Business Ideas
Business Ideas
24-05-2018, 03:06 AM
Witch,....lol sorry but our version of an easy life is probably different (although winning the lottery wouldnt go a miss!),...my idea of an easy life is as ive said above, being my own boss, working to my rules and my time,...if that means slogging my balls off 10 hours a day, but walking out with a pretty penny at the end of the month, then so be it,...its down to me to earn myself money, no me earning my current boss/company money.
and i agree with you both regarding the Tax, i would save "X" amount each month, pay myself a wage, and leave my savings and a little left to cover the next months costs in my business account, then why i do the tax return in april i can probably cover most of it straight up.
My partners dad got his tax bill through the other day to the tune of £38k,....but doubt ill ever owe them that much!!!
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Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
Dave,...cheers for the info, I would be working as a sole trader not a limited company, as i decided that messing around with dividends etc etc was just to much hassle after talking to my partners dad, (he runs several business's)....and I agree that £26k after taxes/expenses etc (i have the working outs somewhere lol) means just shy of £1,500 per month wage....................but thats still £200 a month more than im on now, to be my own boss, run things how i want, and make of my time what i want,....£2,500 a month may be the outcome of earning £50k over a year, but again, id be my own boss, make of my time what i want, and £2.5k a month!!! thats insane!!! for me anyway
Witch,....lol sorry but our version of an easy life is probably different (although winning the lottery wouldnt go a miss!),...my idea of an easy life is as ive said above, being my own boss, working to my rules and my time,...if that means slogging my balls off 10 hours a day, but walking out with a pretty penny at the end of the month, then so be it,...its down to me to earn myself money, no me earning my current boss/company money.
and i agree with you both regarding the Tax, i would save "X" amount each month, pay myself a wage, and leave my savings and a little left to cover the next months costs in my business account, then why i do the tax return in april i can probably cover most of it straight up.
My partners dad got his tax bill through the other day to the tune of £38k,....but doubt ill ever owe them that much!!!
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
24-05-2018, 03:09 AM
purplewitch [B]You're also confusing sole trader and company tax in there Dave, sole traders don't pay a salary/wage, they are taxed on pure profit[/B]. It is unlikely a company however turning over £50k will give the director any liability for the two self assessment tax payments a year... in both instances Dave is dead right, you have a legal obligation to save for your tax bills, the Revenue are sending out bailiffs like machine guns right now, there is no leeway. As I said previously, listen to everyone who does it, then see a professional and look at the best option for you and then you can plan for realistic figures and timescales. Scrimping at this stage will cost you big later on. Bear in mind as well, £6000 a month, using £125 as your average bill per job means 2-3 a day five days a week, each one taking 1-2 hours and travel time, one side of Rugby to the other isn't a ten minute job.. weren't you looking for an easy life?
I'm a limited company myself, I could easily be getting confuzzled
And Sam's numbers on the jobs are a point worth reinforcing - are there 15 new people a week who will pay to have their driveways blasted etc?
IS200 Sport - Sold
Mazda 6 MPS - Zoom Zoom!
Modifications
Completed:
Currently 280bhp/295lbft; 3" Meercat custom exhaust; KW Suspension; FMIC; SSP; HPFP; Custom Stainless Steel Dials - for the moment, the only set in the world!! (Till the group buy for MPSOC anyway :lol: )
In Progress:
E-Tuning remap ongoing via Cobb Accessport; Braided brake lines; Stubby aerial; Tinted repeaters and sidelights; 3 Port Boost Control Solenoid; 3" HTP Intake
purplewitch [B]You're also confusing sole trader and company tax in there Dave, sole traders don't pay a salary/wage, they are taxed on pure profit[/B]. It is unlikely a company however turning over £50k will give the director any liability for the two self assessment tax payments a year... in both instances Dave is dead right, you have a legal obligation to save for your tax bills, the Revenue are sending out bailiffs like machine guns right now, there is no leeway. As I said previously, listen to everyone who does it, then see a professional and look at the best option for you and then you can plan for realistic figures and timescales. Scrimping at this stage will cost you big later on. Bear in mind as well, £6000 a month, using £125 as your average bill per job means 2-3 a day five days a week, each one taking 1-2 hours and travel time, one side of Rugby to the other isn't a ten minute job.. weren't you looking for an easy life?
I'm a limited company myself, I could easily be getting confuzzled
And Sam's numbers on the jobs are a point worth reinforcing - are there 15 new people a week who will pay to have their driveways blasted etc?
