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speedmatters

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About speedmatters

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  1. This maybe the case however you are deluded. Ratios of children to parents are set down in law, 0-2 year old 1 carer to 3 children, 2-3 yo 1 to 5 and 3 and above 1 to 8. You have missed off insurance, phone, internet, repairs and maintenance to the building, advertising, accountancy fees, bank fees I could go on. I own a large a 58 place Nursery and we struggle to make any profit despite what a lot of the parents probably think. Another thing with Nurseries is that we are zero rated for VAT which means that we cannot reclaim VAT on any of our purchases like most other businesses can.
  2. However the multiple depends on your earnings. If you have a joint income of £100k, so you can have a £425K mortgage. Repayments approx £2850/month and take home joint pay of about £5400 so £2550/month to play with. Sounds ok to me. You can play these figures any way you want to suit whatever argument you want to put across. I'd be extremely upset if they would not lend me at least that.
  3. No I don't think you would. IT Contractor, Engineering Oil Industry Contractor, Commercial Diver. I've known salesmen that earned £80K and that was 7-8 years ago.
  4. I say struggling in that I spend all of my earnings every month, however I have paid a lot of debt off recently, I have just bought an expensive house which probably will drop further in price now, but mortgage will be less than 3 times earnings. Also one of the cars I have is a TVR (buying british is not always good) and to say it costs me a small fortune would be an understatement!!! Sure I'll feel better off in a years time.
  5. Is it, why? If the average wage is adequate for a typical job, where you are in charge of no one else but yourself, you have a manager who time manages you. You are not responsible for budgetary controls and 90% of the population could do the job given fairly minimal training. Why should these jobs for directors who will be in charge of a large number of people, a large budget, directly responsible for the performance or lack of there department etc not get paid 4 times more? As for the 98% tax rubbish, £100K is not a huge amount of money nowadays, I earn over that and I do not leave a superstar lifestyle. I have a couple of nice enough cars (neither new or cost more than £15k and a nice enough house and my wife can afford to stay at home and look after our children however we are still struggling, do not have massive savings, cannot afford lots of flash holidays a yacht or any of the other things you probably imagine comes with a £100k plus salary. Also the main reason for not going to a 98% tax is that people who afford that find it is well worthwhile employing a decent accountant who can get you out of paying most of it, either that or they will just move abroad and then the talent and spending power of the people involved will be lost.
  6. Its the Seamans Tax Rules, supply boats have never been in danger of losing it just DSV's and why is it nuts, if it goes through everyone onboard these vessels will be effectively be getting a 40% pay cut. Do you think that most people will continue living in the UK if this happens? Then they will get no tax revenue as they won't even be spending there money in the UK. A quick helicopter ride eh, obviously never been in one. Most uncomfortable and dangerous forms of transport going especially when landing on the helideck of a boat.
  7. We'll see, oil price massively down which is the main driver of inflation, retail sales are down, we are heading into a recession, unemployment is increasing so just where do you see these inflationary pressures coming from ? Thankfully my job has nothing to do with the financial markets however I do dabble in the AIM market, quite succesfully so far. Its amazing how many experts there are on here in the financial markets.
  8. Yes but, if the your capital costs are lower but the cost of borrowing is higher and your monthly payments are the same for the next 25 years are you really any better off? Also despite guesses here, I don't work for the government, my job has nothing whatsoever to do with property and I'm not a property investor apart from a plot of land I own which the cost for was minimal. I have bought a new house which I move into in Jan and I currently have been unable to sell my house however I'll just rent it or sell it in the new year at a reduced price. Either way I am not overly bothered.
  9. Why so hostile to any other point of view? Do you really think this will make house prices so much more affordable. Houses are coming down in price however the amount you are able to borrow is also reducing plus the amount you need as a deposit as the min deposit percentages are increasing. All the people on here posting all the scare stories of hyper-inflation, is this a good thing? All that will happen is that interest rates will rise massively to stem it, hence making borrowing unaffordable. The only people any of this is currently benefitting is people with plenty of cash who can buy with little to no mortgage. i.e. the richer end of soceity who most people on here seem to despise.
