How long before we're in trouble with money?

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Without work, how long before things become critical with finances?

  • Too late, I'm in the sh1t now.

    Votes: 6 9.1%

  • Middle of April.

    Votes: 4 6.1%

  • End of April.

    Votes: 5 7.6%

  • End of May.

    Votes: 13 19.7%

  • 3 - 6 months from now.

    Votes: 15 22.7%

  • 6 - 12 months from now.

    Votes: 6 9.1%

  • I'm OK for a year or more.

    Votes: 17 25.8%
  • Total voters
    66
tapit said:
Hang on a while there will be plenty bodies available.
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They were available last week, but I closed everything down. Once things start up again all the gear is there ready, scaffold is up, just need to get the brickies in and we can go again. (y)
 
owls said:
I’m ltd so as a company director I’m entitled to nothing,so by doing the right thing and closing projects down I could have kept going on some this week but opted not to. this week I’ve earned less than nothing as I’m still paying wages (.Although I’ll reimbursed at the end of April) ive still to pay them out until then, I’ve tens of thousands currently out on half finished projects i can’t invoice for. I’ve a surplus of cash I’ve saved over the years but it’s not indefinite.
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Your still technically classed as self employed eve if you trade as ltd company you still have to submit self assessment every year even if a company director, and even if you have most of your income as dividends (as I do myself) it was said that hmrc would pay on self employed earnings up to £50k profits which is what dividends are, that’s how I understood it, do you qualify for small business rate relief? There’s ten grand there coming if you do,
 
themucky1 said:
Your still technically classed as self employed eve if you trade as ltd company you still have to submit self assessment every year even if a company director, and even if you have most of your income as dividends (as I do myself) it was said that hmrc would pay on self employed earnings up to £50k profits which is what dividends are, that’s how I understood it, do you qualify for small business rate relief? There’s ten grand there coming if you do,
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Your classed as self employed to every other person,I.e mortgage lenders but to HMRC your classed as employed,even tho you do self assessment tax returns,I know it's stupid but it's TRUE and you cant claim on dividens
 
tapit said:
If its a nightmare to live with your own kids you are in big trouble.
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No it's a nightmare to be confined to just your house for about 23hours a day. Love my kids and family but we go on days out all the time. Not this
 
FreeD said:
Problem with Italy and Spain is they have large black economies...around 50% or more work cash in hand.
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That's why people have slipped through the net and are starting to scream at coppers about it.

Whether people feel that they deserve a hand or not, it's essential that these people are helped because if they aren't, they won just shrug and go home to watch their children starve
 
Tom mcphail said:
Agreed,that's where saving 12.5% of tax on paying yourself minimum wage comes into effect..once in a lifetime thing you wouldn't know as no one would,but there will be some directors out there that paid themselves £25-£30k salary so there will be laughing just shame you didnt
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Not many are structured that way.
The thing that irks is the amount of tax I hand over per annum be it cis tax, national insurance, vat, income tax the list is endless it’s 100s of thousands a year and that’s just me as a small business and there’s very little in return, theres various deferral schemes but they are only deferral schemes it coming later to bite me.it is what it is there’s plenty worse off than me, I’ll find out tomorrow with my accountant for clarity.
 
Tom mcphail said:
Agreed,that's where saving 12.5% of tax on paying yourself minimum wage comes into effect..once in a lifetime thing you wouldn't know as no one would,but there will be some directors out there that paid themselves £25-£30k salary so there will be laughing just shame you didnt
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Ha I’m glad you agree with me.
 
tapit said:
@owls I am looking to get chas or one of the other accreditations, what does it involve.
Is it a case of just paying money out or can I spend this downtime doing something worthwhile?
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It’s not just a case of handing money over, it’s a drawn out process, it’s heath and safety processes etc I have to have it as we tackle big housing association projects and the like.
 
imago said:
I haven't bothered with the salary bit for years, too much faffing around if I'm honest. The accountant still does the PAYE stuff for it and sends me a payslip.

As for the benefits and drawbacks when it hits the fan like now. Well unless you're making mistakes in planning or spending it still works out well in your favour to be a VAT reg Ltd co in big ways and small ways. Big ways are the cumulative tax savings which 'should' be way more in the last 12 months than you would get as 80% of 3 months worth of a £30k salary. Small ways are things like the instant 20% reduction in the cost of a laptop for example.

Where it gets away from people however they get their money is when they start to think it will always be like it is at that moment. It won't, it can all be taken away in an instant for a variety of reasons. Accept that, plan accordingly and you'll be OK for at least a few months.

I know people who have fcuk all invested or in the bank. Yet they have a new van (usually leased) new car, two or three foreign holidays a year, multiple TV's and tech gadgets, eye watering mortgages/rent, expensive wardrobe etc etc. All 'affordable' on a monthly basis when everything's going along nicely.As soon as that changes ........
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I know of quite a few individuals like that.
 
Tom mcphail said:
Agreed,that's where saving 12.5% of tax on paying yourself minimum wage comes into effect..once in a lifetime thing you wouldn't know as no one would,but there will be some directors out there that paid themselves £25-£30k salary so there will be laughing just shame you didnt
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Who do you think you are anyway, coming on here and writing measured and accurate posts......@Danny can you ban him, we need more knob jokes and the like....
 
My brother in laws a doctor and I’m always asking him stuff, as much as that he avoids me now.
 
Stevieo said:
That's why people have slipped through the net and are starting to scream at coppers about it.

Whether people feel that they deserve a hand or not, it's essential that these people are helped because if they aren't, they won just shrug and go home to watch their children starve
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Government needs to make sure food is readily available for those who need it most.
 
imago said:
They were available last week, but I closed everything down. Once things start up again all the gear is there ready, scaffold is up, just need to get the brickies in and we can go again. (y)
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Last year when i was warning some guys on the forum about saying they were booked until junember and they said recessions never affected them, i said aint 2 recessions the same a lot here also agreed.i have noticed some of them all of a sudden aint here. Couldnt make it up.
 
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Donzo said:
Last year when i was warning some guys on the forum about saying they were booked until junember and they said recessions never affected them, i said aint 2 recessions the same a lot here also agreed.i have noticed some of them all of a sudden aint here. Couldnt make it up.
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Just got to ride it out brother,ye lifestyle going to be a uphill struggle till nxt summer but if you come out the other side ull be better for it..people are not just guna stop taking pride in there homes and not decorate etc,just guna be a struggle getting to that point but I'm sure majority will
 
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