company registration

News, chat and debate about the Betfair betting exchange.
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decomez6
Posts: 651
Joined: Mon Oct 07, 2019 5:26 pm

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tumby wrote:
Tue Sep 28, 2021 10:23 am
I moved all my betting into a registered company in July 2019. I just phoned my account manager and they got the right docs in place. Was pretty quick and pain less.

The premium charge carries on unchanged, they link your new corporate account to your old personal account so this is not a way to avoid paying PC!

If I draw a salary from my company then that would be taxed just like any salary from any company with income tax and NI (including employers!). Any net profit then gets taxed for corporation tax. So this is not exactly the most tax efficient way to do things.
what,s not to like :D
as a proffessional trader...( i'm not there yet).....it does feel like a 9-5 away from a regular commuting job. the only difference is ;

you are the investor, CEO, HR, IT, down to the kitchen master.......so how much do you pay yourself ?

--do you buy new equipment every year..sotware, hardware ( including a betangel tea/ coffee/ lager mug , with a t shirt to work as a uniform)
-you can actually get tax deductions on washing uniforms and buying new pair of shoes ETC.
-and dont forget the gifts that you can donate to a loved ones like opening an account for young ones and gifting them under schemes of withdrawal when they reach the age of maturity.

i think this way the government will actually recognise you as a valuable asset with a net contribution to the economy . your account will be showing a negative because you dont hold anymoney , its all circulating and moving the wheels of commerce @ national cake .
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