  10. Where is this hyperinflation nonsense coming from? Its peaked today and almost certainly will be heading down as the inflationary pressures are coming off. There really is a load of crap spouted on this site, instead of you all wanting houses prices to crash 40-50% so you can afford them, why don't you try and go out and better yourselves, get better paid jobs and then maybe you could get the house you aspire too?
  11. Oh dear I detect a hint of jealousy here. When you say we contractors are self employed, what we really are is a business that contracts ourselves and our services out. There is nothing wrong with this and is perfectly normal. At the end of the we get no perks that staff people get, being our own business we have to pay our own pensions, health care, insurances, take the hit if we are off sick etc etc. As for IR35 it is an extremely questionable attempt by the government to discriminate between different business types and hopefully with the powerfull lobying from PCG among others it will soon be repealed as its unworkable anyway. With the question of paying less tax, its true that we do, however that is assuming that we would earn the same amount if we went PAYE. We would not you always earn substantially less and therefore pay less tax. Besides all this I still pay a shed load of tax and for what, for the government to pour it down the social services blackhole and give it to all the layabouts who cannot be arsed to work for a living. Anyway, even if the government do succed in reclasifying all the legitimate ltd company contractors so they all pay PAYE we will still all be earning very very good salaries so paying a bit more tax on it is hardly going to put most of them/us into serious financial difficulty is it. I do agree with your student bit though, they are mainly skint because they rightly spend it all down the pub as you should being a student.
  12. Ha ha No quine, I am certainly not a troll and as for saying that you would be mad to buy a house for this price at this time everything has got its selling point and the world does not stop turning just because its going through a period of financial turmoil. It is obviously a lot of money but is it really expensive for what you are getting? When 2 bed flats in Aberdeen are selling for over £300K in some places surely this represents good value? I suppose my main concern is can anyone see exceptional houses of this size really dropping massively in value? tehlam3, Thanks for the reply, seeing as we are all strangers on here, I'll answer the questions. Yes the house will be affordable, after the mortgage I would be left with approx £2.5k a month and I would be looking to take an 85% mortgage. My earnings are into 6 figures and being a contractor with a ltd company I pay a lot less tax than someone working through the PAYE system. Job security is good I'd say even with being a contractor, I work in Subsea construction for the oil industry and at the moment there are massive shortages of people in the industry and this is only due to get worse with the greatly ageing workforce in the sector. Consequestly this is also pushing pay rates up and up and I would be expecting my earnings to increase quite a bit over the next year because of this. On top of this I work month on and month off so I can work anywhere in the world on a rota basis and still live in the UK. If my wife went back to work she could earn approx £32K a year however we would have increased costs if she did with child care and it would also increase my tax burden. We are currently debt free apart form our current mortgage and we would hopefully be able to free up another £100k in a years time when a project comes to fruition which would reduce our financial strain on the property.
  13. Thanks for reading, I've been reading through quite a lot of the posts on here and it make dire reading. However even with this I am seriously considering putting an offer in for the house in the link. http://www.struttandparker.co.uk/property-..._BAN080061.html Basically this type of house is extremely unusual to come up in this area and it is the perfect area for us. The house looks great with plenty of space and a building plot that we could sell at a later date. I know there is all the doom and gloom with regular houses and flats not selling however do people think that even properties like this will be hit hard? At the end of the day it is in 13 acres of woodland, the house has been finished to a very high standard and has lots of room plus the setting is unbeatable. Are these type of houses going above asking price much still, I would actually be tempted to put an offer in below the offers over price, although this would be unheard of in the recent past. Would anyone else advise this? Personally I just cannot see a house that offers so much falling greatly in value. The house would stretch our finances but the job I am in looks fairly secure for the forseable future plus my wife is currently not working but could go back to work in a year or so if needed. On top of this we have another building plot that we should hopefully have for sale in a year or so to help reduce our debt. Cheers for any advice.
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