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So who has just lost his Void system?

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bin juice24 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bin juice24 Quote  Post ReplyReply Direct Link To This Post Posted: 08 January 2021 at 7:07pm
Still bugger all for directors paid with dividends.
Just furloughed our last employee today.

Still don’t know one person with a positive covid test result.
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APW View Drop Down
Young Croc
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Post Options Post Options   Thanks (0) Thanks(0)   Quote APW Quote  Post ReplyReply Direct Link To This Post Posted: 08 January 2021 at 7:53pm
Originally posted by bin juice24 bin juice24 wrote:

.......
Still don’t know one person with a positive covid test result.


You are very lucky, I know quite a few; off the top of my head…..

My 63Yo friend… died of it.

My brothers-in-law’s, brother, his wife and son all had symptoms followed by a positive test.

My cousin tested positive at a routine health test, then developed minor symptoms for about a week.

An old school friend…. He is a farmer and was as fit as a fiddle until he got covid… now he is struggling with basic day-to-day tasks.

My friend’s daughter and youngest son…. Daughter had minor symptoms, son no symptoms but positive test.

… and Several members of the kitchen staff at my son’s school, two of them I know personally.



Edited by APW - 08 January 2021 at 7:57pm
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mk2_ginger_biscuit69 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mk2_ginger_biscuit69 Quote  Post ReplyReply Direct Link To This Post Posted: 08 January 2021 at 8:10pm
might not be ideal for people who create wealth and basically prop up the UK economy, but the measures for support (for the common man) were directly related to tax paid. As dividends dodge common income tax, i can see why they have returned the favour. 

Likewise with the self employed etc who rinse expenses to minimise their profit on paper thus tax paid, you cant dodge your commitments then complain when it bites you back.

I'm more pissed the recently employed, or recently self employed got nothing, when they are those most vulnerable. Also, the large corporations who seem to be getting whatever they ask for above & beyond what average Joes company receives.


''Remember that the object of a subwoofer is to enhance the output of your main speakers, not overpower it''

''Dubstep - an elongated electronic fart''
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BJtheDJ Quote  Post ReplyReply Direct Link To This Post Posted: 08 January 2021 at 8:49pm
Originally posted by jbl_man jbl_man wrote:

http://www.bbc.co.uk/news/uk-england-essex-55506681

£18,000 in fines and equipment confiscated. Good. I hope the numpty who rented it out for a New Year's party losses it permantly. Idiot.


Getting back to the origin of this thread.

Did anybody ever hear who's rig was taken ??
If your vaccinations were mandatory and nobody in your class had measles,
then you know that you're not a Millenial kid.
</f
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Post Options Post Options   Thanks (3) Thanks(3)   Quote norty303 Quote  Post ReplyReply Direct Link To This Post Posted: 12 January 2021 at 5:46pm
Well that was entertaining

Pages 1-7: [Increasing tension and opposing points of view, shots fired]
Page 7:

Doller: "Oh look, a speaker!"
Everyone: "Oooooooooooh......."

[Speaker chat ensues]

Page 9
Everyone: "Hangon, we were arguing about Covid!!! Pay attention lads!"
My laser stuff: Frikkin Lasers
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MattStolton View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MattStolton Quote  Post ReplyReply Direct Link To This Post Posted: 14 January 2021 at 12:34pm
Originally posted by mk2_ginger_biscuit69 mk2_ginger_biscuit69 wrote:

...As dividends dodge common income tax

Just to be pedantic...

It avoids employers/employees NIC contributions. The profit left in a company for a director to take a dividend of, is subject to corporation tax first, and then what is left can be paid as a dividend.

Co.'s Profit taxed at 19% for CTax due 31 Dec 20. 18% for CTax Due 31 dec 21.
Then:
First £2K of div is tax free to recipient

Then:

£12500 tax free earnings (NIC from 8500 ish), as part of standard personal allowance.
£12500 - £50000 Div taxed at basic rate of 7.5%
£50001 - 150000 DIV taxed at 32.5%
£150000+ taxed at 38.1%

So, typical small Co director earns (PAYE) £12K. Pays some small NIC, Co pays some token NIC, triggers state pension entitlement. Say they take £20K in dividends over the year. £2K FOC. £18K has balance of personal allowance considered, so 7.5% of £17.5K is £1,312.5,collected through self assessment scheme.

Whilst taking £20K, and only paying £1312.50 in tax looks cheap, Govt has already taken 19% (nearly a fifth - of a £23800 company profit, £3800 would be paid in CorpTax, leaving £20K to take as div, or reinvest in new kit...) out of the pot the director can draw from. If using profits to buy new kit for hire, you can defer CorpTax, but if you buy saleable stock with it, you pay CorpTax on it.

Equally trying to get mortgages/loans with a PAYE of £12K is awkward, and lenders normally want to see full business accounts for three years...

It isn't all sports cars and champagne. Equally you can only get furlough on your PAYE bit, so on £12K PA, you get £800/month to live on. No profit in company from no work, No dividends. But you still have to pay last years corporation tax from 2019-20, and your own SA contributions....
Matt Stolton - Technical Director (!!!) - Wilding Sound Ltd
"Sparkius metiretur vestra" - "Meter Your Mains"
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snowflake View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote snowflake Quote  Post ReplyReply Direct Link To This Post Posted: 14 January 2021 at 3:39pm
Originally posted by MattStolton MattStolton wrote:

Originally posted by mk2_ginger_biscuit69 mk2_ginger_biscuit69 wrote:

...As dividends dodge common income tax

Just to be pedantic...

It avoids employers/employees NIC contributions. The profit left in a company for a director to take a dividend of, is subject to corporation tax first, and then what is left can be paid as a dividend.

Co.'s Profit taxed at 19% for CTax due 31 Dec 20. 18% for CTax Due 31 dec 21.
Then:
First £2K of div is tax free to recipient

Then:

£12500 tax free earnings (NIC from 8500 ish), as part of standard personal allowance.
£12500 - £50000 Div taxed at basic rate of 7.5%
£50001 - 150000 DIV taxed at 32.5%
£150000+ taxed at 38.1%

So, typical small Co director earns (PAYE) £12K. Pays some small NIC, Co pays some token NIC, triggers state pension entitlement. Say they take £20K in dividends over the year. £2K FOC. £18K has balance of personal allowance considered, so 7.5% of £17.5K is £1,312.5,collected through self assessment scheme.

Whilst taking £20K, and only paying £1312.50 in tax looks cheap, Govt has already taken 19% (nearly a fifth - of a £23800 company profit, £3800 would be paid in CorpTax, leaving £20K to take as div, or reinvest in new kit...) out of the pot the director can draw from. If using profits to buy new kit for hire, you can defer CorpTax, but if you buy saleable stock with it, you pay CorpTax on it.

Equally trying to get mortgages/loans with a PAYE of £12K is awkward, and lenders normally want to see full business accounts for three years...

It isn't all sports cars and champagne. Equally you can only get furlough on your PAYE bit, so on £12K PA, you get £800/month to live on. No profit in company from no work, No dividends. But you still have to pay last years corporation tax from 2019-20, and your own SA contributions....

you can also time your dividend payments so that you don't have to pay the tax on them until nearly two years later, and if you invest the money in the meantime in the right things don't have to pay any tax on the investment profit. maybe one day I will earn enough to worry about that LOL
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