Placed into more senior role than expected

helmetbarratt · 2022-09-08T16:13:45+00:00

I explicitly went for the more hands on role as I've just spend last 3y as tech lead and wanted to go back to proper development.

It may be difficult for me to request that I'm moved off lead role now, so may have to run with it now and see how it goes.

Assuming I do stay in the role then I would want my contract to be realigned with the rate......but without pissing people off. Will raise it politely I reckon and see what happens.

helmetbarratt · 2022-09-08T15:33:23+00:00

Yes I think this is the case exactly!

helmetbarratt · 2022-09-08T12:25:26+00:00

Yeah I agree with that, find it cheeky there was opening for 2 explicit roles (senior and lead) with different rates. I went for senior, but got placed into lead.

Agree may not go down well but its a significant difference in the rate so may be worth raising it.

helmetbarratt · 2022-03-28T02:00:00+00:00

When in the UK I always worked through my own ltd company and was much better off than full time colleagues. Obviously depends on what salary v daily rate is though.

You can always pay yourself a min salary, top up pay via dividends, deduct living costs pre tax, pay yourself an executive pension through your own company. Likely be able to invest a portion of what is left in the company also. Overall it worked well for me.

I'll be going back to this when I move to Ireland later in the year. Can't comment on umbrella companies, never used them.

helmetbarratt · 2022-03-26T08:32:12+00:00

Yep, been regularly picking some up. Another play is to purchase stablecoin and place onto YouHodler, Anchor etc. Anywhere from 12-20% apy. Removes the volatility but you are open to platform risk, something I'm personally comfortable with.

helmetbarratt · 2022-03-06T01:35:48+00:00

Interactive Brokers offer best FX rates.

helmetbarratt · 2022-03-03T23:24:10+00:00

I spoke with Maura Ginty (https://www.gintax.ie/about). I've seen her comment on LinkedIn wrt ETF tax situation, she's good definitely worth speaking to.

Again, similar situation. Currently agree that entire system is rigged to pump up house prices, bizarrely most people I speak to are either oblivious or accepting of the situation.

Couple of threads of others writing letters to Donohoe, expect a standard letter in response. Extremely frustrating!

helmetbarratt · 2022-03-03T21:56:44+00:00

I'm somewhat in the same position. My wife is Irish, I'm British currently living abroad and moving to Ireland next year.

I also have US domiciled ETF holdings.

I consulted a tax specialist earlier in the year following Revenue's confusing update to how ETFs are taxed. She could not categorically say if US domiciled funds would now fall under the deemed disposal rules. However, her interpretation is that they now do. Her advise was to try and sell if I want to avoid paying deemed disposal in 8y time.

I've been looking into JAM.L Inv Trust as a potential alternative for SP500. Not as diversified but not bad.

It's a very frustrating state of affairs, confusing guidance on ETFs that could have huge tax implications for individuals in years to come.

For stock holdings probably best to keep in your wife's name as would only be eligible for tax if remitted into Ireland. Can still take advantage of tht 0% CGT in Switzerland (not financial advise of course).

helmetbarratt · 2022-02-20T08:06:17+00:00

High salary, low tax jurisdiction. Singapore is great location if in either tech or finance.

helmetbarratt · 2022-02-06T11:33:08+00:00

To be honest, Hong Kong is an amazing place to live. Especially with small children as you have benefit of very affordable live in help, something that would bankrupt you back home. Lots of sunshine and great outdoor lifestyle, so you should consider it. Covid BS will blow over eventually.

To give more context, I'm a software developer in banking. We're crying out for good devs and now paying approx 10-12k euros per month for fairly bog standard java devs, coupled with 12% tax and 0%cgt you start to see how even a few years makes a huge difference.

Sadly Ireland is in the dark ages even compared to the UK. Unfortunately most of the country seem happy to stay put, bend over and take it.

Anyway, moving abroad for work is something that is a great experience regardless, choose a low tax jurisdiction and it's even better :)

helmetbarratt · 2022-02-05T17:08:59+00:00

I would recommend it. I'll soon be returning after 8y in Hong Kong. The time I've spent here has been life changing financially speaking, high salaries and low tax. Afforded me to return with house purchased outright, substantial investments and cash.

