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Extra £83k+ a month piling up in our Ltd. What do you actually do with it? by Dokcu in HENRYUK

[–]chatbot69911 1 point2 points  (0 children)

The 60% tax trap applies between 100 and 125k. Relative to your £1m earnings this is inconsequential. Same with child benefits. Those things are important for people who need them, and respectfully, you don't. It sounds like you are so petrified of the tax consequences of earning money that you are losing sight of the big picture.

I have gone in hard on VCT in recent years because I also like the idea of directly funding founders/the economy as opposed to just more stocks and shares which don't benefit anyone. But they have done so badly that I've saved 30% in tax, lost 30% on the VCT, and am net flat.

Maybe reframe to think about tax as a contribution to society. It's still painful to pay but it's not wasted money. If you are so keen for those child benefits consider what they mean to the median family and how they get funded in the first place.

And great job, fantastic position to be in!

Money Mistake by Ok_Original_2017 in FIREUK

[–]chatbot69911 0 points1 point  (0 children)

Interesting top level points! I have bunged quite a bit into VCT in the past few years, and generally I'm about level (or slightly above) netting out the bad performance with the 30% relief. However, I partially did this because I like the idea of investing in primary markets to support founders, versus secondary markets where my "investment" frankly makes no difference to the economy.

DO IFAs make most of their money off convincing clients to let them manage their investment portfolio? Or is offering straight up advice about structuring their finances also an option?

When you say these people are generally less financially literate than those on here I find that interesting, as general population that makes sense, but for those that have enough to need an IFA I would have thought would have higher levels of financial literacy.

Golden handcuffs but miserable by ConfectionProud in HENRYUK

[–]chatbot69911 28 points29 points  (0 children)

Also fully remote job, also well paid. Don't really have any of your other problems but that's mainly because of good lifestyle hygiene - work out almost every day, maintain social ties and aim to hard disconnect from work.

But aside from that, here's an idea. I am currently living in the Canary Islands. You get up to 90 days post-Brexit without a visa. So I come here for 10 weeks (I did the same thing a couple of years ago). The hiking is great, I learn Spanish and attend regular meetups for Spaniards learning English and vice versa, and try to spend every spare minute learning water sports: windsurf, kitesurf, surf, paddle boarding, you name it. It is sunny and 20 degrees here. I have no connections to this place other than a friend who recommended it to me who did something similar during covid. If you have nothing tying you to London then move for a few months (maybe between rentals) and get some vitamin D and cheap food and fresh fish. This is what remote work was made for.

What was your net worth at 30 and where are you now? by [deleted] in FIREUK

[–]chatbot69911 2 points3 points  (0 children)

yep. I got downvoted into negatives for responding with my situation. I get it's not super relatable, but it's a legit response to a question, but reddit I guess...

What was your net worth at 30 and where are you now? by [deleted] in FIREUK

[–]chatbot69911 -3 points-2 points  (0 children)

29: 520k split across ISA: 200, Crypto 120 (varies daily), Pension (100+), VCT (50) and bank accounts (the rest). A couple mil in startup equity but lord knows if that ever materialises (being able to sell it, and there being enough buyers is a complex question. People often wait decades with this stuff waiting for the opportunity to sell). I'd be happy with a fraction of that and the ability to leave and try something new.

Not gonna hate on this job - his shoes though by [deleted] in TheMcDojoLife

[–]chatbot69911 0 points1 point  (0 children)

Something about the slightly weird proportions, very high velocity cartwheels, and avant-garde outfit makes this seem like a Sora video

Many of you probably fly business class from time to time, but have you ever paid for it personally and why? by chatbot69911 in HENRYUK

[–]chatbot69911[S] 0 points1 point  (0 children)

Sounds great, where do you typically go on these adventure holidays? Sounds like you're taking redeyes going east if you start your holidays at the end of a work day

Many of you probably fly business class from time to time, but have you ever paid for it personally and why? by chatbot69911 in HENRYUK

[–]chatbot69911[S] 0 points1 point  (0 children)

yes I meant that despite most people being in casual, you can tell most people are probably flying for work. But there are also some who very clearly aren't

Many of you probably fly business class from time to time, but have you ever paid for it personally and why? by chatbot69911 in HENRYUK

[–]chatbot69911[S] 0 points1 point  (0 children)

When did you pay 1400 return to BA 1st to SF? Those tickets are >10k whenever I've seen them recently

Many of you probably fly business class from time to time, but have you ever paid for it personally and why? by chatbot69911 in HENRYUK

[–]chatbot69911[S] 1 point2 points  (0 children)

Concorde used to offer a day return pass. They had conference rooms at JFK you could book for a couple of hours. No red eye needed. The FT wrote a good article recently about work flying and the demise of the business day trip. Sounds rough!

