MikeD
Member
Registered: 18th Aug 02
Location: Whittlesey, Cambridgeshire
User status: Offline
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over how long have they offered a contract for? 3-6months is alot of money
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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hopefully a good few years
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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Do it 
Might regret it otherwise, regret is not the way forward.
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chris-sri
Member
Registered: 3rd Apr 05
User status: Offline
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One of my friends was telling me that he has set himself up as a contractor in the business that he is involved in. He told me that as he has set up his own Ltd company he can pay himself the minimum wage and pay tax in the lower band on those earnings. The rest of the profit that the company makes is then paid to him as a dividend because he is the major shareholder. He can write off most of his petrol and phone bills etc as a business expense (no vat there then) and therefore makes a killing.
The moneys there if you have the guts to go and get it but it's risky.
Btw if anybody knows otherwise please let me know so that I can go and inform him of the inland revenues impending visit.
[Edited on 04-11-2005 by chris-sri]
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by chris-sri
One of my friends was telling me that he has set himself up as a contractor in the business that he is involved in. He told me that as he has set up his own Ltd company he can pay himself the minimum wage and pay tax in the lower band on those earnings. The rest of the profit that the company makes is then paid to him as a dividend because he is the major shareholder. He can write off most of his petrol and phone bills etc as a business expense (no vat there then) and therefore makes a killing.
The moneys there if you have the guts to go and get it but it's risky.
Btw if anybody knows otherwise please let me know so that I can go and inform him of the inland revenues impending visit.
[Edited on 04-11-2005 by chris-sri]
You still pay taxes on dividends as its classed as income, so would push his income into a higher tax band.
I'd say go for it, your young and have relatively little responsibilty (no kids?) so is the perfect time. Plus it will give you more chance to set something up on your own in the future if you wanted and earn mega $$$.
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Dave A
USER UNDER INVESTIGATION - DO NOT TRADE
Registered: 10th Dec 03
Location: County Durham
User status: Offline
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quote:
Originally posted by Edd
stay where you are until the other company can guarantee you some job security
take a risk. not enough people do these days.
if i had kept my poxy job 5 years ago and not taken the risk of going self employed i would still be on the same salary now probably. luckily i did and i now make 10 times what i used to
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mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
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i would go for it adam, nothing to lose and for that kind of money..and surley if it falls through later on you will be able to secure another job..
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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i've got a year or so to decide....
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