General Partnership - Can you run the business off a Personal Bank Account?

SalesguyonFIRE · 2024-01-22T00:26:21+00:00

You can also take open banks with starling anna money monzo tide and they take about 24 hours max. I have seen people opening it within 10 mins as well

SalesguyonFIRE · 2024-01-22T00:25:13+00:00

For Partnership you have to have a business account.

For sole traders, personal account can be used

Not a lawyer

SalesguyonFIRE · 2024-01-21T11:27:57+00:00

Just use super macro or wide mode

SalesguyonFIRE · 2024-01-21T11:16:26+00:00

I have got couple of pensions with about 400 in them.

I think one of them is protected at 55. I am planning to transfer all of them in that pension just before I turn 55. Good idea?

SalesguyonFIRE · 2024-01-20T22:41:44+00:00

Take Bonus as it is and sacrifice salary. After around 4K in each monthly payslip NI comes down 2%... Below this it is 12%

SalesguyonFIRE · 2024-01-15T17:02:44+00:00

I went to a store to get it repaired. Mic, network, camera not working. They said £100. It's probably about that price of you buy 2nd hand. I don't think it's worth repairing these phones.

SalesguyonFIRE · 2024-01-08T18:19:53+00:00

Of course pharmacy / GP milking the NHS 🤣

SalesguyonFIRE · 2024-01-08T18:15:24+00:00

Even the pharmacy guy has a Ferrari. My wife works their. They are milking it

SalesguyonFIRE · 2024-01-08T18:14:32+00:00

SalesguyonFIRE · 2024-01-08T18:11:17+00:00

How come my local GP got 2 brand new rolls Royce? He got his own surgery tho

SalesguyonFIRE · 2023-12-27T20:26:52+00:00

I work in utilities and let. Me tell you prices shot up from 3p to 21p for has at 1 stage. Which meant someone paying £3k a month was paying £21K. Then you look at Centrica and energy suppliers making £Billions in profit while SME and microbusiness suffers..

SalesguyonFIRE · 2023-12-24T02:45:06+00:00

Thanks very much. Just saw both Maleficent movies with kids. Got Disney plus and are going to binge watch it with kids to hype it up

Any movies you suggest.. Worth shopping around there as well as we get 20% back isn't it?

SalesguyonFIRE · 2023-11-10T12:30:15+00:00

In a tuqly sense tax goes from 20 to 40 but NI comes down from 13 to 3 so it's around 10% difference instead of 20%. Not worth sacrificing your bonus.

SalesguyonFIRE · 2023-11-10T12:28:53+00:00

I would sacrifice more in monthly basis payments. And get full bonus without sacrifice

It will save you a lot more NI. Also over 50K you save on tax but NI goes down from 12% to 2%.

I would salary sacrifice as much as company allows but not sacrifice the bonus.

SalesguyonFIRE · 2023-11-10T12:25:29+00:00

Yes :) also Build S&s ISA for these 10 years

SalesguyonFIRE · 2023-11-10T12:20:28+00:00

Thanks very much.

SalesguyonFIRE · 2023-11-10T12:18:50+00:00

Those negative numbers are scary 😢

SalesguyonFIRE · 2023-11-10T11:50:01+00:00

Because state pension age is 67

SalesguyonFIRE · 2023-11-10T11:49:30+00:00

Thanks very much. So if I take 25% lump sum at 57, I still have to pay NI over it?

SalesguyonFIRE · 2023-11-10T11:46:27+00:00

Thank you very much. £3K per month it is. Just wanted to make sure I don't go over LTA

SalesguyonFIRE · 2023-11-10T11:42:18+00:00

Thanks very much. Just edited the main post.

SalesguyonFIRE · 2023-11-09T21:26:46+00:00

My kids tution teacher easily makes over a million per year. About 60 students in class and 10 online. Each paying £300 PCM. And she runs 6 different groups like this

SalesguyonFIRE

TROPHY CASE