Not really - the company pays him and then he pays PAYE.
55% is the marginal rate for self employed earning over €100,000.
At €150,000 he should be clearing about €90,000 or €7,500 per month.
Sinn Féin will consider him Uber wealthy but you take €2,500 out for a mortgage, €1,500 and €750 for a pension and you ain’t exactly living a champagne lifestyle.
How do you take money out of the company though? If you take a salary you’re taxed again after paying 25% already and dividends are taxes at capital gains.
I thought of that this morning. I’ll be seeing his father (a longtime pal) in the next few days and make this suggestion. I might just add that when he told me he was a contractor I asked him was he on many sites…The reply was he wasn’t, it’s all done from the small television he has in the black bag.
Oh that says I. Yeah says Scalder, he sits there fucking and blinding at it all day.
I wondered where that habit came from but wisely kept my council.
He has 3 lads who were all clever and did well for themselves but to hear him rant about them you’d get the impression they were delinquents.