What Path to take?

NickToye

On to Primus now, and will be on Madasafish as soon as my MAC code comes from Wanadoo. Thanks for all the advice, its great. I wish I had more time to devote to nailing the banks for ripping me off.

lynzpower

Wicked!! Great start Nick

Any totals as to what youve saved since finding us here?

NickToye

Well I need to complete the Broadband transfer and start my new insurance policy for the home, but these will be done over the next week.

When they have done I would have saved near on £70 per month

lynzpower

or £840 a year- not bad at all!

Chortle_2

NickToye wrote:

Who's OP?

I haven't started to put money aside yet, but as I understand I only pay tax on my profit, and I haven't really made much as yet. I do however have a meeting soon with a rep from the IR to talk about what I need to do.

Never specialised in tax, so I am remembering this from before I qualified, but you'll pay a % of your profits to the IR as corporation tax each year (which I presume is what you mean above) BUT you also still have to pay income tax and NI. If you are paying yourself through dividends or drawings (depending on whether you're a sole trader or a ltd company) you get away with it to an extent, but it is well worth paying yourself a minimum through the 'normal' channels, to maintain your NI payments, and therefore keep your entitlement to benefits/state pensions should you need them in the future. Like I say, its a long while since I had to work out the minimums, but any accountant working in practice (rather than in industry, like me) should be able to work it out for you. HTH.

NickToye

I'm paying NI, but I am under the impression that I only pay tax on my profit, which is what I pay myself with. I don't have a set salary.

NickToye

Anyone know about car finance? I have a car on finance, paying £164 per month. Unfortunately the car is a neccessity, and I don't want to have to worry about whether or not a cheaper used car would break down as often.

Anyway, I was considering downsizing the model. Since I got the finance about a year ago, I have left my job and become self-employed. Would this effect my chances of renewing the finance with a cheaper model?

lynzpower

Maybe check in with Cantdance

He flogged his car on a finance yesterday I think

NickToye

Thanks, going to the dealer on Thursday and see if I can downsize.

Does anyone know any cheap life insurance companies, I pay £30 to Lloyds TSB, not sure if I can get it cheaper elsewhere.

lynzpower

Im paying 26 a month with the CIS and I was a much heavier smoker when I took that out ( almost 20 a day habit)