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Everything posted by mikthe20

  1. No problem WP. All the best. Edit: BTW, it was redundancy that lead me down this path although as above you need to cope with "voids" of erratic pay or no pay between jobs, but sounds like you've got that taken care of already. Cheers.
  2. Sorry mate If it's any consolation it took me years to work out and I probably could have saved a good 6-figure sum over the years.
  3. Mate, you're in danger of spiting your face. If you go self-employed you don't have to pay NI at all. Set up a Ltd company (forget the umbrella companies, it's not difficult to run it yourself and pay an accountant £200 a year to do returns). Then pay yourself the minimum in PAYE each month to qualify for full NI contribution (easy using HMRC's online PAYE - they really are quite efficient) - this is £663 per month this FY. You don't actually pay any NI, but do qualify fully. Any excess, pay yourself tax-free through dividends up to 40% tax threshold (or pay yourself the 0% rate £10k salary and then dividends). Any excess from that beyond £1 putting you into the higher rate tax rate, stick in pension contribution direct from your company, which will be topped up 20% when it's paid in, and you can claim additional 20% with annual tax return. You'll also not pay corporation tax on it, so that's another 20% saved in tax, effectively making net 60% on top of the actual cash pension contribution IYSWIM (I know it's not actually 60% but still big contribution). Directors can contribute to pension in excess of their salary too, unlike others. Lots of other things too - 45p per mile for business mileage is very generous, especially considering current fuel prices. It's all kosher (get financial advice and all that). Here's another one: Register for VAT and join the Small Business Flat Rate scheme, designed to encourage small businesses - max turnover something like £270k IIRC. Downside is you can't claim VAT back on purchases, so best for service/consultancy business. Charge your business clients 20% VAT as usual (they won't care, they claim it back anyway). You only pay VAT to HMRC at the rate for your type of business. This could be as low as 9% IIRC, let's call it 10%. So you effectively you only pay half the VAT and get an extra 10% from your clients at no additional cost to them. That extra 10% makes a big impact on your gross margins/bottom line. Got accumulated profits built up in the business after many years? Great, sell or close the business and pay only 10% tax (entrepreneur's relief) rather than 40%+ as income tax (will have paid 20% corporation tax on any profits though of course). Wish I'd left salaried PAYE employment years ago - much higher net income possible for the same amount of work, or just work less for the same net income. ETA: Bit about taking salary of £10k at 0% income tax instead of £663 per month, although some NI due on the former. There are currently discounts on NI for new business/employees so might not be any due in first couple of years IIRC.
  4. I presume if oil prices go up he's going to suggest that companies "pass it on" and cut wages in return?!
  5. Apologies, I should have been clearer (amended original post) - I meant head office/management since it's clearly an edict from on high. Remember Sainsburys "50p challenge" to get staff to try to coax customers to spend more? FWIW, the staff are very pleasant and chatty compared to the ones in Tesco 100 yards down the road, presumably because Sainsburys pay more or have a better staff culture.
  6. Good policy. I've noticed a worrying recent phenomenon, of which my local Sainsburys is guilty - not giving receipts as a matter of course. Most times they ask if you'd like a receipt, but sometimes they don't bother and I have to ask for it. Doesn't make a difference if you pay cash or card. I can only assume it's a deliberate ploy because they know errors are made (almost inevitably in their favour) and most customers don't bother to check. Since the staff all use the same phrase, this is obviously a deliberate policy set by someone higher up - c*nts (the management, not the staff)
  7. Seem to be plenty I'm afraid: http://www.zoopla.co.uk/house-prices/browse/london/nw7/mill-hill/?so=mean_3_yr&sd=desc
  8. "It's different this time". Actually, I think there's an arrogance amongst these people that they are superior to their predecessors over the centuries, that we are so much cleverer and sophisticated that we will make it work when our ancestors couldn't. Pure arrogance and doomed to failure. Either that, or the feckers have never read a book on economic history. The fact is, our economic situation, the errors being made, and ignoring the obvious solution is all textbook stuff - history is repeating itself - where are the Austrian school economists?!
  9. I think we can rely on the good people of Britain to execute restraint, plan ahead and not seek instant gratification or "get rich quick" schemes like BTL. Think I might open a Kia dealership and wait for the hoards of OAPs with their pension cash wanting to buy a sh*tbox.
  10. Blimey, 2% gross yield! I presume they're a lecturer in economics or PPE?
  11. The best result IMO is continued uncertainty. So, weak coalition or minority government that people aren't sure would make it beyond a crisis. Uncertainty means people aren't willing to make long term commitments and the prop to house prices would disappear. Otherwise we'll just continue to have the proven idiocy and incompetence of LibLabCon and the clearly NIMBY UKIP. There is no way Labour will introduce any meaningful mansion tax and they'll cave under media/VI pressure as usual. Sad state of affairs that not a single party is tackling housing head on, with policies on LVT, building social housing, building on green belt, and fixed mortgage multiples.
  12. Yep. The end game is the collapse in the pound to really take their money.
  13. Aren't Brown and Darling Scottish any more then? - Scotsmen were in stewardship of our economy when it went down the toilet
  14. Interesting article. Although in my 40s, I've come to the same conclusion. Marriage again at my age could mean total ruin, so it's really not worth it as the upside is much less than the downside. And once you admit that you don't need a woman, after being nurtured and indoctrinated to believe it, you realise how free you are to do what the hell you like and enjoy life (and it also makes you more sexually attractive to women, so getting laid isn't a problem). A lot of women are cottoning onto this - men aren't willing to commit, and in fact they'd be mad to considering how things are structured. A simple divorce law of 50% of assets and 50% child care would fix it - but no, can't have that can we? That would be TOO equal!
  15. Absolutely OP. Amazing how much unquestioning coverage this is getting from the BBC. No mention either that maybe parents might be the right people to, err, parent. Work like slaves to pay exhorbitant mortgage, outsource child rearing to the state. Rinse and repeat.
  16. Seriously, why are people in this thread talking as if any of the parties will actually implement their manifestos? IMO, Labour will not introduce a mansion tax. Millipede has no backbone and won't have the balls to do it once there's a London media-induced uproar. What is surely guaranteed is that all parties (including UKIP) will do everything they can to prop up house pricess and indeed push them higher. The only cause of a HPC will be external, but you can bet that the government of the day will QE us to hell to save the banks and house prices.
  17. Clearly the Spanish government needs to introduce tax credits and housing benefit to "help the poor".
  18. Agreed on the latter, of which I am one. I'd love to put large chunks of my pay into a pension with a view to taking it out after 55 without buying an annuity. However, I don't trust future governments not to tax me to the hilt for doing so, or to force annuities once again.
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