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Not illegal, but probably unethical?
Dithering_Dad
Posts: 4,554 Forumite
It's a slow day in SAP HR today, so I was just quietly number crunching and looking at www.entitledto.co.uk.
I worked out that if I paid myself just my PAYE salary £972.50 and no dividends and paid my wife a salary of £360 with no dividends, we would receive enough of a top-up from child benefits and tax credits to be able to live comfortably off this sort of income. I'd qualify for quite a lot of tax credits (over £5k) and even help with my council tax.
Our mortgage would be interest only and our bills would have to be pared back to the bone (they are pretty much anyway, thanks to MSE), our pensions would be paid via my Ltd company and we'd also be able to have little treats if I was working away (such as free meals and nights in hotels).
This means that the remainder of my income (over £100k) would sit quietly in my company and gain interest, and once the recession was at an end, I could pay myself a huge one-off dividend and pay off my mortgage and buy a couple of BTL houses (prob not, I don't think I could stand the hassleof BTL - ok I'll settle for mortgage free and Ferrari!).
I'm sure this would be legal, but would it be ethical?
Support and hatred happily accepted for this Wednesday Afternoon debate
I worked out that if I paid myself just my PAYE salary £972.50 and no dividends and paid my wife a salary of £360 with no dividends, we would receive enough of a top-up from child benefits and tax credits to be able to live comfortably off this sort of income. I'd qualify for quite a lot of tax credits (over £5k) and even help with my council tax.
Our mortgage would be interest only and our bills would have to be pared back to the bone (they are pretty much anyway, thanks to MSE), our pensions would be paid via my Ltd company and we'd also be able to have little treats if I was working away (such as free meals and nights in hotels).
This means that the remainder of my income (over £100k) would sit quietly in my company and gain interest, and once the recession was at an end, I could pay myself a huge one-off dividend and pay off my mortgage and buy a couple of BTL houses (prob not, I don't think I could stand the hassleof BTL - ok I'll settle for mortgage free and Ferrari!).
I'm sure this would be legal, but would it be ethical?
Support and hatred happily accepted for this Wednesday Afternoon debate
Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.73
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.73
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Comments
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Dithering_Dad wrote: »It's a slow day in SAP HR today,
DD, is SAP that dreaded computer system, the same as the one we have just started using? Urrgghhhh. #shudders#0 -
DD, is SAP that dreaded computer system, the same as the one we have just started using? Urrgghhhh. #shudders#
Yup! Do you work for the DFT then?
Word on the grapevine is that they hate it and were moaning to the press that it output's messages in German. lol.
Not when I configure it though :cool:
Buy cheap, buy twice.Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
Dithering_Dad wrote: »Yup! Do you work for the DFT then?
No a completley different industry altogether, TBH i am suprised ive got time to post on here with all the MIGO'ing and CO11N'ing etc that seems to take 4 times longer than our old system
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Why would it be ethical to leach off the state whilst you amass a small fortune??Full moon?
Half moon?
TOTAL ECLIPSE! :drool:0 -
No a completley different industry altogether, TBH i am suprised ive got time to post on here with all the MIGO'ing and CO11N'ing etc that seems to take 4 times longer than our old system
Don't you love SAP Transactions. You'll know hundreds of them soon and be able to thrill people at dinner parties with your new language.
CO11n - Single screen entry of confirmations
MIGO - Goods Receipts.
I'm in HR so just tend to use PA30, PA03 and SE38 with RPCALCG0.
What fun.Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
Jaffa_Cake wrote: »Why would it be ethical to leach off the state whilst you amass a small fortune??
Exactly my thoughts! The state has leeched enough off me over the years, so I guess you're right. It's payback time!!
Plus the bankers are doing it right now, so why shouldn't I get my snout in the trough with them?Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
Your children would also get EMA (whatever that is) of £30 a week if studying between 16 and 18, and would qualify for a Maintenance grant of £2800 pa if at University.
You may even qualify for free school meals.
This country!US housing: it's not a bubble
Moneyweek, December 20050 -
You a$s is gonna sting when you write out your corp tax cheque.0
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As the most effective way of extracting money from a business is low salary plus dividends, there would really be very little change in corporation tax.US housing: it's not a bubble
Moneyweek, December 20050 -
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