Smeagold wants some advice/opinion/input

WHITEVANMAN

tomterm8 wrote: »

See http://www.hmrc.gov.uk/manuals/bimmanual/BIM22017.htm

It is wrong, by the way, to say that Gambling is not taxed, they have a separate tax for it.

So dont go apearing on any obscure spreadbetting tv shows Smea and you should be ok

smeagold

Thanks for the tax thing guys I'll look into that. Do you think its a daft plan, can you think of any pitfalls, buying outright and renting where she works?

RenovationMan

My advice would be not to mention your tax free income when you actually want to ask about house buying.

padington

I would lever your trading knowledge and somehow franchise others into the game and take a little percentage so you're playing with lots more Dosh and making yourself more too.

If you can make one or two thousand every month, you could make tens of thousands every month with the right financial backing.

People would have to trust you cold on the first few months but if you brought home the bacon, word by mouth would ensure lots more costumers. maybe start off in a really small way. Just encourage people to become penny investors with minimum monthly stake being just £100. Keep everyone up to date with an end of week email and let people buy in more as they gain confidence with investing in your talent. If you came good in the first three months i'm sure the customer base could grow quite rapidly.

PasturesNew

Just realised a big loophole if that's true.....

Instead of me running a business, selling say widgets at £10 each. Instead of selling you 10 widgets and paying tax on 10x£10, I could give you the widgets for free and then bet you £100 I can stand on one foot for 30 seconds and you could take that bet! Tax free income plan here we come!

tomterm8

PasturesNew wrote: »

Just realised a big loophole if that's true.....

Instead of me running a business, selling say widgets at £10 each. Instead of selling you 10 widgets and paying tax on 10x£10, I could give you the widgets for free and then bet you £100 I can stand on one foot for 30 seconds and you could take that bet! Tax free income plan here we come!

Except that you would be breaking the law: to run a betting business you need a gambling license. And since you were trading as a gambler, you would be liable for both income tax and gambling tax on your profits, which would be 100% of your income, since of course you couldn't set aside any of the cost of making the widgets which you gave away free.

RenovationMan

smeagold wrote: »

Do you think its a daft plan, can you think of any pitfalls, buying outright and renting where she works?

If you think that house prices are going to reduce substantially over the next few years and you also think that Gold has much further to climb over the next few years, then it seems odd to pursue this plan.

purch

Bridgewater

:eek:

BRIDGWATER plueeezzeee !!!!!

The Nuclear Power Station at Hinckley Point has been there ever since I was a child, so I wouldn't think it should be a problem (unless you want to live in Shurton or Burton where the houses are overshadowed by the damn thing)

You should look at Exmoor. Much nicer than that Dart place, and only 25-30 miles to Bridgwater.

WHITEVANMAN

purch wrote: »

:eek:


You should look at Exmoor. Much nicer than that Dart place, and only 25-30 miles to Bridgwater.

Smea might move in next door

smeagold

RenovationMan wrote: »

If you think that house prices are going to reduce substantially over the next few years and you also think that Gold has much further to climb over the next few years, then it seems odd to pursue this plan.

well yes but I have to strike a balance. financial security is one thing but true security is derived elsewhere also imo . owning your own home outright, in perpetuity, and having the means to feed yourself cheaply(hence the requirment for land) are equally, if not more, important.