country that has an inflated public sector with pensions the private sector can only dream about, a chav class who are better off on the dole compared to most working families, shameless politicians who should be behind bars instead of propping up the housing bubble and shameless banking sector who take all of the risk knowing their politicians friends will get the X-factor population to pick up the bill for it all through their economic policy.

Lets see if the crash has happened in 2013 and I'll be able to return and buy myself a decent home.

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I feel a compliance check coming on... :lol:

I'm a well paid day rate contractor and director of my own one man band limited company.

My little bit of action against the last years of the Champaign Socialists and ineffective ConLibs was to not pay myself a salary/dividend, but instead live off my house deposit savings (which were getting NIL interest anyway). So the state was only getting Corporation Tax (? approx. £50k) & VAT (? approx. £45k) from me.

In the next month I will be making the jump into Europe, although not losing my UK residency. Plus closing my UK company down.

So I will pay local taxes and and I could have a tax bill of £10k or so to pay back in the UK. With my foreign earned money staying in local currency in a couple of banks around Europe (but not in Euros).

So from an equivalent income of approx. £225k +VAT, I will now be contributing ~£10k to a country that has an inflated public sector with pensions the private sector can only dream about, a chav class who are better off on the dole compared to most working families, shameless politicians who should be behind bars instead of propping up the housing bubble and shameless banking sector who take all of the risk knowing their politicians friends will get the X-factor population to pick up the bill for it all through their economic policy.

Lets see if the crash has happened in 2013 and I'll be able to return and buy myself a decent home.

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I'm a well paid day rate contractor and director of my own one man band limited company.

My little bit of action against the last years of the Champaign Socialists and ineffective ConLibs was to not pay myself a salary/dividend, but instead live off my house deposit savings (which were getting NIL interest anyway). So the state was only getting Corporation Tax (? approx. £50k) & VAT (? approx. £45k) from me.

In the next month I will be making the jump into Europe, although not losing my UK residency. Plus closing my UK company down.

So I will pay local taxes and and I could have a tax bill of £10k or so to pay back in the UK. With my foreign earned money staying in local currency in a couple of banks around Europe (but not in Euros).

So from an equivalent income of approx. £225k +VAT, I will now be contributing ~£10k to a country that has an inflated public sector with pensions the private sector can only dream about, a chav class who are better off on the dole compared to most working families, shameless politicians who should be behind bars instead of propping up the housing bubble and shameless banking sector who take all of the risk knowing their politicians friends will get the X-factor population to pick up the bill for it all through their economic policy.

Lets see if the crash has happened in 2013 and I'll be able to return and buy myself a decent home.

If your clients need the work doing then they will hire someone else and the work that you were doing will be done by someone else and the tax that you were paying therefore will be paid by someone else too. No loss to the UK. Which wonderful European entrepeneur's paradise are you headed to, btw?

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If your clients need the work doing then they will hire someone else and the work that you were doing will be done by someone else and the tax that you were paying therefore will be paid by someone else too. No loss to the UK. Which wonderful European entrepeneur's paradise are you headed to, btw?

I work for international company who are planning to fill the position with one of their nationals on an expat deal. I'm off to a couple of Scandinavian countries.

I will have audited accounts to close the company , I don't play the system plus have a strong accountant if HMRC come calling - so not losing too much sleep over this. If I tried to pay zero tax by being non-resident I think I would have more problems.

I have made the decision to be proactive and reduce the amount of tax I pay, plus protect myself and earn/bank some Kronas for a few years. I could stay here and keep complaining on the Daily Mail comments section, but decided otherwise.

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With respect, with the level of profit you were paying Corporation Tax on you were not/are being too smart.........

Why have your accounts audited? Not necessary and a waste of hard-earned cash.

Why didn't your "Strong Accountant" advise you to create an offshore EBT: or set-up a SSIP?

Scandinavian states tend to be higher taxation than the UK. High social deductions too.

You would have been far better served to have taken maximum remuneration as Dividends, paid any NCB due; preserve your capital in a fixed interest bond and not handed large sums of gelt to the Treasury so they can give it to wasted causes.

Just my opinion.

Oh: and BTW: I'm an accountant.

:)

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With respect, with the level of profit you were paying Corporation Tax on you were not/are being too smart.........

Why have your accounts audited? Not necessary and a waste of hard-earned cash.

Why didn't your "Strong Accountant" advise you to create an offshore EBT:

because they are no longer effective

or set-up a SSIP?

because money put in a SIPP is money you will not see again until you retire (IMHO the fact that you get to decide how to invest it is irrrelevent to this point.)

tim

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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