A business owner wants to buy some sunglasses for £120…
Step 1. Make a £1,320 sale
Step 2. Pay the £1,056 of operating costs
Step 3. You have £264 of pre-tax profit (20% margin)
Step 4. Pay £66 corporation tax
Step 5. Pay the £198 dividend
Step 6. Now pay £78 dividend tax
Step 7. £120 in your bank account to buy sunglasses of which
£20 is VAT and £100 is the actual goods
So for a business owner with 20% margins to buy £100 of goods they had to deliver £1320 of value and pay £164 of tax.
… And then they call you greedy for not wanting to be taxed more.
🚨🇧🇷 Matheus Cunha to Manchester United, here we go! Verbal agreement in place between all parties involved.
Cunha will sign deal until June 2030 with option until 2031. Wolves to receive £62.5m clause value in installments.
Formal steps/contracts to be checked next week.
I recently debated @garyseconomics on Diary of a CEO.
Gary says the rich don't pay taxes and this is ridiculous.
Firstly, why on earth would 1000 millionaires a month be leaving the UK if it were possible to live in the UK and not pay taxes??? The reason people leave the UK is because if you live here you now pay some of the highest taxes in the world and you can't avoid them unless you leave.
The rich do pay different taxes. A middle class person pays tax on their income. A typical rich person is paying income tax PLUS corporation tax, capital gains tax, stamp duty ... and then death taxes when they die. Some of these additional taxes are at a rate lower than income taxes (for good reasons) but it doesn't mean the rich pay less tax. The top 1% pay 30% of UK income tax and the top 10% pay 60%... and THEN ON TOP of that the wealthiest pay the additional taxes too.
Gary says the Duke of Westminster doesn't pay taxes. This isn’t true. The Duke of Westminster is one of the highest tax payers in the country and is subject to all the same taxes you are. His estate held in trust pays a provisional rate of tax equivalent to inheritance tax as well as all the others. This lie winds people up for no reason... a falsehood designed to fuel class warfare.
If people knew that 1% of people are covering 30% of the taxes they’d be cautious not to drive these people away.
Video marketing is no longer just a trend; it's a must-have strategy for small businesses. 📹
This article from @David_Coslett will help you create compelling videos that resonate with your target market and elevate your business in the year ahead.
https://t.co/tRvJ1T63vT
Video marketing is no longer just a trend; it's a must-have strategy for small businesses. 📹
This article from @David_Coslett will help you create compelling videos that resonate with your target market and elevate your business in the year ahead.
https://t.co/V5OetbixF3
3 years ago if you told me I’d be running my own business and turning over 6 figures I wouldn’t have believed you. A lot can happen in 3 years trust the process