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Ideas for saving 100-200k!

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Comments

  • paddedjohn
    paddedjohn Posts: 7,512 Forumite
    Part of the Furniture
    edited 2 January 2011 at 7:08AM
    Best laugh all night. Keep taking the pills mic, you delusioned fool.
    Be Alert..........Britain needs lerts.
  • middlepuss
    middlepuss Posts: 461 Forumite
    Part of the Furniture Combo Breaker
    edited 2 January 2011 at 2:19PM
    paddedjohn wrote: »
    Best laugh all night. Keep taking the pills mic, you delusioned fool.

    It is a great thread! How long can you keep it up for, mlc?

    You never did answer the question about how much tax you'll pay this year. By my reckoning over £100K. The tax man is the one guy you don't mess with: I know it's hard to swallow, but if you don't cough up you'll be in the sh*t.
  • thor
    thor Posts: 5,506 Forumite
    Part of the Furniture 1,000 Posts
    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?
    Out of interest what is the advantage of being a plc compared to a sole trader taxwise?
  • greenface
    greenface Posts: 4,871 Forumite
    Mortgage-free Glee!
    middlepuss wrote: »
    It is a great thread! How long can you keep it up for, mlc?
    : I know it's hard to swallow, but if you don't cough up you'll be in the sh*t.

    Sums Mic up really. I think Mic is telling the truth about his income and job . But to earn about 250k in the Mankchester !!!!!! Industry He must have a 4RSE like a hippos yawn, :rotfl::eek::eek::rotfl:
    :cool: hard as nails on the internet . wimp in the real world :cool:
  • jimjames
    jimjames Posts: 18,891 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    thor wrote: »
    Out of interest what is the advantage of being a plc compared to a sole trader taxwise?

    Others will probably be able to answer more comprehensively but any income is within the company not paid to you directly. If you have a bumper year and earn £250k then almost nothing next year as sole trader you'd pay lots of tax first year then none. I believe as company you could pay the income over both years to reduce the tax plus pay dividends to reduce NI payments too.
    Remember the saying: if it looks too good to be true it almost certainly is.
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