Do you all just pay the Tax?

[A1an]

I'd love a hefty tax bill.

 

[Oscar]

Just been to accountant and her comment is that most of her clients have had a good year and although maybe not Jan 22 going to be a problem but Jan 23 there are going to be some big bill's to pay .

 

[farmerdan7618]

Just been to accountant and her comment is that most of her clients have had a good year and although maybe not Jan 22 going to be a problem but Jan 23 there are going to be some big bill's to pay .

I'd agree, and spending a good bit of time with clients on mitigating that. Much more available during the year than after the end.

 

[gatepost]

Cripes, so you can lend your own business money but only the interest is allowable as an expense?

Fudge. The government thought that one out carefully then.

Yes but the capital part of the loan is a liability on the books.

 

[Plain steer]

There’s one thing worse than paying tax and it’s not paying tax

 

[Highashgrange]

One thing some people fail to understand is that you can have a profitable business and end up with a big tax bill but no cash to pay it so you end up using an overdraft to pay the tax man.

 

[Steevo]

One thing some people fail to understand is that you can have a profitable business and end up with a big tax bill but no cash to pay it so you end up using an overdraft to pay the tax man.

Plenty of businesses have come unstuck in this way.

 

[Lincsman]

One thing some people fail to understand is that you can have a profitable business and end up with a big tax bill but no cash to pay it so you end up using an overdraft to pay the tax man.

Often by buying machines to reduce tax, but it only reduces it by 40% so you still have 60% to find.

 

[Nearly]

Often by buying machines to reduce tax, but it only reduces it by 40% so you still have 60% to find.

Buying a machine to save tax and then putting it on a 3 (eg) year repayment gives large repayments long after the tax bill saving is forgotten.
I know someone who needs a kick over this sometimes.

 

[icanshootwell]

One thing some people fail to understand is that you can have a profitable business and end up with a big tax bill but no cash to pay it so you end up using an overdraft to pay the tax man.

That,s called bad tax planning, you need to be right up to date when avoiding paying the tax man, the arable boys have bulging bank accounts this year, lets hope they don,t have to big a shock in a year or two,s time.

 

[Spear]

ur up at 4.30?

Isn’t everyone?

 

[chickens and wheat]

Solar panels seem a good tax saving investment to me right now, esp i you have Genuine late spring early summer electic need.

Possibly battery storage esp if your on night rate tarriff and have also panels.

Or pay for mains electricity,that will kill many a taxable profit in the next year or 3.

 

[Rufus]

I'm all for paying the tax that you owe when the rates are reasonable. What really p1sses me off is effectively a 60% tax rate between 100 and 125k. You lose your personal allowance gradually over 100k until its removed completely by the time you get to 125k.

 

[David1968]

I'm all for paying the tax that you owe when the rates are reasonable. What really p1sses me off is effectively a 60% tax rate between 100 and 125k. You lose your personal allowance gradually over 100k until its removed completely by the time you get to 125k.

Are you complaining or boasting?

 

[Banana Bar]

Buying kit to save tax is mental. If you have to buy kit and it helps the tax position that’s a different matter. I have in the past done he former.

BB

 

[David.]

There is something that just goes against the grain about riding around in uncomfortable old machinery with no aircon, whilst at the same time giving a huge chunk of your money away to somebody else though..
But yes you are right.

 

[Rufus]

Are you complaining or boasting?

Boasting? Don't be ridiculous I have a string of offshore companies, and pay 1p tax in Bermuda.

 

[Henarar]

Boasting? Don't be ridiculous I have a string of offshore companies, and pay 1p tax in Bermuda.

Fishing ?

 

[Tarw Coch]

There is something that just goes against the grain about riding around in uncomfortable old machinery with no aircon, whilst at the same time giving a huge chunk of your money away to somebody else though..
But yes you are right.

Indeed, it’s all about balance, no point having a big bank balance/tax bill and doing things the hard way but no point buying anything you don’t need just to reduce the tax

 

[Barleymow]

Buying a load of fertiliser or tank of diesel will reduce the money available for the tax man