Discussion
Kateg28 said:
My other half does have a limited company and it runs the fish and chip shop. Am not sure why the surprise though?
I just wouldn't have thought the turnover or profits merited the arseache (in terms of record-keeping, reporting requirements and associated accounting expense/owners' admin time etc) and associated tax burden of a Ltd. Co., which has the highest overall tax burden of all company structures if I'm not mistaken.Still, he'll have chosen that business structure for a reason I'm sure, so there's no point griping about the tax burden involved in it.
rypt said:
Fatman2 said:
rs1952 said:
Fatman2 said:
It might make people think twice about cars though as another 2.5% on £30k will be significant.
Even spending £30k it won't make that much difference. I calculate it as an extra £638 and, if you're thinking of spending 30 grand on a car, I doubt you would be put off by it.£30k + 17.5% = £35.25k
£30k + 20.0% = £36.00k
£750, although it's not the first time I've got my math wrong
With 20% vat it becomes 30.638k .. which is £638 more
ie: 30/1.175*1.2-30
Edited by rypt on Wednesday 5th January 12:42
4988cc said:
Kateg28 said:
My other half does have a limited company and it runs the fish and chip shop. Am not sure why the surprise though?
I just wouldn't have thought the turnover or profits merited the arseache (in terms of record-keeping, reporting requirements and associated accounting expense/owners' admin time etc) and associated tax burden of a Ltd. Co., which has the highest overall tax burden of all company structures if I'm not mistaken.Still, he'll have chosen that business structure for a reason I'm sure, so there's no point griping about the tax burden involved in it.
thinfourth2 said:
Seeing that VAT is only on luxury goods
How long could you survive without any "luxury" goods?
Like clothes for adults? I've often wondered why kids' clothes are VAT exempt and they're "essential", yet adults' seemingly aren't. Yet it's a crime to walk about everywhere naked. It's a bloody con. How long could you survive without any "luxury" goods?
4988cc said:
thinfourth2 said:
Seeing that VAT is only on luxury goods
How long could you survive without any "luxury" goods?
Like clothes for adults? I've often wondered why kids' clothes are VAT exempt and they're "essential", yet adults' seemingly aren't. Yet it's a crime to walk about everywhere naked. It's a bloody con. How long could you survive without any "luxury" goods?
4988cc said:
thinfourth2 said:
Seeing that VAT is only on luxury goods
How long could you survive without any "luxury" goods?
Like clothes for adults? I've often wondered why kids' clothes are VAT exempt and they're "essential", yet adults' seemingly aren't. Yet it's a crime to walk about everywhere naked. It's a bloody con. How long could you survive without any "luxury" goods?
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