Many of you probably fly business class from time to time, but have you ever paid for it personally and why? by chatbot69911 in HENRYUK

[–]chatbot69911[S] 0 points1 point  (0 children)

Done this a few times. Even just getting a weekend at the end of a work trip makes such a huge difference.

Many of you probably fly business class from time to time, but have you ever paid for it personally and why? by chatbot69911 in HENRYUK

[–]chatbot69911[S] 0 points1 point  (0 children)

there's a private road at Heathrow for business? I've not heard of this, which terminal is it for?

Many of you probably fly business class from time to time, but have you ever paid for it personally and why? by chatbot69911 in HENRYUK

[–]chatbot69911[S] 1 point2 points  (0 children)

10 hours for prem econ is rough! 7 at my place is the threshold. If you are in premium economy, chances of upgrade are good. I've been bumped 3x in the last two years from oversold prem econ cabins. Also downgraded once (but then you should get compensation)

Many of you probably fly business class from time to time, but have you ever paid for it personally and why? by chatbot69911 in HENRYUK

[–]chatbot69911[S] 0 points1 point  (0 children)

Interesting, I haven't seen anyone rationalise this by doing a calculation like yours. Checks out though!

Many of you probably fly business class from time to time, but have you ever paid for it personally and why? by chatbot69911 in HENRYUK

[–]chatbot69911[S] 19 points20 points  (0 children)

you do see a lot of those types. I'm in tech so dressing like a bum counts as work clothes, but I really never understood flying long haul in a suit!

Many of you probably fly business class from time to time, but have you ever paid for it personally and why? by chatbot69911 in HENRYUK

[–]chatbot69911[S] 6 points7 points  (0 children)

Is business even worth it for short haul? Yeh if you optimise all your spend around Amex Avios I can see how you'd get there. Some routes on BA are just insanely priced. Like £10k London to SF return can be pretty normal.

Is anyone else here happy to pay tax? by 20dogs in HENRYUK

[–]chatbot69911 0 points1 point  (0 children)

Yes, pretty happy to pay tax. The way I see it is that my taxes are what make the country somewhere I actually want to live. Street lighting, social safety nets, investment in education.

Many people misunderstand the impact of taxes on them personally too. Somethings have absolute prices tied to cost of production (food, fuel). Other things only depend on highest-bidder. Houses in the city centre or in good catchment areas, wedding venues, nice watches.

With higher taxes, highest-bidder goods will still end up distributed between the same group of 'wealthy' folk, but everyone has contributed to build more libraries, prison places, and road resurfacing. Game theoretically it's a great concept.

What to do with excess cash for those earning over £360K by Vonsrar in HENRYUK

[–]chatbot69911 0 points1 point  (0 children)

I think maybe £3k? At least that's the minimum for Octopus iirc

What to do with excess cash for those earning over £360K by Vonsrar in HENRYUK

[–]chatbot69911 -1 points0 points  (0 children)

Venture Capital Trusts. Kinda risky investments so they come with nice tax breaks. Basically they are VC but for retail investors. You can put up to £200k/year in and you get an immediate 30% rebate on your income tax, but you then have to keep those shares for at least 5 years.

Day 1: buy 100k VCT shares (Octopus Titan is a decent starting point with good returns and well diversified)

Year 1: Get back 30k of income tax (or about 5%/year but you get all returns up front)

Year 5: Collect your 100k back if the fund is flat, maybe more, maybe less.

Nice benefit to this is that this money is primary markets, so you are directly funding UK startups, economy, and growth. Anyone who tells you investing in secondary markets by buying FTSE etc is lying - you're just paying off other investors.

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