*Star*man*
Full Member
Advisor with some experience - UK
Posts: 171
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Post by *Star*man* on Jan 27, 2006 1:36:42 GMT 1
Are we all writing cheques to the inland revenue ?
Mine is for £1338.00
Anyone beat that?
(lowest figure wins!)
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Post by phugly on Jan 27, 2006 9:43:06 GMT 1
Mine was about the same
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Post by desmorse on Jan 27, 2006 10:21:44 GMT 1
Mines for £7876 - I think that means I lose!!!! But in a years time, it'll be £000.00 - which will make me the winner. Now I've become a Ltd company, I'll pay no income tax, no N.I. and much lower company tax. Are we all writing cheques to the inland revenue ? Mine is for £1338.00 Anyone beat that? (lowest figure wins!) |
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Post by greenpesto on Jan 27, 2006 10:33:22 GMT 1
Mine is £844.96 ... due to the massive drop in income ..... Too many part-timers in the area ( Me full-time, x4 p/timers & about 4 poachers ) plus 3 for £99 crap etc.
Will go up to £1700 in July's payment though!
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Post by BlindWizard on Jan 27, 2006 11:31:47 GMT 1
They are sending me £1,875. Think I'm winning so far
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Post by RED on Jan 27, 2006 11:44:32 GMT 1
They are sending me £1,875. Think I'm winning so far I pay no tax, no national insurance. Due to being employed by my own limited company. I also have the prestigious title of Company director and my wife is company secretary. Well, it does sound good. Red |
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Post by biblegenesis on Jan 28, 2006 1:22:54 GMT 1
RED...how do you do it!!
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Post by greenpesto on Jan 28, 2006 1:52:42 GMT 1
biblegenesis ... ask your accountant about becoming a Ltd company!!!!! Forget the proper name for it!!!
I can't promise you won't pay tax, but you will pay considerably less than you are now.
There is another thread on this topic somewhere on this site which will help.
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Post by BlindWizard on Jan 28, 2006 21:21:31 GMT 1
You do need to speak to your accountant about trading as a limited company as it does not always pay. The limited company is an entity in it's own right therefore it profits/losses belong to it and there can have implications on how you take your money out.
For Hillarys I trade as a sole trader but I also have some other business interests including one trading as a limited company. I have just invested a reasonable amount of money in another enterprise which won't be making money for awhile. If I had set the new enterprise or had been trading with Hillarys as a limited company I would not be able to offset capital allowances and any losses between them.
And to think Income tax was introduced in Britain on 9th January 1799 as a temporary measure to help finance the war against Napoleon
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Post by inkjet on Feb 19, 2006 12:51:06 GMT 1
Does Hillarys acept you as a Limited Company.
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Post by greenpesto on Feb 19, 2006 13:10:07 GMT 1
Yes they do!!
Read back over the earlier postings under this heading & a few others.
The main point is that you MAY have to invoice Hillarys for the commission before you get paid.
This is also the case when you are VAT registered.
I should speak to 'Accounts Dept' for more information.
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Post by inkjet on Feb 23, 2006 2:05:48 GMT 1
Net Profit after Trading Expenses
£305
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Post by blinder on Feb 23, 2006 20:51:10 GMT 1
Don't want to be nosy, but are you full time?
Recently joined Hell arys, just wonder if it's goin to be profitable as a full time drone.
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Post by inkjet on Feb 27, 2006 9:54:24 GMT 1
Im fully available Tuesday, Wednesday Thursday
Late pm Monday and Fridays.
Evenings when Im not attending Committee meetings Sat Morning if Im not away for the Weeekend.
Technically Im part time
However I worked out the True Cost of Running Car etc
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