Mr and Mrs K's New Journey to a Debt Free Life.

AlexLK

kissjenn wrote: »

If he can take what he wants as a salary what happens to all the extra money I.e. the stuff you don't draw...is that joint? If you make £1000 and he takes £500 and you take £200 - what happens to the £300? Who owns that money?

Also you'll have a tax bill coming for personal tax as well as Corporation tax is that being saved? Not our business any of this but would like to think you're covered as you'll need to start including piano income as well if you intending do that as a regular thing.

We really want the best for you...if you feel you've the bases covered then I defer to that.

It goes back into the business to be reinvested. Honestly, how the company's assets (inc cash) shall be split between us is one of the reasons I wanted the accountant involved. Business partner has told me he is willing not to take 50% as a part of getting out.

My personal tax bill will come to all of a few hundred pounds and yes I am intending on doing the piano income as a regular thing. However, the tax for that will not be an issue until 2014 or possibly 2015 IIRC. I have been quite diligent with regards to tax, do not want the tax man chasing me as I've seen that all before (not me, parents).

AlexLK

bess1234 wrote: »

Still lurking , you compulsive open minded learner you.....

By George I think he's got it :Tu:T:T:T

You only have to sleep like a baby, do a day of what your good at, and sleep like a baby again. One day at a time x

:rotfl: I try.

.... If by "sleeping like a baby" you mean waking up at all hours, yep I do that well.

kissjenn

AlexLK wrote: »

It goes back into the business to be reinvested. Honestly, how the company's assets (inc cash) shall be split between us is one of the reasons I wanted the accountant involved. Business partner has told me he is willing not to take 50% as a part of getting out.

My personal tax bill will come to all of a few hundred pounds and yes I am intending on doing the piano income as a regular thing. However, the tax for that will not be an issue until 2014 or possibly 2015 IIRC. I have been quite diligent with regards to tax, do not want the tax man chasing me as I've seen that all before (not me, parents).

HMRC are my worse nightmare so, like you, I try to be super diligent with vat and tax.

I hope the meeting goes well.

AlexLK

kissjenn wrote: »

HMRC are my worse nightmare so, like you, I try to be super diligent with vat and tax.

I hope the meeting goes well.

Thank you I have taken on board your advice and will certainly speak to Mrs. K. before making any decisions, never harms to have a second pair of eyes over look paperwork anyhow.

I must admit my accountant deals with it all really, I just pay him.:o

Fingers crossed and I do hope I am right about the business partner.

kissjenn

AlexLK wrote: »

Thank you I have taken on board your advice and will certainly speak to Mrs. K. before making any decisions, never harms to have a second pair of eyes over look paperwork anyhow.

I must admit my accountant deals with it all really, I just pay him.:o

Fingers crossed and I do hope I am right about the business partner.

Mine does too but I had a business partner , still do, for the flats and it brings me nothing but pain and suffering. I didn't think it was possible to pull the stunts this guy has but I can't get into any unserviceable debt so I'm over a barrel. That's why my trust level is low when it comes to money.

AlexLK

I presume you are a property developer from your post?

kissjenn

Nope. A freelance PM with an investment, that's how HMRC describes it, portfolio. Very hard work and stress for no real returns. Locked in thru market crash.

AlexLK

kissjenn: Thank you.

Knew the positivity would only last so long until the bubble once again burst. Currently wanting to have an early night but so full of anxiety (despite taking one of doctor's pills) sleep is not going to be on the agenda for a while. Not even sure what has started this again.

kissjenn

I hope you got some sleep. I was up at 4 with nausea so I'm working from home which is a huge help, not so easy in your line r with mini-k.

As I keep being told ... Be kind to yourself

heartbreak_star

A note from an earlier post - it is INCREDIBLY important for your child to socialise with other children.

I am an only child, and until I was 7 was cut off from all other children by a main road.

I learned how to enjoy my own company...but it also led to me having shyness issues, confidence issues, and breaking down and crying because I just couldn't cope with lots of boisterous kids around when I first went to school. I'd have been even worse if I hadn't gone to nursery. I still have issues with large crowds to this day though I refuse to let it get on top of me.

Nursery was a lifeline - it taught me that other kids exist, I'm not the centre of the world, and it can be fun playing games and doing activities that don't just involve me. I can still be solitary, but can be sociable too.

(And also, it will teach him to share. Only kids have a problem with that anyway, in general!)

HBS x