Reply to: Company expenses ideas for excess funds

[cojak]

I wouldn’t treat as an apology because it wasn’t.

And since the answer is basically add it to your warchest - thread closed.

[GitMaster69]

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.

Ok I’ll treat that as an apology.

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

[eek]

Tax planning is not a nonsense and fully legal

learn the fing difference https://bbcincorp.com/resources/diff...d-tax-planning

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.

[GitMaster69]

Around about now?

Same genre as NowPermOutsideUK, "how can I avoid paying any tax?" nonsense.

Tax planning is not a nonsense and fully legal

learn the difference
https://bbcincorp.com/resources/diff...d-tax-planning

this isn’t going anywhere aside from being flame target
/thread

[jamesbrown]

At what point can you just ban a poster for being a cretinous troll asking unprofessional questions in a professional forum?

Around about now?

Same genre as NowPermOutsideUK, "how can I avoid paying any tax?" nonsense.

[northernladuk]

Reported for spamming professional forum.
thanks

Thanks not going to end very well for you.

[northernladuk]

Is it possible to invest in plan b before tax ?
or the claimable expenses have to be for the consulting services ?

And the other bit of good advice you've been given

Get an accountant

If you have an accountant, ask them

And you say you've not had any decent posts. So you are wrong but maybe your attitude doesn't help.

[GitMaster69]

At what point can you just ban a poster for being a cretinous troll asking unprofessional questions in a professional forum?

Reported for spamming professional forum.
thanks

[Paralytic]

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.

[eek]

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?

At what point can you just ban a poster for being a cretinous troll asking unprofessional questions in a professional forum?

[GitMaster69]

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?

Is it possible to invest in plan b before tax ?
or the claimable expenses have to be for the consulting services ?

[northernladuk]

Illegal. I thought this forum could do better on professional forums. Not one good advice

Keeping your warchest up is the only advice you need with only 18k...

[WTFH]

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?

[GitMaster69]

Have 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.

Illegal. I thought this forum could do better on professional forums. Not one good advice

[vwdan]

I don’t need warchest.

how do I spend 18k before paying CT . Any clever tricks aside from buying Tesla ?
I’m tied to PCP for another 2 years

I can sell you some consultancy services for £18k if you like