IS200 Sport - Sold
Mazda 6 MPS - Zoom Zoom!
Modifications
Completed:
Currently 280bhp/295lbft; 3" Meercat custom exhaust; KW Suspension; FMIC; SSP; HPFP; Custom Stainless Steel Dials - for the moment, the only set in the world!! (Till the group buy for MPSOC anyway :lol: )
In Progress:
E-Tuning remap ongoing via Cobb Accessport; Braided brake lines; Stubby aerial; Tinted repeaters and sidelights; 3 Port Boost Control Solenoid; 3" HTP Intake
24-05-2018, 03:12 AM
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
Also my partners bro works as a director for her dads powder coating business and he gets paid £600 a month dividends and then X amount of the profit, apparently its cheaper for the company to pay 23% base rate tax rather than pay 23% tax and then 11% national insurance contributions, or something like that, it all sounds so complicated that why i went the sole trader route, one salary, one tax
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
24-05-2018, 03:12 AM
[SIGPIC][/SIGPIC] [COLOR="DarkOrchid"]That symbol on the side of my door.. Definition by FirebirdPhil 'Translated it means -
"try to overtake - go on give it a go I dare you......." [/COLOR]
I'm not an Outlaw; I'm a Poutlaw! Purple Supras are the bestest! I love purple .. a lot lot lot
purplewitch
24-05-2018, 03:12 AM #64as a sole trader you pay the first years tax in arrears ALONG with an estimate of next years in advance (split to half twice in the year) and two kinds of national insurance .. there are pro's to sole traders but tax economy isn't one of them for most people
[SIGPIC][/SIGPIC] [COLOR="DarkOrchid"]That symbol on the side of my door.. Definition by FirebirdPhil 'Translated it means -
"try to overtake - go on give it a go I dare you......." [/COLOR]
I'm not an Outlaw; I'm a Poutlaw! Purple Supras are the bestest! I love purple .. a lot lot lot
24-05-2018, 03:15 AM
DaveEdin I'm a limited company myself, I could easily be getting confuzzled
And Sam's numbers on the jobs are a point worth reinforcing - are there 15 new people a week who will pay to have their driveways blasted etc?
its looking more than jsut driveways and patios though, commercially there is a massive market that it seems is the bread and butter of most of these companies,
pub beer gardens, company walkways, warehouse floors etc,....all need clening and keeping in good condition, especially with mr "where theres blame theres a claim" lurking round every corner
15 jobs a week is not un-acheievable, but for the money say 1 warehouse floor is worth £500 in my pocket but only takes me a day to do,....you can see that it gets a lot more detailed on number of jobs versus profit as each is different.
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
DaveEdin I'm a limited company myself, I could easily be getting confuzzled
And Sam's numbers on the jobs are a point worth reinforcing - are there 15 new people a week who will pay to have their driveways blasted etc?
its looking more than jsut driveways and patios though, commercially there is a massive market that it seems is the bread and butter of most of these companies,
pub beer gardens, company walkways, warehouse floors etc,....all need clening and keeping in good condition, especially with mr "where theres blame theres a claim" lurking round every corner
15 jobs a week is not un-acheievable, but for the money say 1 warehouse floor is worth £500 in my pocket but only takes me a day to do,....you can see that it gets a lot more detailed on number of jobs versus profit as each is different.
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
24-05-2018, 03:16 AM
Carpediem Also my partners bro works as a director for her dads powder coating business and he gets paid £600 a month dividends and then X amount of the profit, apparently its cheaper for the company to pay 23% base rate tax rather than pay 23% tax and then 11% national insurance contributions, or something like that, it all sounds so complicated that why i went the sole trader route, one salary, one tax
I always thought your dividends were your share of the profit... Do you mean £600 a month salary?
IS200 Sport - Sold
Mazda 6 MPS - Zoom Zoom!
Modifications
Completed:
Currently 280bhp/295lbft; 3" Meercat custom exhaust; KW Suspension; FMIC; SSP; HPFP; Custom Stainless Steel Dials - for the moment, the only set in the world!! (Till the group buy for MPSOC anyway :lol: )
In Progress:
E-Tuning remap ongoing via Cobb Accessport; Braided brake lines; Stubby aerial; Tinted repeaters and sidelights; 3 Port Boost Control Solenoid; 3" HTP Intake
Carpediem Also my partners bro works as a director for her dads powder coating business and he gets paid £600 a month dividends and then X amount of the profit, apparently its cheaper for the company to pay 23% base rate tax rather than pay 23% tax and then 11% national insurance contributions, or something like that, it all sounds so complicated that why i went the sole trader route, one salary, one tax
I always thought your dividends were your share of the profit... Do you mean £600 a month salary?
