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  1. #21
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    Hangman's Avatar
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    Default Re: family tax credits

    The way to do it is pay yourself the minimum to get by then at the end of the year take a bonus in the form of a dividend as the dividend is only taxed at (i think) 28% so if you would be paying 40% tax you will save yourself 12% tax and you won't need to take handouts from the tax payer.


    Its better to burn out than to fade away...............

  2. #22
    DF VIP Member Over Carl's Avatar
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    Default Re: family tax credits

    Quote Originally Posted by flik View Post
    I agree with consoles.
    There are too many people with double standards who just want to flame whenever they get chance.
    The funniest are driving forums. You get people going on about their silly powerful/modded cars who go crazy when someone admits doing 31

  3. #23
    DF VIP Member DavidF's Avatar
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    Default Re: family tax credits

    Quote Originally Posted by Bald Bouncer View Post
    Exactly and benefits and benefit cheats are the main stay of the media in any recession yet are a tiny fraction of the mass loss of tax payers income and a drop in the ocean compared to the legal loopholes used to avoid paying tax, loopholes and legislation in existence for the rich and kept in place by the ones in power as they are the ones taking most advantage of them.

    Had this discussion many times and often someone will get on their high horse thinking I am condoning or excusing benefit fraud I am not I am simply pointing out this is again the conversation they want you to be having as it distracts from the 100 billion plus a year lost by non doms, millions stolen from the euro funds, billions avoided each year in tax by loopholes they won't close because the people making and the laws all take advantage of these loopholes, the home switching by MP's to avoid capital gains tax is a good example no plans to close that why?

    As for the comments on comparing it to gaining services without paying this is a poor comparison as you are making the presumption there is actually a loss and thus far they have never actually shown any convincing evidence there is as the presumption is people who buy pirate software or gain services they don't pay for would pay for them should they not be able to get them either cheap or free and these are private companies so even if you accept lost revenue only a fraction would ever return to public funds also remembering they take advantage of the tax loopholes and negotiated tax rates Joe public is not able to.



    I have seen threads like this since the day I registered on the forum so don't agree
    I agree with this. Just today I replied to a thread trying to get that very message across Link

    Quote Originally Posted by DavidF View Post
    Right I am going to go against the "Mob" here lol. The government and the Media have done their job so well here. What we have is the working man turning their against the sick and needy. Do you lot really think that your tax bill per year will reduce even if we had 0% unemployment ? (Impossible BTW) The government of the day would just find something else to spend it on. Think back (If you are old enough to go back that far) to when unemployment was way lower as a % than it is today. Was the tax bill lower ? Was it fook. Was the tax bill any higher when the unemployment figures soared ? Nope not really (IMHO).
    A few things get my goat about the way todays britain gets so easily led by the media and it stinks imho. They tell you that we are wasting billions on welfare cheats, then bury way deep inside the figures that when checked and after spending many many millions chasing these cheats it turns out that they amount for 0.5% of the welfare bill.
    So they move the goal post from "cheats" to long term unemployed - Lets look at some of them - A lot of them come from deprived area's where there literally is NO JOBS especially no jobs for the unemployed. I am all for cash injections into these areas to promote buisness start ups and incentives for buisness to locate in these areas Then we can look at who isn't willing to "Get off their fat arses"
    Then they tell us that we are wasting billions on local government and council services (Quangos was a favourite word of theirs) So we sack 000's of them and where do they end up ? That's right the fooking dole queue along side the long term unemployed lmfao. Then in the next breath we are all moaning that our bins only get emptied once a fortnight lol. Wonder why that is ? God help you if you have special needs kids that need help as these services are under attack (I know as my brother works directly with these services). The fact is a lot of local government and local council services are stretched to breaking point. So under-funded that it's not even funny.
    Yes let them work for their dole money - Doing what exactly ? Sweep the streets ? So shall we sack the road sweepers now and get the unemployed to do it for free ?
    I could go on but i am getting into a rant mode now and I really dont want to lol.
    Yes there are spongers out there, Yes it would be good to "sort" them out ect. But IMHO its got to the stage where everyone who is receiving any type of benefit is looked down at and sneered at. I ask any of you complaining about these "spongers" would you like to swap places with them ? Really ? At home all fooking day no holidays, No nice cars, No socialisation, Looked at as scum, No prospects, No hope, No aspirations all for £45 per week. How many packs of fags can you get for that ?
    All the while the big business are laughing all the way to the corrupt bank. Negotiating their tax bills ffs ?(How many of you get the chance to negotiate how much tax you pay lmao) Banks gambling with YOUR money and when they loose YOU have to pay. Their pay stays the same the regulations stay the same and their bonus remains unaffected. Plenty of sound-bites stating about how they will fix it,regulate it make sure lessons are learned ect ect....but it's all nearly forgotten now, back to the next target. You watch it will be the pensioners next. They get too much £££ too many benefits they are a drain on resources ect ect ect.
    Er a part time bad poker player was ere:bomb:

