UK General Election 2024 (or 25)

[Derek27]

What a tit, kids who can't get to grips with maths now have to leave school at 16 or accept voluntary punishment. Obviously there weren't any kids in Sunak's private school that struggled with maths. How out of touch can you get?

[Archangel]

I will be in Canada with property left to me by my Canadian uncle and income via private pension.

There are many legal tax loopholes. The pension will be paid in a certain way as not to raise red flags but perfectly legal.

In the UK I earn via a limited company but only paid £9,100 as not to break the employee/employer contribution allowance, the rest is paid via dividend at only 8.75% but there is another legal loophole there too.

On paper corporation tax doesn’t kick in so I earning well but instead of paying 29% in total am only paying a fraction.

It pays to have a partner who works for PWC.

The UK tax rules are rather pathetic with more holes than any in the G20, have been for the past 35 years.

Is it morally correct, no but is it all legal, yes.

Best of luck with it

[Archery1969]

And NO i not doing anything illegal, its clearly explained below:

https://smallbusiness.co.uk/tax-advanta ... FsQAvD_BwE

Roughly, the same rules have been adopted by successive governments of all colours. The only party who may want to shake things up would be the LibDems but them getting into sole power is very unlikely.

Anyway, all good fun, init.

[Derek27]

And NO i not doing anything illegal, its clearly explained below:

https://smallbusiness.co.uk/tax-advanta ... FsQAvD_BwE

Roughly, the same rules have been adopted by successive governments of all colours. The only party who may want to shake things up would be the LibDems but them getting into sole power is very unlikely.

Anyway, all good fun, init.

I much prefer the Sole Trader to the Lay The Draw set up.

[Derek27]

Parliamentary Standards watchdog investigating Sunak over undeclared interest.

[sionascaig]

Parliamentary Standards watchdog investigating Sunak over undeclared interest.

Is it the £1200 payments to a child care training company owned by his wife ?

I remember him being asked specifically in parliament if he benefited from this and his answer was no - thought it a bit strange at the time but in hindsight maybe labour knew something.

The whole initiative is a bit bizarre: as an individual if you apply then can get £600 towards training, but if a training company applies on your behalf then the company gets £1200.. Hard to see how the later is a good use of tax payer monies.

edit - and v small beans for him...

[Derek27]

Parliamentary Standards watchdog investigating Sunak over undeclared interest.

Is it the £1200 payments to a child care training company owned by his wife ?

I remember him being asked specifically in parliament if he benefited from this and his answer was no - thought it a bit strange at the time but in hindsight maybe labour knew something.

The whole initiative is a bit bizarre: as an individual if you apply then can get £600 towards training, but if a training company applies on your behalf then the company gets £1200.. Hard to see how the later is a good use of tax payer monies.

edit - and v small beans for him...

All I heard is undeclared interest.

[Archangel]

Didnt his missus avoid paying UK tax for years before being caught out ?

[Derek27]

And NO i not doing anything illegal, its clearly explained below:

https://smallbusiness.co.uk/tax-advanta ... FsQAvD_BwE

Roughly, the same rules have been adopted by successive governments of all colours. The only party who may want to shake things up would be the LibDems but them getting into sole power is very unlikely.

Anyway, all good fun, init.

What does money reinvested into the business mean?

Does it mean that if a company makes £10M and it sits in its bank account without being withdrawn it's not taxable?

[Archery1969]

And NO i not doing anything illegal, its clearly explained below:

https://smallbusiness.co.uk/tax-advanta ... FsQAvD_BwE

Roughly, the same rules have been adopted by successive governments of all colours. The only party who may want to shake things up would be the LibDems but them getting into sole power is very unlikely.

Anyway, all good fun, init.

What does money reinvested into the business mean?

Does it mean that if a company makes £10M and it sits in its bank account without being withdrawn it's not taxable?

Reinvesting means:- Buying equipment, R&D, Marketing, Buying/Renting larger premises, Increasing staff, Paying higher wages. All this would come before your liability to corporation tax. ie. tax deductible. You wouldn't leave it in a bank account as it wouldn't be very tax efficient.

Here is the killer: You can take money out of a limited company to make pension contributions. These do not suffer corporation or NI tax.

So, you can see where company directors legally have an edge over Joe public on PAYE.

