[PaulKing]

When I was driving around all day listening to Radio 5  I heard talk of Pension that you can run yourself.

But i do not know if it was a figurement of my imagination.


Thanks Paul , that is very handy , so I could legitimately pay myself nothing

Yes but if you were working you'd be wise to pay yourself the £90 figure mentioned previously as you could take that without tax or ni contributions, unless the business had no income then you could make the company dormant,  pay yourself nothing, and claim job seekers allowance

[Allan Simmons]

Allan you can still do it the old way it's YOUR choice. The old ways not changed it's an additional option.

You can use the old system of capital allowance and take the 20% WDA each year.

OR if you wish you can use the new AIA (Anual Investment Allowance) in which you can put 100% through in the year of purchase.

Have I missed a trick here then Craig as I though AIA was as others have suggested and just for 'new starts'.  I have to admit I'm crap at this side of the business, we just pay an accountant to sort it, we get a bloody big accountancy bill and he tell us how much he recons he's saved by doing what he's done.  Perhaps I should gem up a bit more and not just take his word for it 

[Craigp]

No not for new starts I believe it came into effect in 2010.

It one good thing this governments done for small businesses.

I put my last van I through as AIA 100% had a tiny tax bill  



The new start thing does ring a bell I think that was the situation before 2010.

[John Kelly]

Labour brought 100% capital allowances in a good few years back. These lot were going to scrap it but had second thoughts. Sure it runs out this month though.

[Craigp]

No but it has been seriously reduced max amount next year, http://www.hmrc.gov.uk/budget-updates/autumn-tax/tiin1315.htm

[Dennis]

When I was driving around all day listening to Radio 5  I heard talk of Pension that you can run yourself.

But i do not know if it was a figurement of my imagination.

I think you mean Self-invested personal pension (SIPP)

http://en.wikipedia.org/wiki/Self-invested_personal_pension

[peter maybury]

I did an nvq in business management several years ago and for some time was a member of the institute of business management. There is a lot of emphassis on business plans and if you are starting of in bussiness would be something that you would need to show people such as the banks  and any other financiers.
The main point of the plans is to get people going into business focused on things that they may have no experience of such as cash flow expansion, equipment purchase and so many other aspects of business that most people would not even think of. It should be pointed out however that 75% of new businesses fail within the 1st 2 years whether they have a plan or not. This illusrates how few businesses actually stick to the plan. By sticking to a plan it should be an early indication of when things are starting to go wrong, before it is too late to do anything about it.
I personally do not have a business plan but am very focused on a lot of aspects of my business and using the programs etc that we use are able to instantly see the amount that our long term existing customer are spending, how often, much they owe etc.
Just writing a plan will get you thinking about a lot of things that are relevent so will not be time wasted, it just needs to be changed if circumstances and situations change.

Peter
www.carpetcleanercardiff.com

[Ian Gourlay]

If you are committed to Rent , Leasing Charges etc  it can be very difficult to correct a situation especially if you are dependent on footfall

Perhaps in our business if you have spare funds you can throw more marketing at the problem

[jasonl]

The Sipp pension is your best friend if you are making money , Self invested personal pension, buy commercial , or some types of residential property , and its all deductable , the profits from it go into your pension tax free , this is how  you can amass a decent wealth which can be taken at age 50 TAX FREE , 7years 2 weeks for me! 

[John Kelly]

Christ Jason that paper round in Sheffield must have taken its toll

[jasonl]

Christ Jason that paper round in Sheffield must have taken its toll

I grew up in Nottingham , and started my paper round in the posh suburb of West Bridgford , I used to deliver Ken clarkes (hard core conservative MP) papers  , he used to make comments as he left early in the morning , like good to see someone up early and working, creating wealth  etc ....

 then age 14 my family moved to Hucknall the other side of town , this was a mining town  , the 18 month miners strike started soon after I started my paper round , which took me through Linby mine .   I soon started buying extra papers, pulling them  on my bike ,selling them to police and pickets  at well above cover price , no internet or other information sources in those days ..... I bought a nice RD50 as soon as I was 16 , then a car the day I turned 17 , it was all about the earning capacity.

[Hilton]

The Sipp pension is your best friend if you are making money , Self invested personal pension, buy commercial , or some types of residential property , and its all deductable , the profits from it go into your pension tax free , this is how  you can amass a decent wealth which can be taken at age 50 TAX FREE , 7years 2 weeks for me!  

As I undesrtand it,

Its not tax free, its tax deferred and I believe if you sell your shares there is a possibility you will be hit with CGT,

[jasonl]

Not in a pension you dont  get taxed on gains, you get taxed on the income you take from  a pension though .

[Hilton]

Not in a pension you dont  get taxed on gains, you get taxed on the income you take from  a pension though .

Its the same thing isnt it ?

If your pension increases in value its added to your pot as you draw your pension you get taxed.

If you decide to cash in your shares they are liable for CGT,

[jasonl]

You would have to earn the cash to invest in shares  which you are taxed on , the cash you earn to put into a pension is not taxed , sorry for the confusion

[Peterdholt]

The short answer is YES. But so often time is spent writing a business plan maybe to convince he bank or other shareholder, only to see this valuable document languishing in drawer.
Planning is an iterative process and all the stakeholders in the business need to be using this as part of a regular review process to ensure that the plan is on track and to take any actions necessary it improve performance.
Software can help, but the support of mentor to help challenge the assumptions can be invaluable. This can be a friend with a strong record of business success or one of the many consultants who can offer  their services. With regard to the latter, make sure if you go that route, that any paid for help comes from someone who really understands your market and your personal goals.

Modified by admin, advertising via posts breaks forum rules

[Jim_77]

Get your cheque book out Peter, "the management" will be on to you

[peter maybury]

Gladf to you you agree with me  Peter
Your unbiased advice will be apprechiated very much.
www.businessplanscheap.com
www.petermayburybusinessplans.co.uk

Peter

[Allan Simmons]

Get your cheque book out Peter, "the management" will be on to you

  Oh yes they definitely will be Jim    They do take bank transfer too 

[Allan Simmons]

Gladf to you you agree with me  Peter
Your unbiased advice will be apprechiated very much.
www.businessplanscheap.com
www.petermayburybusinessplans.co.uk

Peter

Perhaps you should register those Peter, I couldn't resist seeing if they were real sites