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UK Tax Advice

Discussion in 'Business & Tax Advice' started by buttmonk, Aug 28, 2014.

  1. buttmonk

    buttmonk Jr. VIP Jr. VIP Premium Member

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    Hi.

    For my tax savings for the year 14/15, i am saving the following :

    20% of earnings upto £31865 (40% for £31866 - £150000)

    10% of earnings towards First Payment on Account

    12% for Class 4 National Insurance


    So i will be saving 42% of my earnings. Is this too much or am i about right?

    Cheers
     
  2. Reyone

    Reyone Elite Member

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    If you've got those earnings, you surely have a spare £100 - £200 to get an accountant to do it for you...

    Taxes are not a game, don't play with them in a forum.
     
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  3. buttmonk

    buttmonk Jr. VIP Jr. VIP Premium Member

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    You didn't really answer my question...

    Get sick with these smart arse answers.
     
  4. Duffers5000

    Duffers5000 Elite Member

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    Are you self employed as a sole trader or are you incorporated ?
     
  5. Trepanated

    Trepanated Supreme Member

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    Definitely get an accountant.

    A decent accountant will save you more money than his fees anyway.
     
  6. Trepanated

    Trepanated Supreme Member

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    He wasn't being a smart arse.

    He was giving you the most sensible advice.
     
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  7. ColT93

    ColT93 Newbie

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    What about actually paying tax? On earnings of 150K a year its gonna cost you around 50K in tax so net of around 90K.

    Not really sure what your trying to achieve but with 150K a year you should have a qualified accountant who you can talk to I think this forum relates to starter tax advice not someone doing 150K in turnover as most people doing that kind of income will be incorporated and have their own accountant to make sure they pocket as much money as possible.

    I do less than that and have my own accountant who costs less than £1,000 a year to sort my tax at the end of the year and sort my book keeping which is always missing stuff!
     
  8. man122

    man122 Newbie

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    tax is always the issue for small business owner.
     
  9. bluehatface

    bluehatface Regular Member

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    ORLY-183.jpg

    Please lengthen your message to at least 15 characters.
     
  10. Magnus

    Magnus Newbie

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    It would be like this from my understanding A company has costs which are deductible from profit, which would lessen the amount of tax paid Such as heating, office space, office supplies etc Then you have for example VAT which is done every 3 months and you have to be registered if you sales exceed, I think 74,000 off the top my head, I know it's in the 70,000 amount If your a limited company, you list yourself as director, you paid yourself a certain amount in dividend again to lesser the affects of tax. Although the UK government have cut down on this. You should keep a list of all expenses, invoices, receipts each month, a bookkeeper or a good accountancy software would help keep track of this, and automatically do all the hard stuff such as Trial Balance, Statement of profit or loss, Statement of Financial position each month until the end of year results As others have stated you could get an accountant, write that off as an expense, it's not so straight forward to do returns, however there is software available that can replace an accountant. It depends really on alot of things, it's quite long winded, because people have offshore stuff in Panama, Isle of Man is a good example with the 0% corporation tax if you don't believe me about that look it up, but it involves holding companies and this other Jazz, hence why some operations like the Channel islands for tax avoidance
     
    Last edited: Sep 12, 2014
  11. mickyfu

    mickyfu Jr. VIP Jr. VIP Premium Member

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    Yeah, I best not comment then.
     
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