If you can manage financially - would you pay more tax, for better public services?

Many of those people have already paid shedloads of tax and employ people, Casdon. That means taking risks which keep you awake at night. Yet even more is expected of them.

Yes, I know Germanshepherdsmum, although as with anything, some take risks and some are risk averse in terms of investment. Of course, high risk investments are just that, high risk and people who choose that route know there are potentially both big gains and big losses. Everybody I know, myself included therefore have balanced portfolios.

I was talking about taking risks as an employer Casdon, not as an investor. I was an employer, along with my partners, and with that comes risk and responsibility over and above that associated with the job.

Of course, but the same principle applies though. I have a friends and family who own their own businesses, and the vast majority of them take balanced risks, whatever the size of their business? I do also know several people who have lost their businesses, one stands out, a high risk taker, who over invested in two leisure businesses, and has just lost the second one, he went bankrupt.

My business was, of course, a traditional law firm. Investment in premises, IT, people - it all comes with a risk, leasehold premises being the biggest. My risk was shared with my partners, but at the end of the day our personal security was on the line.

Yes - as long as it goes towards improving education and retaining Teachers, the NHS and elderly care

Too many invest in businesses they don’t understand, 3 out of 4 fail within a few years, others are only really “lifestyle” businesses. Being your own boss is attractive but a lot would be far better of with a “proper job”.

I couldn’t agree more.

I'm sure I could have saved myself a lot of stress and worry, if I'd had a "proper job", but someone has to be an entrepreneur and a risk taker. Someone has to be the boss, someone has to take responsibility. (I remember Mr. STUFFY Lloyds Bank Business Manager reluctantly granting me a hefty loan, with the condescending words that my business acumen was non-existent!! Bl--dy cheek, it was definitely in there somewhere if he'd cared to look!)
I want a government that is supportive of innovators and entrepreneurs. A government that helps ideas grow into flourishing ventures, and a government that rewards successful businesses.
Not a government that slams taxes on everything employers work hard to achieve.
Twelve years later, I sold my successful and profitable business, and bought my château in France, rolling over any capital gains tax. Yes, another "lifestyle business" if you like, but they can be made to work, (even if that business acumen appears lacking to some!)

Yes, another thing many employers have to deal with is the bank. Law firms are among the many businesses that often operate on overdrafts because staff, rent and other bills have to be paid and cash flow can’t be guaranteed.

I don't believe a word any politician says. If I vote it will be a spur of the moment thing. I'm likely to make up my mind as I stand there with my pencil. I would be prepared to pay more tax from my two very small occupational pensions if it was guaranteed to go to NHS/Mental Health Services but we all know it won't.

If you work hard it’s easy to make money,
- everyone thinks that’s an outrageous statement

What is really difficult is holding on to it, costs, wages, rent, compliance and overheads, the inexperienced always underestimate the costs

Indeed. Turning a profit is not as easy as many think. Your first duty is to your employees, then you have to meet all the bills and keep the bank happy. I did well but it was the stuff of nightmares - looking after clients and ensuring the overheads were paid. Employees have the best deal, believe me. I am very pleased to have retired, have responsibility for nobody but my husband and my dog, and to be able to sleep at night.

Katie590

If you work hard it’s easy to make money,
- everyone thinks that’s an outrageous statement

What is really difficult is holding on to it, costs, wages, rent, compliance and overheads, the inexperienced always underestimate the costs

And wasteful spending once the money is in your hand - taxes paid, rent and expenses paid -- just the waste on frivolities.

Germanshepherdsmum

Indeed. Turning a profit is not as easy as many think. Your first duty is to your employees, then you have to meet all the bills and keep the bank happy. I did well but it was the stuff of nightmares - looking after clients and ensuring the overheads were paid. Employees have the best deal, believe me. I am very pleased to have retired, have responsibility for nobody but my husband and my dog, and to be able to sleep at night.

My family at one time ran a small business.

And you are right. Turning a profit, initially, was almost impossible.

Employing the right people, too, was not easy. The business was a bit niche so that made it difficult - there's always those who are 'keen' - "oh, I'm sure I could manage that" but that doesn't always work.

The overheads and costs can, also, increase as the business expands - especially if various 'authorities' become involved, or government directives (which happened in our business).

Covid and, to a lesser extent, Brexit, ultimately, put paid to it. It has never, and will never, recover, so is being run-down.

The overheads and costs can, also, increase as the business expands - especially if various 'authorities' become involved, or government directives (which happened in our business).
That is very true. The problem is that after 3 or 4 years building up a successful business, you start to become a victim of your own success. You need to employ more staff, expand the premises and buy more equipment and resources. Governments don't want to make it easy for employers. This got progressively more difficult around 1998 - 2003 under a Labour government.
Ironically when we sold our business and started another in France, there seemed to be far more ways of jiggling with the accounts!

The best small business is one you can run from home with few overheads on you own, you do need a skill. One DIL does accounts and makes a lot of money, my hairdresser works from home, any kind of online business is a good prospect. They fit in well with family life too.

A mobile business is good, plumber, electrician, gardener, anything you can run from the back of a van, maybe you have a semi skilled mate but you oversee the work yourself.

Yes, Katie590, ideal for many. Those businesses, however, don't generate a large invome, and probably just incur the basic tax rate. Once you are up to 40 - 45% tax rate, a bit of resentment starts to creep in that you are having to pay so much, but I do understand the principle. Sort of!

Joseann

Yes, Katie590, ideal for many. Those businesses, however, don't generate a large invome, and probably just incur the basic tax rate. Once you are up to 40 - 45% tax rate, a bit of resentment starts to creep in that you are having to pay so much, but I do understand the principle. Sort of!

Taking advantage of the business allowances you can claim, if you get to the stage of declaring a tax profit of £50k + most take it easy. Drop the customers that are difficult to deal with and have a stress free life.

It’s a difficult one. I would gladly pay more tax if (and it’s a big if) I thought it was going to be used responsibly. Unfortunately, I don’t think it would be. I’m sick of hearing about mp’s who take take take, without batting an eyelid. Using every loophole possible to get out of paying tax.
I have been an employer for over forty years and have, like most of us, paid my dues and still do. I have worked my backside off to have a good standard of living, in a very physical job. I still believe in helping those who are less fortunate and can’t bear to think of children having to do without.
Until we have a government who puts people before greed, it will never change.

You can’t afford to drop customers Katie - you can never assume that the others will stay with you.

Germanshepherdsmum

You can’t afford to drop customers Katie - you can never assume that the others will stay with you.

When you are a one person business you choose customers that are easy to work with, builders do it all the time, if you mess them about or pay late, next time you need them they will be busy.

You can never guarantee that the customers you prefer won’t be poached by someone else.

Because you are a “one man band” with few overheads there is no pressure other than the hours you want to work. If it’s a builder you finish one job and move on to the next customer regularly anyway, the last customer you want is one that doesn’t supply materials properly then wont pay on time.

Good skilled self employed people are charging £30+ an hour in this area if they are working 35 hours a week it’s a very good lifestyle, if you want a day off you take it

When everyone able to work does I would pay more. I’ve worked over 45 years so paid in a lot.