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Post by magicmonkey on Jul 5, 2007 19:50:09 GMT
I think it just makes me laugh when people really can't believe that somebody can be successful without hillarys.
200k doesn't add up to 100k wages as there is tax and vat to consider.
My accountant has it setup so I come under the higher tax band, paying the wife a good wage for her part ensures our personal tax is still comfortable.
The company ( I went Ltd in January ) is still liable for corporation tax but again the accounat can work his magic ( all legal ) . We can charge the company for the use of our cars etc.
Have been looking into investing some capital into a blinds cleaning machine as it uses up some money so we won't be tazed on it but it's still an asset.
The bank manager has also suggested a way to use get some premises that could work out as a pension fund , but I'm not sure how that works until I have a proper sit down.
I still won't be goaded into discussing who or what my company is.
The last thing I want is a price war with hillarys as I've still got a family to feed.
With that said I don't think I could even truely convince some that I am doing well and I have not just 'made this all up '.
I do know that some who have left hillarys have not had it good, so I'm lucky for sure.
200k in the first year is not that hard to believe is it ?
How much do you all sell for hillarys each year ? even my meager 14k/month when I sold for them = nearly 170k a year.
I advertise in the right places and have a good name so get plenty of recomends and repeat business.
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Post by thelloydgang on Jul 5, 2007 20:01:01 GMT
I think it just makes me laugh when people really can't believe that somebody can be successful without hillarys. 200k doesn't add up to 100k wages as there is tax and vat to consider. My accountant has it setup so I come under the higher tax band, paying the wife a good wage for her part ensures our personal tax is still comfortable. The company ( I went Ltd in January ) is still liable for corporation tax but again the accounat can work his magic ( all legal ) . We can charge the company for the use of our cars etc. Have been looking into investing some capital into a blinds cleaning machine as it uses up some money so we won't be tazed on it but it's still an asset. The bank manager has also suggested a way to use get some premises that could work out as a pension fund , but I'm not sure how that works until I have a proper sit down. I still won't be goaded into discussing who or what my company is. The last thing I want is a price war with hillarys as I've still got a family to feed. With that said I don't think I could even truely convince some that I am doing well and I have not just 'made this all up '. I do know that some who have left hillarys have not had it good, so I'm lucky for sure. 200k in the first year is not that hard to believe is it ? How much do you all sell for hillarys each year ? even my meager 14k/month when I sold for them = nearly 170k a year. I advertise in the right places and have a good name so get plenty of recomends and repeat business. Good luck to you magic monkey.........it's good to hear that you're doing well in your new blind business. I think there's still bad feeling left over from the old forum where many Hillarys advisors were fed up with ex-advisors running down Hillarys, giving us ways on how to scam hillarys, like double dealing, then complaining when they'd been caught out and got rid off. Hillarys advisors, including myself, were constantly having posts deleted then were banned from the forum because we were satisfied with the way our business was going and posted that. Ex-advisors who ran the site, didn't like this as I believe they wanted to portray Hillarys as the worst ever company to work for, which for many of us, simply is untrue! If we're successful,be it with or without Hillarys, then there's not need to change is there! Anyway, alls fair in love and war, and there's no harm in a bit of friendly competition.  Lets keep it friendly on this forum hey guys!  K ;D |
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Post by magicmonkey on Jul 5, 2007 20:56:49 GMT
that's fine - thanks for the kind words.
But one certain person puts across the feeling of a vendetter against anyone who either leaves hillarys or has a bad word to say about them !
I was personally threatened by PM on this very board by them himself !
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Russell
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079711071533
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Post by Russell on Jul 5, 2007 20:58:12 GMT
that's fine - thanks for the kind words. But one certain person puts across the feeling of a vendetter against anyone who either leaves hillarys or has a bad word to say about them ! I was personally threatened by PM on this very board by them himself ! aaaahhhhhhhh bless  |
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Russell
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Post by Russell on Jul 5, 2007 21:11:54 GMT
that's fine - thanks for the kind words. But one certain person puts across the feeling of a vendetter against anyone who either leaves hillarys or has a bad word to say about them ! I was personally threatened by PM on this very board by them himself ! Have no problem with people having a go at Hillarys or leaving them I have considered it recently but I dont like bullrubishters who are not up front your figures dont add up re VAT company tax etc all you do is mislead so either put up who you are and what you are doing or keep it to yourself. |
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Post by magicmonkey on Jul 5, 2007 21:24:41 GMT
I'm not an accountant so forgive me if the overall picture regarding figures is not 100% crystal .
