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Moriath

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just asking for a bit of advice for those who have contracted work before

I'm doing a bit of advisory work on the side of my main job for an acquaintance from my previous job life. Obviously I'm working for money.

This is a one off at the moment. What's the sp on tax. Should you just keep quiet and the tax man probably won't find out about it. Or tell them when your paid. I guess what's the chances of being flu d out for a one off payment.
 

old.Tohtori

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Atleast in finland, in my job, i make a contract with the company and they handle the taxes etc payments and pay me what i should get.

Can't really say though since different countries different taxy things. As a general rule it's best not to try and hide from the taxman though ;)
 

Moriath

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Atleast in finland, in my job, i make a contract with the company and they handle the taxes etc payments and pay me what i should get.

Can't really say though since different countries different taxy things. As a general rule it's best not to try and hide from the taxman though ;)
Nah uk you just get paid. And you sort out tax etc.
 

dysfunction

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If you are getting paid cash in hand then it's easier to evade tax.
If the money is being transferred to your bank account it will be more difficult if challenged on it

Chances are nobody will catch you for a one off tax evasion but my recommendation is not to.
But then I'm an Accountant and risk averse in these sorts of things.
 

Yoni

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Pay the tax, just make sure your consultancy fee covers it... As another accountant I agree with Dys
 

Moriath

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Pay the tax, just make sure your consultancy fee covers it... As another accountant I agree with Dys
Covers it?

I get the fee I pay 40% tax on that fee. How can it not cover it? You can't pay more tax than you earn surely?
 

Edmond

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Take the cash, spend it on more windows!!!
 

Yoni

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Covers it?

I get the fee I pay 40% tax on that fee. How can it not cover it? You can't pay more tax than you earn surely?
Who decides the fee? If you are working for yourself ensure your net pay is what you want it to be.... 40% tax is nothing... Try 55%. When i moved My salary to Sweden not only did I ensure a fair exchange rate was used BUT that my take home pay was grossed up ;)... Biggest payrise on paper I have had for a long long time...
 

Moriath

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Who decides the fee? If you are working for yourself ensure your net pay is what you want it to be.... 40% tax is nothing... Try 55%. When i moved My salary to Sweden not only did I ensure a fair exchange rate was used BUT that my take home pay was grossed up ;)... Biggest payrise on paper I have had for a long long time...
Yeah I decided my day rate. And it would be acceptable if I got it minus the tax limits you show :)
 

dysfunction

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If you were going to do consultancy as a long term thing then having a Limited Company would reduce your tax bill.


I'll send you my bill shortly... :)
 

Moriath

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If you were going to do consultancy as a long term thing then having a Limited Company would reduce your tax bill.


I'll send you my bill shortly... :)
Yeah I know. I have friends that do it for a living. This is just a one off.
 

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