Bloo Loo Posted May 30, 2012 Share Posted May 30, 2012 I don't understand? Yes- I didn't spend any of the profits. But you have to pay tax regardless. What is your point? you said it was painful paying it in one lump. Quote Link to comment Share on other sites More sharing options...
marlint Posted May 30, 2012 Share Posted May 30, 2012 you said it was painful paying it in one lump. Yes- the tax. Sorry- I probably wasn't clear enough. It wasn't painful trying to find the money, I found it painful seeing 20% of my profit for the year disappear in tax. Not that I think the corp tax level is too high- I think it's about right. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted May 30, 2012 Share Posted May 30, 2012 Yes- the tax. Sorry- I probably wasn't clear enough. It wasn't painful trying to find the money, I found it painful seeing 20% of my profit for the year disappear in tax. Not that I think the corp tax level is too high- I think it's about right. And the audit. Quote Link to comment Share on other sites More sharing options...
marlint Posted May 30, 2012 Share Posted May 30, 2012 And the audit. which audit? Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted May 30, 2012 Share Posted May 30, 2012 which audit? and accountancy fees. Quote Link to comment Share on other sites More sharing options...
marlint Posted May 30, 2012 Share Posted May 30, 2012 and accountancy fees. I don't know what you mean by audit. Small companies don't submit audited accounts. Accountancy fees don't strictly come out of profit as they are an allowable business expense. And they're not huge amounts either (for a simple ltd co about 50 quid a month). Quote Link to comment Share on other sites More sharing options...
Damik Posted May 30, 2012 Share Posted May 30, 2012 Habit 1: have a child Habit 2: wait 3 years and go back to Habit 1 Quote Link to comment Share on other sites More sharing options...
concerned_money Posted May 30, 2012 Share Posted May 30, 2012 Yep moonlighting is a great answer. A company has no right to tell you what you can or can't do in your own time, and its a much lower risk way of starting a new business than just quitting your job and hoping for the best. And yes of course I paid all the tax I had to (tax becomes a lot more painful when you have to pay it yearly in one big go, rather than disappearing out of your pay packet before it even reaches you). some people - bloody hell tip1: avoid people who ask if "you pay tax" Quote Link to comment Share on other sites More sharing options...
Damik Posted May 30, 2012 Share Posted May 30, 2012 (edited) Yes- the tax. Sorry- I probably wasn't clear enough. It wasn't painful trying to find the money, I found it painful seeing 20% of my profit for the year disappear in tax. Not that I think the corp tax level is too high- I think it's about right. I pay 40% PAYE - I cry every day ... Edited May 30, 2012 by Damik Quote Link to comment Share on other sites More sharing options...
marlint Posted May 30, 2012 Share Posted May 30, 2012 I pay 40% PAYE - I crie every day ... To be fair- although corp tax is 20%ish, when you take money out of the company you pay more tax if you're earning enough to put you in the higher rate bracket. There's still a decent saving to be made (as no NI contributions), but its nowhere near 20%. Quote Link to comment Share on other sites More sharing options...
dryrot Posted May 30, 2012 Share Posted May 30, 2012 1. Choose the correct parents Quote Link to comment Share on other sites More sharing options...
concerned_money Posted May 30, 2012 Share Posted May 30, 2012 Habit 1: have a child Habit 2: wait 3 years and go back to Habit 1 this system work even better in the Pakistani culture. not only so they have 4+ kids, receive benefit, then the kids generally work for the family ie in the shop, taxi firm, petrol station etc failing that in adulthood they have 4+ more & claim more benefit, daughters are sell-able, then the daughters new family are added to the racket ie 2nd family, more kids, more workers, more benefits. effectively large families using the kids as income generators on a large scale. this stratergy in huddersfield has seen the pakistani population explode to the point where they will soon be the majority in this town. Their business success is impressive, they own the vast majority of taxi outlets, petrol stations, pharmacies, small shops, student lets, DHSS lets, now moving into tyres & garage services. surgery auction ann cryer ex-mp resigned over this stuff 20 years ago ann cryer Quote Link to comment Share on other sites More sharing options...
concerned_money Posted May 30, 2012 Share Posted May 30, 2012 I pay 40% PAYE - I cry every day ... you pay 50% unless you believe NI is not a tax ? factor in council tax, fuel tax, VAT on whats left & spent, tax on savings, tax on holidays, tax on ya gas/lecy. you pay 70-80% depending on fags & booze & spending habits Quote Link to comment Share on other sites More sharing options...
concerned_money Posted May 30, 2012 Share Posted May 30, 2012 1. Choose the correct parents refined this..... country->part of country->parents UK scenario worst case chav crack heads in oldham best case wealthy parents in the home counties India scenario: worstcase: bihar / orissa family of 10 low caste beggars (you get sold into slavery during childhood) bestcase; mumbi brahmin/jain caste professional parents the best case in the developing countries is much better than the worst case UK Quote Link to comment Share on other sites More sharing options...
