Is it too late

kidmugsy

uncreative wrote: »

Yes my cumulative tax and NI on my march payslip for this year are almost £32k!! and the Ltd company will have a CT bill of around £3k so in total a contribution of £35k to the British economy. Oucha.

Oh just wait until you die and the Inheritance Tax hits your estate. Still, you'll feel no pain.

Or just wait until the "mansion tax" is applied to the total of anyone's housing ownership, with special rules to "look through" company structures.

You have so much to look forward to.

jamesd

uncreative wrote: »

Arrghh - mo money mo problems. It all seemed a heck of a lot simpler when i was earning £50k and had a tonne of debt (half joking half not)

LOL, right. But the choices are a lot better on this side of the bad debt picture.

uncreative wrote: »

you mean pay off mortgage with pension lump sum on retirement?

Right. Or later, since the average growth of the UK stock market has been around 5% plus inflation and you probably don't have mortgages that expensive.

uncreative wrote: »

Could I switch to interest only and do AVCs for the pension up to my £40k annual allowance. If i did that for 15 years I would get close to the LTA........hmmm what a great post..!

Your current mortgage products are repayment but when it next comes to remortgage time, yes, you could.

jamesd

uncreative wrote: »

Also VCTs - i had looked at them and EIS as well but felt the risk element wasnt worth the gain at the time

Maybe try dipping your toes in with say £5,000 worth around late November this year. You've got the income it seems and the assets, so it's worth experimenting with a bit of money. Or if you want to try getting PAYE tax relief as soon as possible, the Albion VCT top up offer is still open, now for the 2015/16 tax year and I put some of my money into that one last tax year. Minimum investment is £6,000 total across all of their VCTs.

The reasons I mention that one besides it still being open is that it has a good discount policy of 5% below NAV for buybacks and lots of asset backing (meaning secured lending). Read the Tax Efficient Review and Tax Shelter Report opinions in two of the PDFs on the page I linked to to learn more if you do consider it.

uncreative wrote: »

jamesd are you a financial advisor? you seem well clued up on all this stuff. I have a strong maths/engineering background so get to understand a few of the ins and outs of these things through research but i am learning fast that a little knowledge is a very very dangerous thing......

For many years I've had a note in my profile here saying "I do not work in the financial services industry. I'm neither an IFA nor a mortgage advisor". Trying to cut down on the cases of mistaken identity.

Just give it time. I knew pretty much nothing about the UK situation when I started here around ten years ago after being out of the country for many years. I just learned along the way, so will you as you learn more about what may be interesting given your changing circumstances.