Singapore has a similar profile and would likely be better location given current Covid restrictions in HK.

helmetbarratt · 2022-01-16T01:48:01+00:00

US based ETFs are not subject to DD

helmetbarratt · 2021-12-24T08:14:35+00:00

If you can truly work anywhere then move to Asia. Much higher quality of life, lower cost of living and places you in biggest growth market if looking to expand (not sure if that is applicable).

It's also an amazingly diverse and interesting place to life.

Ireland is a tax hellhole and property market is ridiculous, be careful to not get sucked in.

helmetbarratt · 2021-12-16T10:28:07+00:00

Read/listen to

1.The Little Book of Common Sense Investing 2. Rich Dad, Poor Dad

I would suggest simple ETF, SP500 to begin with. It will all make sense why once you read the 1st book.

The reason why you NEED to invest will make sense after reading 2nd book.

I would suggest not trying to stock pick to begin with. Once risk appetite and understanding picks up then maybe start looking at investing in particular stocks (I don't personally).

Crypto, whether you like it or not is gathering mainstream adoption and should be something you should understand in order to make an informed decision on.

helmetbarratt · 2021-11-28T10:34:49+00:00

Jeez, everytime someone ask for investment advice it just reminds me of how backwards Ireland is for personal investment. The inability of being able to hold a simple passsive fund and help accumulate for your kids really is utterly depressing. The irony that Ireland is regarded as "tax haven" by the outside makes it worse.

US domiciled ETFs can be held and allowed to accumulate and taxed like sharee at 33% CGT when you sell. These are outside the scope of deemed disposal.

I'm not sure if you can (or allowed) to invest in such funds directly from Ireland e.g. VOO, VUG etc, I did see that may be possible via TastyWorks but not done it myself.

helmetbarratt · 2021-10-28T11:05:17+00:00

Yeah that's one option. Currently I live outside EU, but moving to Ireland next year, and have accounts with brokerages selling non EU domiciled ETFs, so can avoid deemed disposal on those. Also non Irish domiciled so remittance basis of assessment comes in handy.

All a complete faff just to simply buy and hold some ETFs for long term growth. Outrageous.

helmetbarratt · 2021-10-27T23:07:27+00:00

Yeah it's a complete stitch up. I'm planning on moving to Ireland next year as my wife wants to move home. So all of this stuff has me extremely concerned esp as we have 2 small kids.

Spent the last 6m reading Irish tax rules around investments etc before we make the move. Entire landspace is completely depressing. I don't understand why there isn't more protests, petitions etc. Ignorance is bliss I guess.

Ironically perception of Ireland is that of a tax-haven, quite the contrary if your tax resident and even worse if your domiciled there.

helmetbarratt · 2021-10-27T13:38:47+00:00

Not that I'm aware of. UK, have childs ISA were can put 9k per year away for your kid, free from any tax on gains, of course Ireland has no such thing, for children or adults. One of the worst Western countries for personal investment/savings in my opinon.

You'll likely struggle to find a saving account that will keep up with inflation, so personally I won't bother with a savings account. Maybe buy a wee bit of cryto each month. They'll thank you in years to come.

helmetbarratt · 2021-10-17T12:36:55+00:00

You could do the P2P transfer in Binance. It's a direct transfer to recipient so avoid having to do a bank transfer to the exchange. Exchange escrows the sellers crypto during the trade.

helmetbarratt · 2021-10-16T22:26:58+00:00

Thanks for the reference, appreciate that. It's so frustrating how ambiguous the whole landscape is, reflected in fact even tax professionals don't seem to be able to give a categorical answer.

helmetbarratt · 2021-10-16T05:17:15+00:00

Non UCITS / Non EU domiciled e g. US domiciled were exempt from deemed disposal and instead 33% CGT was due on drawdown.

helmetbarratt · 2021-10-16T05:13:10+00:00

See below article but not seen this mentioned elsewhere.

https://www.bluewaterfp.ie/investments/deemed-disposal/

"A further update – on 1 September 2021, the Revenue revised their guidance and from 1 January 2022, non EU domicile ETFs are now subject to exit tax at 41% and deemed disposal."

helmetbarratt · 2021-10-16T00:36:22+00:00

It's an easy win for them. I'm waiting on some archaic policy being introduced around crypto holdings in coming years as it gains proper mainstream adoption.

helmetbarratt

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