A Better View 🌄

Seasidegal58

DD's OH texted that all ok this morning despite a power cut last night and horrendous gale. Unfortunately a lovely old tree was completely uprooted in one of the neighbouring villages. ☹️

beanielou

That’s good but sad about the tree. 

LadyWithAPlan

Sad about the tree..
I  know lots about se v lt company so feel free to ask. I am about to take the next step and file my own ltd company accts as I have the software and knowledge - but just keep asking your accountant.
Please be aware most accountants are  - however good- literally bookkeepers  and dont often give valuable advice on tax stuff- I know it sounds crazy but its true. They just want to dot the i's etc for legal purposes.  So make sure you ask specific questions on ways to minimise your tax.
 I often advise friends to get a tax expert in  to check they are doing all they can to legally minimise their tax burden especially when selling the company or big changes no matter how big their acctant is. 

Dont forget MR F needs to track his motoring mileage - some apps do that. Plus subsistence whilst he is away  working - that includes a glass of wine in the evening. 

I assume you paying yourself each the minimum paye to avoid class 2/4, though if its a split year of paye/ltd co  then you will be over the threshold anyway.

 Best thing is the ability to pay into your sipp as a director and then the contribution is a business expense and comes off profit. You must state its your company contribution and pay via the business card.

If you have a SIPP set up already and if you have added to it only as personal before you can easily add a ltd company contribution to it.. Vanguard makes this very easy as does HL but they are more expensive . It does take a couple of days to check the company details  the first time but then its seemless moving forward.

Fortune_Smiles

Seasidegal58 said:

DD's OH texted that all ok this morning despite a power cut last night and horrendous gale. Unfortunately a lovely old tree was completely uprooted in one of the neighbouring villages. ☹️

beanielou said:

That’s good but sad about the tree. 

That's good news Seasidegal although I, too, am sad about the tree Beanie.  We escaped without incident but Storm Jocelyn is on her way today so we'll just have to keep our fingers crossed again 🤞

Fortune x

Fortune_Smiles

LadyWithAPlan said:

Sad about the tree..
I  know lots about se v lt company so feel free to ask. I am about to take the next step and file my own ltd company accts as I have the software and knowledge - but just keep asking your accountant.
Please be aware most accountants are  - however good- literally bookkeepers  and dont often give valuable advice on tax stuff- I know it sounds crazy but its true. They just want to dot the i's etc for legal purposes.  So make sure you ask specific questions on ways to minimise your tax.
 I often advise friends to get a tax expert in  to check they are doing all they can to legally minimise their tax burden especially when selling the company or big changes no matter how big their acctant is. 

Dont forget MR F needs to track his motoring mileage - some apps do that. Plus subsistence whilst he is away  working - that includes a glass of wine in the evening. 

I assume you paying yourself each the minimum paye to avoid class 2/4, though if its a split year of paye/ltd co  then you will be over the threshold anyway.

 Best thing is the ability to pay into your sipp as a director and then the contribution is a business expense and comes off profit. You must state its your company contribution and pay via the business card.

If you have a SIPP set up already and if you have added to it only as personal before you can easily add a ltd company contribution to it.. Vanguard makes this very easy as does HL but they are more expensive . It does take a couple of days to check the company details  the first time but then its seemless moving forward.

Thanks for all the tips LaPlan 😘  We both have pensions that take us over the tax free personal allowance but, as these don't count for NI purposes, we'll be paying ourselves a salary up to the secondary threshold to avoid Class 1 and Employer's NI (Class 2/4 don't apply as, being Directors, we aren't self-employed).  That's if we make enough money of course 😂  After that we'll take dividends or make contributions to one of Mr F's former workplace pension schemes.  That's the most tax efficient route for us.

Fortunately, we seem to have found a marvellous accountant and she's already given me some great advice.  I'm doing the majority of the bookkeeping myself but she's casting an eye over the software from her end to make sure everything is as it should be.  I have a good idea of how accounting works but its the terminology that I'm not familiar with yet.

We're finding that HMRC's subsistence rate (max £25 for 24 hours) doesn't come close to covering three square meals a day so we'll be paying tax on that wine 😂

The Company is a stepping stone to Mr F's retirement so we're not planning to earn that much - fun money and savings really.  Hopefully that will mean our tax affairs our relatively straightforward.  Fingers crossed 🤞

Fortune x

Fortune_Smiles

Baby Steps

My blood pressure is inching down.  I've stuck to healthy eating, stayed within my suggested calorie allowance, made sure I drink plenty of water and practised Tai Chi every day.  I've lost 3lbs (mostly water weight I expect though as this is week 1).  I've found a low impact workout series on Y0uTub£ that builds up from 5 minues to 50 minutes so may start that later.

Mr F made boiled eggs and marmite toast for breakfast yesterday, lunch was Cheese, Swede & Leek Pie with salad and supper was Roasted Root Veg Tray Bake with wholemeal pitta bread.

I spent most of yesterday doing work work.  Had a long call with the accountant about what and how to pay us going forward and did some further learning on the accounts software we're using.  I also contacted the plumber for a quote for a new boiler and the window company for a quote for replacing the study window with a door.

Mr F was finally able to get into the right client system to complete some reporting so, hopefully, our two outstanding invoices will be paid next week 🤞

I had quite a few social things in the diary for this week but I've cancelled them all to make sure I get enough rest and don't end up doing too much.

Bracing ourselves for the next storm which is due here about 1pm.  Stay safe all.

Fortune x

Midgetgem8200

Just delurking to say that I watched 'what's in your big shop' or something like that last night and apparently beetroot is amazing for bringing down high blood pressure

South_coast

Midgetgem8200 said:

Just delurking to say that I watched 'what's in your big shop' or something like that last night and apparently beetroot is amazing for bringing down high blood pressure

And boosting blood flow to a man's manhood 😳🤣!

* Spoiler alert *

How they didn't realise they were spending £300/week on takeaways was pretty staggering though!

Fortune_Smiles

Midgetgem8200 said:

Just delurking to say that I watched 'what's in your big shop' or something like that last night and apparently beetroot is amazing for bringing down high blood pressure

South_coast said:

Midgetgem8200 said:

Just delurking to say that I watched 'what's in your big shop' or something like that last night and apparently beetroot is amazing for bringing down high blood pressure

And boosting blood flow to a man's manhood 😳🤣!

* Spoiler alert *

How they didn't realise they were spending £300/week on takeaways was pretty staggering though!

Thanks for delurking with that tip @midgetgem8200 - it's nice to 'see' you 😊  £300 on takeaways 😲  How could you not know?!

As myself and Mr F eat the same meals at home, the beetroot might be a double-edged sword 🤭😂

Fortune x

beanielou

£300 a week on takeaway. Eeek.