Ideas for saving 100-200k!

Cleaver

mlc2009 wrote: »

It's gross. Yeah a few people have said I should become a limited company, but I've only started hitting these numbers the past year, the reason why I have a lot of savings is because I didn't have any real outgoings in the past years, so I let it build up

I imagine must be a bit of a kicker paying £120,000 a year in tax as a sole trader. Why don't you just see an accountant and an IFA and get it all sorted?

jimjames

Cleaver wrote: »

I imagine must be a bit of a kicker paying £120,000 a year in tax as a sole trader. Why don't you just see an accountant and an IFA and get it all sorted?

Or is it earnings before expenses & costs too?

mlc2009

Cleaver wrote: »

I imagine must be a bit of a kicker paying £120,000 a year in tax as a sole trader. Why don't you just see an accountant and an IFA and get it all sorted?

I will do..

I'm a sole trader because it doesnt take much expenses to run my business, so any money I make, is technically mine. If I become a limited company, I'd have to draw it out via dividends, or take a salary etc It seems theres a lot of paperwork, and I think I read somwhere that I'd save around 3k a year on tax with a limited company

mlc2009

jimjames wrote: »

Or is it earnings before expenses & costs too?

expenses are minimal believe it or not, around 1000 per month, if that. Server fee's are my biggest outgoings, but they are billed in dollars

mlc2009

Cleaver wrote: »

No, never buy any product off your bank.

As middlepuss has said you're higher rate taxpayer and presumably you've set up as a limited company - did you get an accountant to help you out with this or do it yourself?

just out of curiosity, why never buy products from a bank?

is it because they charge more or because their range of products aren't that great?

greenface

Because there a little like your industry. They will shaft you up the 4rse not use much cream and make you feel it hurt. Take your 250k per year and once again like your job "BLOW IT" Never before have i heard such bull in such a few posts from op

middlepuss

mlc2009 wrote: »

is it because they charge more or because their range of products aren't that great?

Both.

Out of interest, how much income tax do you reckon you'll pay this year?

soulsaver

mlc2009 wrote: »

I will do..

I'm a sole trader because it doesnt take much expenses to run my business, so any money I make, is technically mine. If I become a limited company, I'd have to draw it out via dividends, or take a salary etc It seems theres a lot of paperwork, and I think I read somwhere that I'd save around 3k a year on tax with a limited company

Off course: People running gay adult sites... are sole traders.

StevieJ

Cleaver wrote: »

I've heard that it's hard times at the moment for the adult industry.

Some of the industry is still up and coming.

Cleaver you are are wasted on them

StevieJ

mlc2009 wrote: »

I got a small flat at jefferson place

Is it not a bit rough there, how much do you pay?