Unlike personal pension contributions, there’s no limit on what the company is allowed to pay into your pension and obtain tax relief, providing it meets HMRC’s ‘wholly and exclusively’ test.


And when you read that last part Derek "HMRC’s ‘wholly and exclusively’ test." you will laugh your head off.

Have a look at the picture, most would say thats very unfair but I didn't make the rules.

[firlandsfarm]

What a tit, kids who can't get to grips with maths now have to leave school at 16 or accept voluntary punishment. Obviously there weren't any kids in Sunak's private school that struggled with maths. How out of touch can you get?

I guess as out of touch as the people who abandon kids rather than teach them! The more I read your comments Derek the more I feel a touch of jealousy.

[Derek27]

What a tit, kids who can't get to grips with maths now have to leave school at 16 or accept voluntary punishment. Obviously there weren't any kids in Sunak's private school that struggled with maths. How out of touch can you get?

I guess as out of touch as the people who abandon kids rather than teach them! The more I read your comments Derek the more I feel a touch of jealousy.

Common sense would suggest every 16-year-old kid who stays on in school should be individually assessed. Some may improve their maths, others may have got as much as they can out of school and would better spend their time on the subjects they excel at.

[firlandsfarm]

What a tit, kids who can't get to grips with maths now have to leave school at 16 or accept voluntary punishment. Obviously there weren't any kids in Sunak's private school that struggled with maths. How out of touch can you get?

I guess as out of touch as the people who abandon kids rather than teach them! The more I read your comments Derek the more I feel a touch of jealousy.

Common sense would suggest every 16-year-old kid who stays on in school should be individually assessed. Some may improve their maths, others may have got as much as they can out of school and would better spend their time on the subjects they excel at.

I agree the age 18 thing is a little strange when kids are due to leave school at 16 but if a kid is not good at maths do you abandon them and let them move to a world of interest rates, budgeting etc. and perhaps betting odds knowing they are not up to it?

[Derek27]

I guess as out of touch as the people who abandon kids rather than teach them! The more I read your comments Derek the more I feel a touch of jealousy.

Common sense would suggest every 16-year-old kid who stays on in school should be individually assessed. Some may improve their maths, others may have got as much as they can out of school and would better spend their time on the subjects they excel at.

I agree the age 18 thing is a little strange when kids are due to leave school at 16 but if a kid is not good at maths do you abandon them and let them move to a world of interest rates, budgeting etc. and perhaps betting odds knowing they are not up to it?

When somebody's 16 they can decide for themselves. It's not a little strange, it's absolutely absurd, compulsory education until 18 with the option to leave at 16.

I remember asking a very attractive woman who was looking for a job if she considered bar work and she said she can't add up. I'd never have guessed it, she certainly wasn't thick, but some people just have a stumbling block with certain things and persevering may be a waste of time or take hundreds of hours to make a small amount of progress. It may be different for people with learning difficulties (who I used to work with) but people with other skills and qualifications would be better off focusing on them.

I could never learn to either whistle or blow bubbles with bubblegum no matter how hard my brothers tried to teach me and still can't to this day. I'm just lucky we didn't have a PM at the time that thought it was important.

[firlandsfarm]

When somebody's 16 they can decide for themselves. It's not a little strange, it's absolutely absurd, compulsory education until 18 with the option to leave at 16.

I remember asking a very attractive woman who was looking for a job if she considered bar work and she said she can't add up. I'd never have guessed it, she certainly wasn't thick, but some people just have a stumbling block with certain things and persevering may be a waste of time or take hundreds of hours to make a small amount of progress. It may be different for people with learning difficulties (who I used to work with) but people with other skills and qualifications would be better off focusing on them.

I could never learn to either whistle or blow bubbles with bubblegum no matter how hard my brothers tried to teach me and still can't to this day. I'm just lucky we didn't have a PM at the time that thought it was important.

Until we get the detail it could be "strange" or "absurd" it's just that I don't look upon things with the maximum negativity, I wait for the facts.

What's attractivity got to do with a job applicant unless ....

So you compare someone's education with bubble gum blowing! Interesting.

Anyway what you are saying is that if they haven't achieved something by the time they are 16 then just give up and concentrate energies elsewhere ... not very LL of you!