Maybe you could tell us where I have made the mistake Mokey?
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Post by blue van man on Jul 5, 2007 21:58:27 GMT
Perhaps you're confusing mark-up with profit.
If you buy for £50 and sell for £100, you have a 100% mark up, but unlikely to have 50% profit.
You could buy an item for £1 and sell it for £100, but still trade at a loss if your operating costs and bad debts exceed your gross profit.
£200k a year isn't much for 1 person to sell and fit, but don't kid yourself that you're going to come out of it with £100k profit in your pocket.
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Post by Mr Blind Spot on Jul 5, 2007 22:05:51 GMT
I was personally threatened by PM on this very board by them himself ! If verified members of this forum are sending threating PM's, to anyone, I would like to Know about it. It could effect their status on this forum, and should be brought to the attention of us, and the other mods. |
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Post by magicmonkey on Jul 5, 2007 22:15:35 GMT
Mr Blind Spot - I told you about this at the time and all you did was banish my posts about it the the 'sinbin' .
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Post by magicmonkey on Jul 5, 2007 22:19:30 GMT
Perhaps you're confusing mark-up with profit. If you buy for £50 and sell for £100, you have a 100% mark up, but unlikely to have 50% profit. You could buy an item for £1 and sell it for £100, but still trade at a loss if your operating costs and bad debts exceed your gross profit. £200k a year isn't much for 1 person to sell and fit, but don't kid yourself that you're going to come out of it with £100k profit in your pocket. Des - I think I understand what you are saying. The company is on target to take 200k this year, but as a director and therefore an employee - I will only take a wage upto the banding for the higher tax rate. The wife will take some too, then the remainder of the profits will either be invested or taxed . I understand that I can take dividends too as a share holder. |
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Post by Mr Blind Spot on Jul 5, 2007 22:23:36 GMT
Mr Blind Spot - I told you about this at the time and all you did was banish my posts about it the the 'sinbin' . That was then, this is now. |
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simmo
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Post by simmo on Jul 6, 2007 8:33:02 GMT
Perhaps you're confusing mark-up with profit. If you buy for £50 and sell for £100, you have a 100% mark up, but unlikely to have 50% profit. You could buy an item for £1 and sell it for £100, but still trade at a loss if your operating costs and bad debts exceed your gross profit. £200k a year isn't much for 1 person to sell and fit, but don't kid yourself that you're going to come out of it with £100k profit in your pocket. Des - I think I understand what you are saying. The company is on target to take 200k this year, but as a director and therefore an employee - I will only take a wage upto the banding for the higher tax rate. The wife will take some too, then the remainder of the profits will either be invested or taxed . I understand that I can take dividends too as a share holder. |
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simmo
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Post by simmo on Jul 6, 2007 8:35:33 GMT
Magic Monkey I think you should have a word with your Accountant. Most Limited Companies take a salary of around 5500 per annum. Then as long as you are in a profit situation you take the rest in dividends. This saves on Tax as Dividends are only taxed at 10% and you don't pay any National Insurance, giving a win win situation.
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Post by blue van man on Jul 6, 2007 9:12:42 GMT
Magic Monkey I think you should have a word with your Accountant. Most Limited Companies take a salary of around 5500 per annum. Then as long as you are in a profit situation you take the rest in dividends. This saves on Tax as Dividends are only taxed at 10% and you don't pay any National Insurance, giving a win win situation. Spot on simmo, me & wifey take £439/month, the rest in tax-paid dividends. Plus if you're on standard VAT, you should definitely sack your accountant. As a small company you should be on flat rate VAT, saving loads of paper work and admin time, and possibly getting a financial benefit |
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Post by magicmonkey on Jul 6, 2007 10:26:07 GMT
thank's for that I will check up - hate to pay more than I have to !
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