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Running a business in the UK - why bother ? Get out while you can

yeah pretty depressing, capitol gains allowance also dropping to 3k next year from a paltry 6k now.

Nearly set up a (edit)SASS as i thought id found the holy grail for saving corp tax but after spending allot of time looking into it and getting good financial advise, its really only worth the bother in a few limited circumstances. Especially pointless if you dont have kids.

They pretty much have it sown up, unless you start exploring "grey areas"
 
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ianw said:
25% corp tax isnt helping too
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way too low. needs to be back at 35% or more especially big businesses. no wonder our country is in deep ****e, labour govt cut corp tax in the 90’s and it was a really bad move. competing countries have had a race to the bottom in terms of corporate taxes. employees tax and taxation on employing staff have both risen as a result.

Add to that the fact that big corps run every possible tax “planning” scheme they can - profit shifting to low tax countries for example.

We need to shift the tax burden away from individuals and onto corps.
 
Yeah sadly this is very true these days, Perticularly for the smaller business.
I gave up on it during the last crash in 2008. (Company founded in 1994) And never looked back.
(At that time I was paying £55k In rates to Fareham borough council. £48k in rent then utilities on top, plus 3 salaries)
You really gotta hit on something unique, and be the first one on the train, these days to make a decent living…
Don’t get me started on capital gains taxes and corp taxes 🤯
Take care everyone. K.
 
ianw said:
More to come I'm afraid...
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I am backing off my cover. Be mainly public liability etc.

From 2024 anyone who brings a machine to me will be given a paperwork to sign saying that I am not liable for any theft or damage to their machine.

I no longer work on £50,000+ guitars either.
 
My electric went from £6000 a year to around £20,000 a year...

COVID was a dream compared to the living crisis
 
paulg100 said:
yeah pretty depressing, capitol gains allowance also dropping to 3k next year from a paltry 6k now.

Nearly set up a (edit)SASS as i thought id found the holy grail for saving corp tax but after spending allot of time looking into it and getting good financial advise, its really only worth the bother in a few limited circumstances. Especially pointless if you dont have kids.

They pretty much have it sown up, unless you start exploring "grey areas"
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I learnt many years ago that trying to 'save tax' using various schemes isn't worth the hassle - many have obvious flaws, some seem just that little bit too good to be true, so decided we'd just pay it and move on.

There's plenty of people touting ways to save money but they all take a % and disappear when HMRC come knocking, and that even applies to some notionally approved schemes. It really isn't worth it (mates went through hell trying to get out of them).

Very happy (lucky) with the fixed rate we have on the suite we bought in Telehouse many, many years ago as it comes inclusive of power to all the racks :)
 
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