Semi retirement

The new IR 35 legislation has tipped me over the edge.

I've had my first three payslips under the new regime and I'm out.

Under my limited company I keep 78% of the hourly rate I charge to clients, after accountant fees, corporation tax, liability insurance, pension contributions.

Under IR35 (Umbrella construct) I keep 57% of the hourly rate I charge after NIC's, PAYE, Pension, apprenticeship levy ffs.

I'm not doing the same job for 20% less in my pocket so I gave my one week notice today.

I have enough salted away to have a wee sabbatical and review what work I want to take on in the Autumn when hopefully covid is under more control.

If I can manage on a reduced spending regime I may just keep going until my pensions kick in in 5 years. Do a few auditing jobs outside IR35 if any big expenses come up but I'm basically now semi retired.
Time now to improve my golf handicap and my nascent guitar skills, maybe try and get a bit fitter too.

I expect Daniel Craig will play me in the movie.
 


Quench

Winger
The new IR 35 legislation has tipped me over the edge.

I've had my first three payslips under the new regime and I'm out.

Under my limited company I keep 78% of the hourly rate I charge to clients, after accountant fees, corporation tax, liability insurance, pension contributions.

Under IR35 (Umbrella construct) I keep 57% of the hourly rate I charge after NIC's, PAYE, Pension, apprenticeship levy ffs.

I'm not doing the same job for 20% less in my pocket so I gave my one week notice today.

I have enough salted away to have a wee sabbatical and review what work I want to take on in the Autumn when hopefully covid is under more control.

If I can manage on a reduced spending regime I may just keep going until my pensions kick in in 5 years. Do a few auditing jobs outside IR35 if any big expenses come up but I'm basically now semi retired.
Time now to improve my golf handicap and my nascent guitar skills, maybe try and get a bit fitter too.

I expect Daniel Craig will play me in the movie.
Can you not find contracts that are outside of IR35?
 

Big Toe

Central Defender
Fancy having to pay your tax at the correct rate, weird isn’t it. Good timing, now the grants are coming to an end. There’ll be many like you doing the same. Some (may or may not be you) that have exploited a system set up to support business that are struggling beyond their control but have chosen to take the p1ss.
 
The new IR 35 legislation has tipped me over the edge.

I've had my first three payslips under the new regime and I'm out.

Under my limited company I keep 78% of the hourly rate I charge to clients, after accountant fees, corporation tax, liability insurance, pension contributions.

Under IR35 (Umbrella construct) I keep 57% of the hourly rate I charge after NIC's, PAYE, Pension, apprenticeship levy ffs.

I'm not doing the same job for 20% less in my pocket so I gave my one week notice today.

I have enough salted away to have a wee sabbatical and review what work I want to take on in the Autumn when hopefully covid is under more control.

If I can manage on a reduced spending regime I may just keep going until my pensions kick in in 5 years. Do a few auditing jobs outside IR35 if any big expenses come up but I'm basically now semi retired.
Time now to improve my golf handicap and my nascent guitar skills, maybe try and get a bit fitter too.

I expect Daniel Craig will play me in the movie.

To be honest, a kid on £20k (or thereabouts) will be paying 20% (NI plus Tax). I'm not meaning to be nasty, but you're 57% figure would suggest you're pulling in a good wedge but want to let suckers on PAYE take up the slack.
 
The new IR 35 legislation has tipped me over the edge.

I've had my first three payslips under the new regime and I'm out.

Under my limited company I keep 78% of the hourly rate I charge to clients, after accountant fees, corporation tax, liability insurance, pension contributions.

Under IR35 (Umbrella construct) I keep 57% of the hourly rate I charge after NIC's, PAYE, Pension, apprenticeship levy ffs.

I'm not doing the same job for 20% less in my pocket so I gave my one week notice today.

I have enough salted away to have a wee sabbatical and review what work I want to take on in the Autumn when hopefully covid is under more control.

If I can manage on a reduced spending regime I may just keep going until my pensions kick in in 5 years. Do a few auditing jobs outside IR35 if any big expenses come up but I'm basically now semi retired.
Time now to improve my golf handicap and my nascent guitar skills, maybe try and get a bit fitter too.

I expect Daniel Craig will play me in the movie.

Well you've had a good run, I'd imagine 78% was not based on £8.91 per hour.
I think you should get really angry and stamp up and down on the ground.
 

Kevj

Striker
The new IR 35 legislation has tipped me over the edge.

I've had my first three payslips under the new regime and I'm out.

Under my limited company I keep 78% of the hourly rate I charge to clients, after accountant fees, corporation tax, liability insurance, pension contributions.

Under IR35 (Umbrella construct) I keep 57% of the hourly rate I charge after NIC's, PAYE, Pension, apprenticeship levy ffs.

I'm not doing the same job for 20% less in my pocket so I gave my one week notice today.

I have enough salted away to have a wee sabbatical and review what work I want to take on in the Autumn when hopefully covid is under more control.

If I can manage on a reduced spending regime I may just keep going until my pensions kick in in 5 years. Do a few auditing jobs outside IR35 if any big expenses come up but I'm basically now semi retired.
Time now to improve my golf handicap and my nascent guitar skills, maybe try and get a bit fitter too.

I expect Daniel Craig will play me in the movie.

I’ve never been able to get my head around this.
My rate is going down by X% and I’m not working for that pittance, so I’ll choose to have no income instead.
 

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