How can I save money running my business?

Here  a small tip to start of say you need a £300 overdraft  month is it start to keep paying for it each month if you can get it for free?

No First direct over account where you get £300 overdraft for life and you get paid £100 for joining and another £100 6 months later so you get in theory £500 for doing nothing basically which is a good saving for you .

Most banks now adays will pay you £100 to join them since banks know the market of getting new customers is a lot harder now you normally have to pay in a minimum of £1000 a month but  for average person that’s very easy.

 

Say today you made at the end of your tax year £1million then you are meant to pay government big tax bill sounds good?  Well for me it’s not you can get out of paying big tax by buying sharing in your own company meaning you pay a lot less tax because you did it and because its your own company you can use the money for whatever you want you can also buy shares in business you don’t own but this can become more risky because you don’t control it so it could go postive or negative depending on who you pick each time for shares buying but if you profit from this you could sell your shares for big money when the company value goes up

Always in whichever country you live in read about business tax rates  you will find in a lot of cases if your income less than certian amount you pay less for example because the last British tax change you could have made up to £14,000 tax free which many people in the uk loved but  the government meant to be changing it now

Where you live is always governed by how much tax you pay a  year which is why many of my friends moved to Thailand since in that country you pay a lot less tax than the uk or America and sometimes it’s a lot simpler to move to a country with low tax rates instead of hiring accountant to save money for you .Bank interest rates

This chart shows you all the places which give you low tax rate and  places which give you higher tax rates as well so if you decide to move country you know right one to go to each time

 

Since Uk just left Europe VAT gone soon so we all in the uk get good tax break from not paying VAT  which was last time I checked 22% which is a lot of money to be added on things you buy or sell each month and in fairness makes product not cost effective to buy to sell in a business with such a high tax put on each thing you sell plus you had to pay accountant to do VAT for you again say £500 a month for that services again quite a lot to spend to keep a government in a job which you should not be paying

Anyway hope you enjoyed and see ya

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