Turn on thread page Beta
    Offline

    14
    ReputationRep:
    (Original post by Elipsis)
    I don't think they will be willing to help me start up this business. It's basically just selling legal highs... I was under the impression corporation tax was higher than 21-28%. How do they justify taxing the businesses profits and then taxing wages? 99p in a £ must go through the treasury.
    Because the Government tax every form of income (Salary, Saving, Capital). Shareholders are taxed at a lower rate and receive benefit as their profits have already been taxed. If you take income from your company in the form of a salary, then yes you'll be charged NI on both the company and your personal income, but if you take it as dividends you get taxed at 10% and then 32.5% at anything over £37,400 but you'll get a 10% benefit because the corporation profit has already been taxed. It's a bit complicated. Pay an accountant to tell you or google it.

    (Original post by Hugh-Jackman)
    Well if your sales are more than your expenses you have to pay VAT.
    Wtf... no. If you come under 2 out of 3 of set conditions (one being if you earn > £90,000 pa) then you must register for VAT, otherwise you can register voluntary. It's an offence to claim VAT from your customers if you're not registered btw. Get an accountant to go through all of this with you.
    • Thread Starter
    Offline

    0
    ReputationRep:
    (Original post by Kemik)
    Because the Government tax every form of income (Salary, Saving, Capital). Shareholders are taxed at a lower rate and receive benefit as their profits have already been taxed. If you take income from your company in the form of a salary, then yes you'll be charged NI on both the company and your personal income, but if you take it as dividends you get taxed at 10% and then 32.5% at anything over £37,400 but you'll get a 10% benefit because the corporation profit has already been taxed. It's a bit complicated. Pay an accountant to tell you or google it.
    It looks like you know what you're talking about lol. Can I get started up and pay tax later?
    Offline

    0
    ReputationRep:
    Inheritence tax is an utter joke. But there is ways around that again.
    Offline

    16
    ReputationRep:
    (Original post by Elipsis)
    Selling a 'chemical' online and face to face.
    Nice man. Well, as long as you aren't selling chemicals to terrorists or something!

    I'm hoping to set up a property company when I finish my degree. I'm researching all the things I need and all I can say is ******* hell.

    They certainly don't like to make it easy for you!

    Oh, if your business is a success and you feel like lending me £300,000 then give me a shout.

    Cheers.
    Offline

    1
    ReputationRep:
    Isn't the government considering banning legal highs quite quickly this summer?
    Offline

    11
    ReputationRep:
    Taxation is legalised theft and therefore a form of tyranny.
    Offline

    16
    ReputationRep:
    (Original post by Hugh-Jackman)
    Inheritence tax is an utter joke. But there is ways around that again.
    Yeah, don't die.
    Offline

    13
    ReputationRep:
    Our income tax is 13%
    Isn't it enviable?
    Offline

    13
    (Original post by Tory Dan)
    Taxation is legalised theft and therefore a form of tyranny.
    Like the 'ownership' of land? :yes:
    Offline

    0
    ReputationRep:
    (Original post by Nick_000)
    Yeah, don't die.
    Or transfer it before hand.
    Offline

    1
    ReputationRep:
    (Original post by Elipsis)
    I don't think they will be willing to help me start up this business. It's basically just selling legal highs... I was under the impression corporation tax was higher than 21-28%. How do they justify taxing the businesses profits and then taxing wages? 99p in a £ must go through the treasury.
    Word of advice, even though you're selling legal highs the powers that be will be trying to take you down. I used to post on a forum of probably the biggest UK retailer of legal highs and in the end they had to close the forum and suspend the sale of legal highs due to the pressure being put on them.

    Also, big sellers like Spice Gold etc. are unlikely to be around for long. Last trader I spoke to said they were having to import it from Holland as the original UK producers ended up selling the rights due to increasing legal opposition.
    • Thread Starter
    Offline

    0
    ReputationRep:
    (Original post by Nick_000)
    Nice man. Well, as long as you aren't selling chemicals to terrorists or something!

    I'm hoping to set up a property company when I finish my degree. I'm researching all the things I need and all I can say is ******* hell.

    They certainly don't like to make it easy for you!

    Oh, if your business is a success and you feel like lending me £300,000 then give me a shout.

    Cheers.
    The money from this will be plowed into property with my friend. After about a year we will have made at least 300k between us lol.
    Offline

    2
    ReputationRep:
    (Original post by Hugh-Jackman)
    Well if your sales are more than your expenses you have to pay VAT.
    you have to just pay the difference..right?:woo:
    • Thread Starter
    Offline

    0
    ReputationRep:
    (Original post by 300mg)
    Word of advice, even though you're selling legal highs the powers that be will be trying to take you down. I used to post on a forum of probably the biggest UK retailer of legal highs and in the end they had to close the forum and suspend the sale of legal highs due to the pressure being put on them.

    Also, big sellers like Spice Gold etc. are unlikely to be around for long. Last trader I spoke to said they were having to import it from Holland as the original UK producers ended up selling the rights due to increasing legal opposition.
    I'm not selling it as a legal high. It's not for human consumption lol. I already have the next few chemicals lined up to sell, so i'll always be 2 steps ahead of our crappy government.
    Offline

    14
    ReputationRep:
    (Original post by Elipsis)
    It looks like you know what you're talking about lol. Can I get started up and pay tax later?
    No, you need to talk to a business advisor. Seriously, they'll guide you through everything, including ringing HMRC. If you don't, HMRC will be fairly pissed and may do you for tax evasion. Read the HMRC website. That'll explain it all.
    Offline

    11
    ReputationRep:
    (Original post by Oswy)
    Like the 'ownership' of land? :yes:
    Oh you lefties you do make one chuckle!
    Offline

    16
    ReputationRep:
    (Original post by Hugh-Jackman)
    Or transfer it before hand.
    I'm sure you pay some form of taxation if the person dies within ten years of a property transfer or something?
    Offline

    2
    ReputationRep:
    yup it sucks atleast you aint that guy that pays enough in tax to support a NHS hospital yet isnt entittled to NHS care
    • Thread Starter
    Offline

    0
    ReputationRep:
    (Original post by Kemik)
    No, you need to talk to a business advisor. Seriously, they'll guide you through everything, including ringing HMRC. If you don't, HMRC will be fairly pissed and may do you for tax evasion. Read the HMRC website. That'll explain it all.
    Ok, i'll do that. Out of interest will they help if they don't approve of the business?
    Offline

    14
    ReputationRep:
    (Original post by Nick_000)
    I'm sure you pay some form of taxation if the person dies within ten years of a property transfer or something?
    Yeah, they have a lot of rules governing it all. HMRC aren't stupid :p:

    Thanks for the rep before btw.
 
 
 
Poll
How are you feeling in the run-up to Results Day 2018?
Useful resources

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.