andy1234

There are many ways to split the equity. A clean break can only be achieved where both parties agree the amount involved and one of them has the cash to pay the other off.

it may be possible for one party to buy out the other by taking on a mortgage and raising the extra capital but this will be limited by that person's ability to get a mortgage and the lender's opinion of the value of the property.

a good divorce solicitor will help with the initial steps but you will need to use an IFA to sort the mortgage side of things as your current lender (if you have one) might not be willing to help whereas another lender might.

To help, I have answered this question in video format and have covered this topic further in my new book, Addicted to Wedding Cake, The Journey of Divorce.
Availble at www.addictedtoweddingcake.co.uk

Thanks, Keith.

Honestly? No.

But it will give an unbiased appraisal of how you spend you money and what actually comes in.

take a look at this previous answer for some budget tips:

http://www.simplyfinance.co.uk/answer/when-does-debt-consolidation-make-sense

if you are a small company (profit less than £300000) then the corporation tax rate is 21% of the profit after all allowed deductions and expenses.

if you file your CT600 using the HMRC template, it will calculate the sums for you, just in the same way as the self assessment site does for individuals.

Introduction

IR35 is a complex subject. Being caught by IR35 is expensive. You can find out how expensive it is by using the IR35 Calculator on http://www.ir35calc.co.uk/legal_advice_ir35.aspx

This article explains why you should take professional legal advice when both reviewing your IR35 status and also in disputes with the Revenue when they challenge your employment status.

Clients and agencies protect themselves – so should you
Both clients and agencies take legal advice for the content of the contracts which their contractors (you) eventually sign. They do this to protect them from any legal challenge or action from HMRC, another Agency or you as the Contractor.

After an inevitable HMRC inspection every 5-6 years neither the client nor the agency wants a huge tax bill for the contractors they have used in the past. They will want to ensure that any tax liability is passed to the contractor.

This inspection can then involve you, the contractor, in discussions with the Revenue about your contract or even start a Self Assessment Enquiry of your own business.

It is thus equally important that contractors also take legal advice to protect their interests, namely the risk of IR35.

Cost of failing IR35
There is a huge difference in your net income depending on your IR35 status. Depending on your contract rate it can range between £2,000 and £10,000 per annum.

To maximise your net income it is important to take legal advice and ensure you remain outside IR35.

Status challenges
As a contractor you will be inspected by HMRC, on average, every 5-6 years.

They will challenge the tax status of each contract and will go back 6 years. It is thus important to ensure your affairs are water tight with respect to IR35.

It is very important to take legal advice to protect yourself against challenges from the Revenue. If you don’t take any legal advice then there is no one to protect your interest.

The best Revenue results are achieved when the client or contractor is not prepared for the review.

Conclusion
If you are about to sign a new contract then you should immediately ask for a review to protect your own interests.

Also, if you have been paying tax in previous years as though you are outside IR35 and have not had your contracts reviewed you should do so immediately.


There is no sign that this will be abolished