  4. #24
    DF VIP Member Geko's Avatar
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    Default Re: family tax credits

    It's not fraud. It's a loophole the government are well aware of, just like "non-domiciles" who live here. I thought Osborne was going to close it, and I think he should.

  5. #25
    DF VIP Member hoponbaby's Avatar
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    Default Re: family tax credits

    Going back to the original question and avoiding the rest of the morals. Yes going ltd and paying yourself would mean you'd increase your tax credits as long as you leave the rest of the money in the company - if you take a dividend it is brought in to your income for the tax credits calculation.

    You could take the other money from the company as a repayable loan, but the overdrawn directors loan account is a taxable benefit and should be declared to HMRC and the tax paid. At some point you'll need to clear the loan so unless you have the money available to repay you'll end up declaring a dividend and it will all catch up with itself

  6. #26
    DF VIP Member steiff1's Avatar
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    Default Re: family tax credits

    you know what, I've never been out of work since I left college some 20 years ago.

    I've struggled on feck all wages, struggling to pay bills, and still do sometimes. I have never fiddled benefits, nor will I.
    I simply asked the question of tax credits, as If I were to go limited, I would not be taking huge chunks in dividends as extra tax break payments, but actually would take a pay cut to build some profit into the company, so for people who don't know me to call me a thief or fraudster or alike is out of order.

    I've recently been working 13hr days. 2 months solid of 13hr days with only 3 days off. 'loadsa money' I hear you cry. Well not really when the taxman got hold of me and took a massive chunk of it. So after working out my extra hours after my basic 40hr week, I was actually working for half of my basic hourly rate during overtime hours.

    Now you tell me, is that fair?

    I know people that don't work, yet, have a mortgage, own a car, go on holiday, wear designer clothes. I earn a decent wage but cannot afford a holiday this year.

    I asked a simple question that's all.

    As for the £6.50 a week, when my wife was working full time ( before she returned to full time study) we actually got more than that per week. Everything was declared and above board. So how that's worked out is beyond me. and for
    Now she is in college, we get less per week, and get no help with child care.

    you can all rest assured and sleep well in your beds, when I say that I wont be taking a pay cut, just to get some of your hard earned tax money, as there is no guarantee that I'm even going limited.

  7. #27
    DF VIP Member hoponbaby's Avatar
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    Default Re: family tax credits

    If you've got the option to go ltd and will get paid more (bearing in mind loss of security, loss of holiday pay, sick pay etc) then go for it. Regardless of the tax credits you'll be able to take home more of the money you earn so should be better off in any event.

  8. #28
    DF VIP Member rmj2663's Avatar
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    Default Re: family tax credits

    Even if you leave the profit in the Ltd Co you will pay Corporation tax, so either way you will be paying your taxes. So take what you can as divi after the tax has been paid and I'm pretty sure you wont worry about tax credits.
    You can always put it in a high interest account ready to put back into the business if required, but you will pay tax on the interest.
    In fact you will always pay more tax than you could take in tax credits
    "Friendly fire will not be tolerated"

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