IS200 Sport - Sold
Mazda 6 MPS - Zoom Zoom!
Modifications
Completed:
Currently 280bhp/295lbft; 3" Meercat custom exhaust; KW Suspension; FMIC; SSP; HPFP; Custom Stainless Steel Dials - for the moment, the only set in the world!! (Till the group buy for MPSOC anyway :lol: )
In Progress:
E-Tuning remap ongoing via Cobb Accessport; Braided brake lines; Stubby aerial; Tinted repeaters and sidelights; 3 Port Boost Control Solenoid; 3" HTP Intake
24-05-2018, 03:17 AM
purplewitch as a sole trader you pay the first years tax in arrears ALONG with an estimate of next years in advance (split to half twice in the year) and two kinds of national insurance .. there are pro's to sole traders but tax economy isn't one of them for most people
That just sounds stupid to me,
Can i not just trade until April then do the self assesment, then pay the tax I owe?
Probably work out better to be a sole company now :S ah gash i dont know, down with the regime! :Overkill:
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
purplewitch as a sole trader you pay the first years tax in arrears ALONG with an estimate of next years in advance (split to half twice in the year) and two kinds of national insurance .. there are pro's to sole traders but tax economy isn't one of them for most people
That just sounds stupid to me,
Can i not just trade until April then do the self assesment, then pay the tax I owe?
Probably work out better to be a sole company now :S ah gash i dont know, down with the regime! :Overkill:
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
24-05-2018, 03:21 AM
In my first year, my accountant did my self assessment for me, and my income tax bill was (as Sam says) split into two equal instalments. Then doubled, as they want it paid in advance, and assume you will make as much money in the second year as you did in the first. So you cough it in advance of actually making it, in my case I paid essentially one years tax in the July, and the following January paid the next years tax.
After the first one it gets a bit easier though, as you don't have to get from arrears to in advance...
you just have to pay the advance one
IS200 Sport - Sold
Mazda 6 MPS - Zoom Zoom!
Modifications
Completed:
Currently 280bhp/295lbft; 3" Meercat custom exhaust; KW Suspension; FMIC; SSP; HPFP; Custom Stainless Steel Dials - for the moment, the only set in the world!! (Till the group buy for MPSOC anyway :lol: )
In Progress:
E-Tuning remap ongoing via Cobb Accessport; Braided brake lines; Stubby aerial; Tinted repeaters and sidelights; 3 Port Boost Control Solenoid; 3" HTP Intake
As a limited company it's not that much simpler either...
In my first year, my accountant did my self assessment for me, and my income tax bill was (as Sam says) split into two equal instalments. Then doubled, as they want it paid in advance, and assume you will make as much money in the second year as you did in the first. So you cough it in advance of actually making it, in my case I paid essentially one years tax in the July, and the following January paid the next years tax.
After the first one it gets a bit easier though, as you don't have to get from arrears to in advance... you just have to pay the advance one
IS200 Sport - Sold
Mazda 6 MPS - Zoom Zoom!
Modifications
Completed:
Currently 280bhp/295lbft; 3" Meercat custom exhaust; KW Suspension; FMIC; SSP; HPFP; Custom Stainless Steel Dials - for the moment, the only set in the world!! (Till the group buy for MPSOC anyway :lol: )
In Progress:
E-Tuning remap ongoing via Cobb Accessport; Braided brake lines; Stubby aerial; Tinted repeaters and sidelights; 3 Port Boost Control Solenoid; 3" HTP Intake
24-05-2018, 03:26 AM
Im confused, if i reigistered myself as either a sole trader or limited company tomorrow will i jsut automatically get a tax bill for my potential earnings??
Or do i trade until april 2012, do the assessment and then pay my first years tax in the july and my following years tax in the january based on their estimate?
this rate i might just say screw em and do it all cash in hand with no bank account, gypo styleeee
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
what happens if you end up paying to much tax though?
Im confused, if i reigistered myself as either a sole trader or limited company tomorrow will i jsut automatically get a tax bill for my potential earnings??
Or do i trade until april 2012, do the assessment and then pay my first years tax in the july and my following years tax in the january based on their estimate?
this rate i might just say screw em and do it all cash in hand with no bank account, gypo styleeee
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
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