- Location
- Scottish Highlands
A good rule of thumb is to save a third of income for the end of year.
A good rule of thumb is to save a third of income for the end of year.
Probably how contractors work with all that big kit, doubt there's much money in itEasy to say yes but the way I used to see it was if I’m putting 20% of my monthly wage away then I’m just giving it to the taxman rather than investing it to make my business better. How many farmers put 20% away..... I think most spend as much as they can so they don’t pay tax
Comes across as very mature and is finding out the hard truth of the agricultural industry, there are many farmers who play by their own rules. Strikes me a call to HMRC would be the best course of action. An employer compliance visit with details of hours worked should quickly assist the employer in correcting any misunderstanding he has of the rules which apply to all employers.So you’ve left 4 farmers under similar circumstances?
You’ve posted your boss’s name in the screen shot of the messages ‘Stephen’ and then on the time sheet there’s the word ‘Gough’ which may or may not be his last name or the farm name perhaps.
Maybe just maybe you need to wind your neck in a bit as you come across as a cocky 18 year old I’m afraid. If this goes to court then this thread could be used against you as defamation of character. You don’t know for sure about the living accommodation because your not him.
Easy to say yes but the way I used to see it was if I’m putting 20% of my monthly wage away then I’m just giving it to the taxman rather than investing it to make my business better. How many farmers put 20% away..... I think most spend as much as they can so they don’t pay tax
Comes across as very mature and is finding out the hard truth of the agricultural industry, there are many farmers who play by their own rules. Strikes me a call to HMRC would be the best course of action. An employer compliance visit with details of hours worked should quickly assist the employer in correcting any misunderstanding he has of the rules which apply to all employers.
Keep a third, then let your accountant help you know what to use for tax and what to save in a pension. After the first couple of years like that you’ll get a better understanding of how things work and maybe be able to reduce the % whilst still avoiding any nasty surprises.
Sure, it’s good to invest to grow the business, but not healthy to have no cash flow reserves.
each to their own obviously. The amount I was earning I didn’t really fancy putting 20% just for the sake of keeping the taxman happy. I did everything I could to pay as little as possible. £6000 is still a lot to pay out when the time comes though.
glad I have just done my last self assessment forever!