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topchippyles

Chancellor is on now 5 PM self employed help

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Another option i have not seen anyone mention if you have children under 18 and your profits are very low is child and working tax credits which some would be eligible for.

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31 minutes ago, topchippyles said:

Andy we get on great but a lot of guys do mention you do spout shite, posts like this i have to agree,Not looking for an argument but with the greatest respect only by your own words you have never been self employed so in my book one should not comment on a thread on the subject. As for equal NI we as self employed people do not enjoy the benefits of paye so do not go there please 👍

https://www.telegraph.co.uk/tax/news/chancellor-sunak-eyes-national-insurance-hike-return-self-employed/

 

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6 hours ago, swinny said:

Can't remember. Just saw the red mist and turned him off lol

Yes red mist here as well Swinny, funny weather where having, but i am with you on this what a load of shit,

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It’s a fair point.....
 
Keep business overheads as low as poss, keep your personal spending down to minimum, invest in good kit to make work more efficient, play the long game. 
 
Then sit back and wait for the rewards of your sacrifices. 
 
Well, that’s the theory, the practice seems to be more like, spend beyond your means, don’t plan ahead and wait for a hand out when the excrement hits the air con

Kevin,
Re read this post.
You've just insulted every SE business.
What happened?
You started taking stupid pills or summat?
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2 hours ago, Rough Hewn said:


You started taking stupid pills or summat?

No, been a long term prescription 😂

 

All I’d say is, alongside the usual aspects of 2 dimensional forum format potential for misunderstanding / misrepresentation of intent, we also have frustration / emotion and brevity due to time constraints to contend with when trying to interpreting posts. 
 

ive found some people can ‘read between the lines’ and interpret implied / inferred meaning without the need for a lengthy post. Sometimes I can from others posts, sometimes I miss it. 

 

Im not sure what has pressed yr buttons but happy to expand if you can be a bit more specific. 
 

 

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My 2 cents on it and my jusfication for keeping my tax bill minimised (I did pay just over £12k in income tax in January, for the record).

 

If a company chooses to offset some of their tax liability by purchasing new machinery, they will do so so that they can expand their business and hopefully, the eventual profitability. It's always a gamble of course, and that's a risk largely shouldered by the self employed. Certainly in normal times. This epidemic is unprecendented in living memory. 

 

With the expansion of a business, new jobs are created, and the exchequer benefits from overall economic expansion as well as specific tax receipts. I have paid £36000 in VAT on my last two VAT returns. This high figure is largely down to the fact that I charge VAT on my timber, but many of my expenses are VAT free (chainsaw operatives). 

 

Capital allowances are rarely paid for outright, rather, they are financed. So the capital expenditure may appear to be (for example) £30k on the books, but that figure is being paid for over 3-5 years, so the cash is might still be there. It's complicated and messy, and perhaps the system ought not to be the way it is, but that is the way it is.

 

Either way, the self employed create jobs, and as such are afforded preferential taxation treatment. We are effectively the entrepreneurs who are going out there, day to day, seeking out work in order to earn money for the exchequer. Whether we pay it directly through income tax, corporation tax or dividend tax, or through VAT or through the PAYE on our employees, we're still earning money for the exchequer. 

 

As such, in extraordinary times such as these, support for people in our position needs to be unequivocal, and without such caveats as "we're going to come after you for extra tax once this is all over". 

 

I'm not sure what we're going to do personally. We are sort of able to keep working, but at the moment is sort of feels like we're standing on top of a log stack where logs keep rolling away. Bits of the supply chain keep dropping out. Parts are going to be tricky to get, my agricultural mechanic has shut down for the time being, haulage is a nightmare, despite us having our own lorry. Many of the big mills have temporarily shut down and one of the largest mills in the South West has shut down permanently. 

 

Unsettling times.

 

 

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My 2 cents on it and my jusfication for keeping my tax bill minimised (I did pay just over £12k in income tax in January, for the record).
 
If a company chooses to offset some of their tax liability by purchasing new machinery, they will do so so that they can expand their business and hopefully, the eventual profitability. It's always a gamble of course, and that's a risk largely shouldered by the self employed. Certainly in normal times. This epidemic is unprecendented in living memory. 
 
With the expansion of a business, new jobs are created, and the exchequer benefits from overall economic expansion as well as specific tax receipts. I have paid £36000 in VAT on my last two VAT returns. This high figure is largely down to the fact that I charge VAT on my timber, but many of my expenses are VAT free (chainsaw operatives). 
 
Capital allowances are rarely paid for outright, rather, they are financed. So the capital expenditure may appear to be (for example) £30k on the books, but that figure is being paid for over 3-5 years, so the cash is might still be there. It's complicated and messy, and perhaps the system ought not to be the way it is, but that is the way it is.
 
Either way, the self employed create jobs, and as such are afforded preferential taxation treatment. We are effectively the entrepreneurs who are going out there, day to day, seeking out work in order to earn money for the exchequer. Whether we pay it directly through income tax, corporation tax or dividend tax, or through VAT or through the PAYE on our employees, we're still earning money for the exchequer. 
 
As such, in extraordinary times such as these, support for people in our position needs to be unequivocal, and without such caveats as "we're going to come after you for extra tax once this is all over". 
 
I'm not sure what we're going to do personally. We are sort of able to keep working, but at the moment is sort of feels like we're standing on top of a log stack where logs keep rolling away. Bits of the supply chain keep dropping out. Parts are going to be tricky to get, my agricultural mechanic has shut down for the time being, haulage is a nightmare, despite us having our own lorry. Many of the big mills have temporarily shut down and one of the largest mills in the South West has shut down permanently. 
 
Unsettling times.
 
 

Get back into milling J...
Looks like an opportunity...
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2 minutes ago, Rough Hewn said:


Get back into milling J...
Looks like an opportunity...
emoji6.pngemoji106.png

Haha! I can't be bothered anymore with that. Been there, done that, got the back injury! 😄

Edited by Big J
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Just now, Big J said:

Haha! I can't be bothered anymore with that. Been there, done that, got the back injury! 😄

:D

 

A lovely little reminder!

 

Cant imagine there is much money in it either? A lot of graft for little reward. 

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Just now, trigger_andy said:

:D

 

A lovely little reminder!

 

Cant imagine there is much money in it either? A lot of graft for little reward. 

It's OK if:

 

  • You can value add to your end product. So if you run a timber framing business, or perhaps a fencing company
  • If you can find a niche. Ours was timber for beehives and national sales of sawn elm.
  • If you're very good (and patient) at grant applications. There are lots of grants available. We never bothered.
  • You can combine it with a mutally beneficial business enterprise. So we did a lot of elm harvesting/merchanting (especially veneer grade) at the same time.

There are many ways to make it work well, but it's an episode I'm done with. Always happy to help anyone else get going in it, as it's good fun.

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