I wouldn’t treat as an apology because it wasn’t.
And since the answer is basically add it to your warchest - thread closed.
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Reply to: Company expenses ideas for excess funds
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Previously on "Company expenses ideas for excess funds"
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Originally posted by eek View Post
But you aren't asking about tax planning - your original question was - What can I spend money to reduce my profits?
And that has nothing to do with planning and everything to do with not thinking straight.
As numerous people have pointed out on here - the first thing you need to do as a contractor is have some money available in case you don't have any work for a while
Once you've got a year or so of money saved up - that is the point you may wish to try and be clever £18,000 isn't enough.
I’ll give you an example, I spoke with financial planner and he gave me this:
once drawn from the company as a salary you can invest in VC and offset part of the employment tax as a “reward”. Can’t remember specific tax reward but I think it’s 30% of the tax paid
https://www.gov.uk/guidance/venture-...-for-investors
that’s an actual advice, not “buy 15k worth of wine” or have a warchest that I already have.
if you’re saying 18k is not enough to be utilised then how much is ? Note I could not put 40k into pension , which would make it 58k
Last edited by GitMaster69; 2 November 2021, 19:01.
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Originally posted by GitMaster69 View Post
Tax planning is not a nonsense and fully legal
learn the fing difference https://bbcincorp.com/resources/diff...d-tax-planning
And that has nothing to do with planning and everything to do with not thinking straight.
As numerous people have pointed out on here - the first thing you need to do as a contractor is have some money available in case you don't have any work for a while
Once you've got a year or so of money saved up - that is the point you may wish to try and be clever £18,000 isn't enough.
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Originally posted by jamesbrown View Post
Around about now?
Same genre as NowPermOutsideUK, "how can I avoid paying any tax?" nonsense.
learn the difference
https://bbcincorp.com/resources/diff...d-tax-planning
this isn’t going anywhere aside from being flame target
/threadLast edited by GitMaster69; 2 November 2021, 18:40.
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Originally posted by eek View Post
At what point can you just ban a poster for being a cretinous troll asking unprofessional questions in a professional forum?
Same genre as NowPermOutsideUK, "how can I avoid paying any tax?" nonsense.
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Originally posted by GitMaster69 View PostReported for spamming professional forum.
thanks
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Originally posted by GitMaster69 View Post
Is it possible to invest in plan b before tax ?
or the claimable expenses have to be for the consulting services ?
Originally posted by eek View Post
Get an accountant
If you have an accountant, ask them
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Originally posted by eek View Post
At what point can you just ban a poster for being a cretinous troll asking unprofessional questions in a professional forum?
thanks
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Spend £15K on wine, women (multiple other genders are available) and song, and waste the other £3K.
Or, more seriously - keep it in the company - you don't know what's going to happen next year or the year after, and you could very feasibly extract most of it as a tax efficient salary/dividend at that point in time.
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Originally posted by WTFH View PostWhy not continue with your successful trading venture that you talk about, or maybe that plan B thing you mentioned where you were handing in your notice 3 weeks ago?
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Originally posted by WTFH View PostWhy not continue with your successful trading venture that you talk about, or maybe that plan B thing you mentioned where you were handing in your notice 3 weeks ago?
Is it possible to invest in plan b before tax ?
or the claimable expenses have to be for the consulting services ?
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Originally posted by GitMaster69 View Post
Illegal. I thought this forum could do better on professional forums. Not one good advice
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Why not continue with your successful trading venture that you talk about, or maybe that plan B thing you mentioned where you were handing in your notice 3 weeks ago?
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Originally posted by ladymuck View PostHave you considered creating an overseas shell company, selling the IP of all your work to it and then paying it a hefty license fee for use of said IP? That'll get your CT bill down nicely.
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