Comments on: Learning from a Tax Bill http://selfmademinds.com/200801/learning-from-a-tax-bill/ Sharing lessons learned in business and online marketing Sat, 10 Jan 2009 02:56:04 +0000 http://wordpress.org/?v=2.6.5 By: Daniel http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-10716 Daniel Sat, 15 Nov 2008 13:38:44 +0000 http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-10716 60% of something is betting than 100% of nothing eh! Hopefully i'll figure out a way to manage my finances too as it is a big shock writing off so much money in one go. This is something I'm about to learn having registered as self employed in the UK and about to pay my first tax.. gulp! 60% of something is betting than 100% of nothing eh!

Hopefully i’ll figure out a way to manage my finances too as it is a big shock writing off so much money in one go. This is something I’m about to learn having registered as self employed in the UK and about to pay my first tax.. gulp!

]]> By: Justin Cook http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6664 Justin Cook Wed, 30 Jan 2008 14:54:17 +0000 http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6664 I like the idea of re-investing the money instead of putting it in a savings account. I'm trying that for the first time with the site I just bought for $2K. I'll see if it pays off! I like the idea of re-investing the money instead of putting it in a savings account. I’m trying that for the first time with the site I just bought for $2K. I’ll see if it pays off!

]]> By: Al http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6653 Al Wed, 30 Jan 2008 08:55:04 +0000 http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6653 What's wrong with my car :) oh yeah it's a piece of junk. In the UK we have different tax bands, 0%,10%,22% and 40% so I'd of paid a bit on each band but the majority of it would be in the 40% band due to the figures involved. I'm not sure if an offshore company would help as the UK government is really trying to tighten up any loopholes, it's another question I'll put to my tax consultant (when I find one). What’s wrong with my car :) oh yeah it’s a piece of junk.

In the UK we have different tax bands, 0%,10%,22% and 40% so I’d of paid a bit on each band but the majority of it would be in the 40% band due to the figures involved. I’m not sure if an offshore company would help as the UK government is really trying to tighten up any loopholes, it’s another question I’ll put to my tax consultant (when I find one).

]]> By: Al http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6652 Al Wed, 30 Jan 2008 08:52:04 +0000 http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6652 That sounds like good advice James, thank you. Like Scott I'm now looking for a tax specialist that U can trust and ideally meet up with. That sounds like good advice James, thank you. Like Scott I’m now looking for a tax specialist that U can trust and ideally meet up with.

]]> By: Scott http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6649 Scott Tue, 29 Jan 2008 18:17:17 +0000 http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6649 Nice info James, thanks, I do need to get myself someone local I can trust, a veritable minefield. Nice info James, thanks, I do need to get myself someone local I can trust, a veritable minefield.

]]> By: Nino http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6648 Nino Tue, 29 Jan 2008 17:24:40 +0000 http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6648 Ohhhh My god. 40% of the earnings.... What kind of laws are this man . What taxes... I am shocked. I suggest to have a offshore company , and with the savings from the company i advice to buy a car(:)) ) kiddin' Ohhhh My god. 40% of the earnings…. What kind of laws are this man . What taxes… I am shocked. I suggest to have a offshore company , and with the savings from the company i advice to buy a car(:)) ) kiddin’

]]> By: James http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6647 James Tue, 29 Jan 2008 17:23:45 +0000 http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6647 Hi Scott, I won't bore you with details but you can structure things so you only pay 10% on exit via a compnany also, and thats on the whole gain not just the first million ;-). At your earning levels you should both consider specialist tax planning advice. Your accountant can give a good steer but they, by necessity, need to know a little about a lot of things. Find a good tax planner, pay for an hour of their time and you could save significantly on tax now and in the future. No point paying the tax man more than you have to! Hi Scott, I won’t bore you with details but you can structure things so you only pay 10% on exit via a compnany also, and thats on the whole gain not just the first million ;-).

At your earning levels you should both consider specialist tax planning advice. Your accountant can give a good steer but they, by necessity, need to know a little about a lot of things. Find a good tax planner, pay for an hour of their time and you could save significantly on tax now and in the future. No point paying the tax man more than you have to!

]]> By: Ian http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6646 Ian Tue, 29 Jan 2008 16:46:20 +0000 http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6646 I've worked with guys that have to get loans out at the end of the tax year to pay their bills. Supposedly clever IT Staff! I’ve worked with guys that have to get loans out at the end of the tax year to pay their bills. Supposedly clever IT Staff!

]]> By: Scott http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6645 Scott Tue, 29 Jan 2008 16:19:36 +0000 http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6645 I'd check out CG and not the website :) (capital gains) fully first before going down that route if you have an exit strategy in the next few years, I was led to believe that limited companies pay capital gains at their full corporation tax rate if you ever sell up? Where as from April a small business pays 10% capital gains for the first million. Not 100% sure on it though so seek independant advice and all that. I’d check out CG and not the website :) (capital gains) fully first before going down that route if you have an exit strategy in the next few years, I was led to believe that limited companies pay capital gains at their full corporation tax rate if you ever sell up? Where as from April a small business pays 10% capital gains for the first million. Not 100% sure on it though so seek independant advice and all that.

]]> By: Al http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6643 Al Tue, 29 Jan 2008 16:03:57 +0000 http://selfmademinds.com/200801/learning-from-a-tax-bill/#comment-6643 Thanks for the comment James. I am looking at splitting off a significant portion of my business in a limited company in the next month or so, my accountant said something similar to what you just have and if I can reduce my bill to the 20% mark I'll be very happy. Thanks for the comment James. I am looking at splitting off a significant portion of my business in a limited company in the next month or so, my accountant said something similar to what you just have and if I can reduce my bill to the 20% mark I’ll be very happy.

]]>