Add the half pence to the pence
Yeah, precarious enough. I’m losing him to inexplicable corporate nonsense in about 6 weeks. But thankfully it had been signposted a while which allowed us to get him lined up with a gig on a sister team. More good than bad overall.
Explain a corporate car to me lads in terms of tax. They pay for the car and the insurance and the fuel? And what do you pay in terms of BIK
I have considered contracting on a couple of occasions but never did it. The day rates sound very appealing but it is difficult to give up a PAYE job to go into it. I would think that redundancy is the ideal pathway to it as you have the nest egg behind you if you end up out of work for a few weeks/months between contracts.
Totally makes sense if you drive all the time as a part of work. But for desk jockeys an actual car mightn’t be practical. Cash is king.
That will pass too. Nothing wrong with bunkering down for a few years if you have young kids
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Ah yeah. I’d agree with that alright. Neighbour of mine gets a car allowance and he’s a desk jockey. Drives a 131 focus that I’d say is well paid off. So it’s money for jam for him
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Fair play pal. You’re a good Dad.
My parents were the same. Everything was about providing for myself and the sister. My grandfather’s second wife was from old Cork money (her surname was actually O’Sullivan) and when he passed away (I would have been in college) there was a house in a prime location in Cork and a shop and my mother has only one half sister. It was the first time my parents were comfortable when they got that inheritance. But we never wanted for anything up to the .
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My parents were the same. My father is very astute. Gave me some great advice when I started working. Gave me great advice on a few investments I made down through the years. They all made me a few bob with no exceptions.
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Friend of mine contracted for years. Told me recently that he went back into PAYE that the benefits attaching (sick pay, death in service, pension etx) you couldn’t pay for their equivalent out of the contracting gig?
The pension is a huge one. I put in 6% of salary a month and company puts in 12%. And it gives me a gold plated death in service benefit.
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If you can truly engineer your redundancy you’d do it at the perfect time to maximise the tax refund you’d get from PAYE. So maybe work 7/12 months? Maybe accountants could do a better estimate.
Then you’d get:
Redundancy + PAYE refund on the 7 months of PAYE you already paid + Dole.
I’m assuming that’s probably what allowed you to take 8 months off @gilgamboa?
Would have had similar in recent roles. Would have thought it relatively standard as part of a company pension scheme? It is a very good benefit alright and one that is massively underappreciated until you would try to pay for that cover yourself
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Is there some rule that if you get over 50/100k redundancy, you can’t draw the dole for a few months
P60s are with O’Leary in the grave, keep up
Depends on milage but essentially 30% of cost of car is charged to you as additional salary and you pay tax on that…if you do mote than 25k kms it reduces accordingly
Mileage is the trick and plenty of it. I do about 70k work km a year. Hence I pay fuck all BIK
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One thing worth mentioning… Income protection is tax deductable. Worth thinking about for lads who are the breadwinner and are hitting the mid 40s.
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You’re still only a puppy kid. I think with your work ethic and attitude, things will fall into placerelatively quickly for you
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