D
Deleted member 23452
Guest
Why did you go Ltd?
Amount of tax paid is irrelevant, for example my quarterly VAT is usually around the £10k mark. So I collect @ £40k a year for the government. Tax is all about the percentages.
Why did you go Ltd?
Amount of tax paid is irrelevant, for example my quarterly VAT is usually around the £10k mark. So I collect @ £40k a year for the government. Tax is all about the percentages.
devneydutch
Active Member
Not sure if I trust the government to give us this 2k a month? It’s not like they can be trusted
Nosey t**t!
FreeD
Private Member
No mate...I made the decision not to around 3 years ago...my accountant basically said unless I was going to be taking on large contracts and employing/subcontracting lots of guys I'd be in a better position financially staying under VAT threshold and not going LTD. So I have my accounts done monthly now and avoid jobs which could send me over the threshold...pick and choose basically.
Pl plastering
Well-Known Member
Two of us so was just easier money going in one bank account and all outgoings coming out aswell of same bank..self employed was a doddle,took weeks to get money back from rebate,miles bigger headache being ltd so I dont see why you should pay a little less tax..
Pl plastering
Well-Known Member
I get tax paid is irrelevant..as it comes down with what you invest in buisness etc
algeeman
It’s A Boy
Pl plastering
Well-Known Member
And you paid £10k in tax and you dont even hit threshold or arnt ltd
Pl plastering
Well-Known Member
Dont think any1 has said anything about what there earn in the 500 msgs? On about what you should be getting from government in these times etc with what you put in.how much u earn algee?500 + messages of absolute shiite mate
no one has said what they earn
JessThePlasterer
Queen Jess Elizabeth I
I feel like a pig shat in my head
algeeman
It’s A Boy
2 weeks lost because of lockdown
I earnt £57000 mate
+ £2880 rebate.
still skint
FreeD
Private Member
2 weeks lost because of lockdown
I earnt £57000 mate
+ £2880 rebate.
still skint
If you are earning that much you must be paying around 10K tax including what you pay on account? and including NI don't forget that is 10% so in total we already pay 30%!!
algeeman
It’s A Boy
I've no idea gets stopped before I see it
algeeman
It’s A Boy
I just get 20% stopped mate
superspread
Well-Known Member
I showed 30k I think on my SElf emp plastering earnings , but I have other things I pay tax on too, but have hardly worked in recent years and when I did I wasn’t earning anywhere near what I use get , luckily I’m in a decent position2 weeks lost because of lockdown
I earnt £57000 mate
+ £2880 rebate.
still skint
algeeman
It’s A Boy
cost of living has gone sky high
I was earning more
when I was 22
40 something now I cant remember lol
with 4 kids mortgage etc
lifes good mate
superspread
Well-Known Member
Me
I’m glad your doing well algee , it’s nice to hear that !
I was too , like I said in an earlier post /thread , I’ve got other incomes and my going to work money dosent motivate me anymore . But then I’m 55 and I should be in a decent position by now , no mortgage etc.cost of living has gone sky high
I was earning more
when I was 22
40 something now I cant remember lol
with 4 kids mortgage etc
lifes good mate
I’m glad your doing well algee , it’s nice to hear that !
The reasons why I went limited was nothing to do with tax really, it was more to do with the limited liability of it. Taking on bigger contracts, if it went tits up I wouldn't loose my house, the business accepts the debts not the individual as in a sole trader. although the tax status is more favourable i.e. Corporation tax instead of income tax. As I've said in other posts, I get pretty much nothing back in all this, I'm not complaining i.e. I've made my bed I'll lie in it. I'm a small business but my vat return, corporation tax, ni, etc is over 100k a year I pay to hmrc, times that by 100s of thousands of businesses up and down the country you can image the
Amount this lockdown is costing hmrc.
Amount this lockdown is costing hmrc.
I disagree, plastering is more labour intense and very little outgoing in materials compared to other trades. You only have to be earning mid 40s a year to be paying 5 figure tax bills.
Do you not get citb or retentions at source ?
Bonkers this world, its hard earned I don't begrudge you a penny of it. my brother in laws a doctor and he earns about that, my point being we underpay our NHS frontline(not management) staff in this country, he should be on twice that figure.2 weeks lost because of lockdown
I earnt £57000 mate
+ £2880 rebate.
still skint
TonyM
Private Member
My average after expenses is about £30k. Spend a small fortune on tools every year which keeps it down.500 + messages of absolute shiite mate
no one has said what they earn
FreeD
Private Member
And remember it's not against the law to have your customer pay for materials direct to keep your turnover down...obviously no point with internal domestic jobs but if you are taking on large domestic rendering jobs with £1000's of materials...that's the way I do it but many laughed at me on this forum but allows me to increase my bottom line without hitting the threshold
algeeman
It’s A Boy
no mate
citb is for firms earning over x amount
I get all doors taking out as "retention"
"patcher"
bullshit really
the plots I do are huge
sometimes over £200 when they dont need snagging
I meant retention as in a defect of work for a period say 12 month.no mate
citb is for firms earning over x amount
I get all doors taking out as "retention"
"patcher"
bullshit really
the plots I do are huge
sometimes over £200 when they dont need snagging
I get that, then I forget about it, then 12 month down the line I'll get the odd £400 plonked into my account. You shouldn't get them for wet trades but there you go. My favourite is main contractors discount of 2.5% they try that one, but can kiss my arse for it to keep management in new Range Rover finance.
We used to get it when I worked for big outfits years ago on the externals,taking out windows and the like, even though reveals take longer than a sqm, so a few of us kicked off they soon stopped it.boarders
and dabbers get stopped the doors aswell
for whatever reason
D
Deleted member 23452
Guest
No good asking me, you'd need to speak to my accountant and Mrs Imago. Although good luck with that, because neither of them b4stards will tell me. All I get of off either of them is a bill and a list of people to pay.
algeeman
It’s A Boy
ye
fella I'm working for will get stopped retention
but gets repeat work
so I'm sure he'll get it.
I know firms lost court cases over unpaid retention
redrose drylining lost against a big house builder.
cost him a small fortune
Pl plastering
Well-Known Member
We get stopped 5% retention but always gets payed back so it's nice when it comes.ye
fella I'm working for will get stopped retention
but gets repeat work
so I'm sure he'll get it.
I know firms lost court cases over unpaid retention
redrose drylining lost against a big house builder.
cost him a small fortune
algeeman
It’s A Boy
Pl plastering
Well-Known Member
Very rare we buy materials,we tell builders to,vat at 20% and pay vat man 17%..used to be 13% so we used to make a killing but changed it couple years ago to 17%
Pl plastering
Well-Known Member
If onlypay for a villa in Portugal lol
I'm half cut already
no beer 4 me today,got smashed lastnight