Damik Posted May 30, 2012 Share Posted May 30, 2012 this system work even better in the Pakistani culture. not only so they have 4+ kids, receive benefit, then the kids generally work for the family ie in the shop, taxi firm, petrol station etc failing that in adulthood they have 4+ more & claim more benefit, daughters are sell-able, then the daughters new family are added to the racket ie 2nd family, more kids, more workers, more benefits. effectively large families using the kids as income generators on a large scale. and what the useful idiots think about it ??? http://www.telegraph.co.uk/news/politics/9034262/Peers-reject-unjust--26000-cap-on-state-benefits.html The bishops, backed by Labour and many Liberal Democrat peers, voted to remove child benefit from the proposed welfare limit. Quote Link to comment Share on other sites More sharing options...
Damik Posted May 30, 2012 Share Posted May 30, 2012 you pay 50% unless you believe NI is not a tax ? factor in council tax, fuel tax, VAT on whats left & spent, tax on savings, tax on holidays, tax on ya gas/lecy. you pay 70-80% depending on fags & booze & spending habits yep I do not consider it as paying; I consider it as it was stolen from my children ... crying every day ... Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted May 30, 2012 Share Posted May 30, 2012 My DBIL* (can I say that here?!) is attending a course on Covey's "7 habits of highly effective people". And I wondered, who wants to be effective when you could be stinking rich? So, what would your 7 top tips be for becoming inordinately wealthy? As a refresher, here's the plodder Covey's mundane, "let's get things done, look busy and achieve some self-actualisation before we die" list: Habit 1: Be Proactive Habit 2: Begin with the End in Mind Habit 3: Put First Things First Habit 4: Think Win-Win Habit 5: Seek First to Understand, Then to be Understood Habit 6: Synergize Habit 7: Sharpen the Saw I'm looking for something a bit more worldly wise (and frankly easier) from the resident HPC misanthropes. The interwebs being what they are, this has probably been done before: so by all means, plagiarise. *Dear brother in law Had lunch with him at one of his seminars, absolutely the real deal and personally have found his stuff great. Nice guy, intellectual and in the flesh doesn't take himself seriously. Oh and self made presumably got a few mill in the bank. Who exactly is the plodder...... Perhaps you should get yourself a facebook account.......more your style. Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted May 30, 2012 Share Posted May 30, 2012 To be fair- although corp tax is 20%ish, when you take money out of the company you pay more tax if you're earning enough to put you in the higher rate bracket. There's still a decent saving to be made (as no NI contributions), but its nowhere near 20%. Why would you being do that? Wife Teenage kids Expenses Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted May 30, 2012 Share Posted May 30, 2012 So, what would your 7 top tips be for becoming inordinately wealthy? As a refresher, here's the plodder Covey's mundane, "let's get things done, look busy and achieve some self-actualisation before we die" list: [ He actuallys says focus on what matters most to you and put that first and plan to make it happen. Don't spout before you have read the stuff. Quote Link to comment Share on other sites More sharing options...
MrPin Posted May 30, 2012 Share Posted May 30, 2012 I like the synergize bit! Does it mean anything? Quote Link to comment Share on other sites More sharing options...
Georgia O'Keeffe Posted May 30, 2012 Share Posted May 30, 2012 (edited) .. Edited May 31, 2012 by Georgia O'Keeffe Quote Link to comment Share on other sites More sharing options...
winkie Posted May 30, 2012 Share Posted May 30, 2012 Quote Link to comment Share on other sites More sharing options...
JustYield Posted May 31, 2012 Author Share Posted May 31, 2012 He actuallys says focus on what matters most to you and put that first and plan to make it happen. Don't spout before you have read the stuff. I think you've missed the tongue in cheek nature of this thread and the original post. Covey wrote a successful book and runs seminars on a very earnest approach to life. I was hoping to collate the traits of other, less earnest people who have become fabulously wealthy despite themselves, quite possibly without any self-awareness at all. Hence my appeal to the misanthropes of HPC who might have some interesting observations. The word plodder obviously upset you. Sorry about that, it was in the flip nature of the thread. Substitute "earnest". Seek first to understand... Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted May 31, 2012 Share Posted May 31, 2012 you pay 50% unless you believe NI is not a tax ? factor in council tax, fuel tax, VAT on whats left & spent, tax on savings, tax on holidays, tax on ya gas/lecy. you pay 70-80% depending on fags & booze & spending habits You forgot Employers NI. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted May 31, 2012 Share Posted May 31, 2012 I think you've missed the tongue in cheek nature of this thread and the original post. Covey wrote a successful book and runs seminars on a very earnest approach to life. I was hoping to collate the traits of other, less earnest people who have become fabulously wealthy despite themselves, quite possibly without any self-awareness at all. Hence my appeal to the misanthropes of HPC who might have some interesting observations. The word plodder obviously upset you. Sorry about that, it was in the flip nature of the thread. Substitute "earnest". Seek first to understand... There was the guy who sold toy frogs based in the flat he shared with his wife, mostly financed by her income as an airline stewardess. Quote Link to comment Share on other sites More sharing options...
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