£38K is the current UK average wage, are business owners working for less??

[Johny Walker]

  Ty Korrigan said:

The French business system is set up so that it unintentionally discourages people from turning over more than 34k euros a year.

After this figure has been breached, vat, accountants and a whole raft of other issues faces the small business man.

Most in our line of work declare just under 34k and take cash wherever possible.

Some, afraid of taking such a 'risque' prefer to close their doors taking long breaks to avoid having to make too much money and instead resign themselves to a life scuffing along on the breadline and near poverty.

34k turnover, leaves you with 25'500 after social charges.

25'500euros with which to run a truck, chipper and pay a wage?

The French state shoots itself in the foot by micromanaging business here.

Ty

 

is the frog vat rate £34k then, ??

[Stoatally]

Having a quick tickle on the gov.uk calculator it seems that tax credits are good if you have kids but not if you don't. A combined income of 20k with 3 kids estimates £650 a month. Sane income with no kids = 0

[donnk]

as a small business owner why the hell do you want a salary more than your tax code. You just end up giving it up in tax. Let your accountant earn their fee and sort it.

[Ty Korrigan]

  Johny Walker said:

is the frog vat rate £34k then, ??

You got it.

Ty

[Billy]

  donnk said:

as a small business owner why the hell do you want a salary more than your tax code. You just end up giving it up in tax. Let your accountant earn their fee and sort it.

 

 

More than your tax code?

[Al Cormack]

  donnk said:

as a small business owner why the hell do you want a salary more than your tax code. You just end up giving it up in tax. Let your accountant earn their fee and sort it.

 

 

 

  Billy said:

More than your tax code?

 

 

I think he means a salary that is higher (more) than your tax code tax free allowance.

[Billy]

  Al Cormack said:

I think he means a salary that is higher (more) than your tax code tax free allowance.

 

 

Ah right, that's mad, in the South East the tax free allowance would barely cover a mortgage. If you think like this an employed position is probably best for everyone!

[skyhuck]

  Billy said:

Ah right, that's mad, in the South East the tax free allowance would barely cover a mortgage. If you think like this an employed position is probably best for everyone!

 

I think he mean you take under your tax code as salary and the rest of your income as a dividend, this what I do, as I run a limited Co.

[Al Cormack]

  skyhuck said:

I think he mean you take under your tax code as salary and the rest of your income as a dividend, this what I do, as I run a limited Co.

 

 

Get taxed on dividends now as well. 😡After the first £5000.

Still less % than income tax though.

[Johny Walker]

  Al Cormack said:

Get taxed on dividends now as well. 😡After the first £5000.

Still less % than income tax though.

 

is that per yr or qtr