We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Dividend tax etc - bad news for small business
Options
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
in Cutting tax
Of interest to those of running PSCs...
Not a great budget for those of us running PSCs with the dividend tax, withdrawal of the NI scheme and potential loss of travel expenses.
Potentially next year going to cost me approx £4500 in dividend tax (two shareholders).
NI probably not a great deal. Not sure yet.
But I think the travel expenses thing is going to kill PSCs stone dead possibly. Its no longer going to be viable to travel/stay at client away from home. The big consultancies can still expenses this but us one man bands can't any more.
I travel every day but its approx £800 a month less potentially. (so another £2000 in CT). For those who stay away and spend £500 a week on travel/hotels its a lot more obviously.
Potentially looking at £7000+ extra tax for me next year.I know contract rates are good when compared to perm salaries but theres going to come a time when the lack of sick/holiday pay, pension etc is going to make it unattractive.
Not a great budget for those of us running PSCs with the dividend tax, withdrawal of the NI scheme and potential loss of travel expenses.
Potentially next year going to cost me approx £4500 in dividend tax (two shareholders).
NI probably not a great deal. Not sure yet.
But I think the travel expenses thing is going to kill PSCs stone dead possibly. Its no longer going to be viable to travel/stay at client away from home. The big consultancies can still expenses this but us one man bands can't any more.
I travel every day but its approx £800 a month less potentially. (so another £2000 in CT). For those who stay away and spend £500 a week on travel/hotels its a lot more obviously.
Potentially looking at £7000+ extra tax for me next year.I know contract rates are good when compared to perm salaries but theres going to come a time when the lack of sick/holiday pay, pension etc is going to make it unattractive.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards