Retirement...when, how old and how much??

[paulchapo]

My dad retired at 60 took redundancy/retirement, he’s was great for about 6 years then things started to go wrong health wise, the last 12 years have been shit for him, heart, type two diabetes and ailments that go with that, replacement knee, he’s a shell of himself it’s awful too watch, diagnosed with early Parkinson’s about 3 year as ago as well. So if he’d worked until 67 he basically wouldn’t have enjoyed those first 6/7 years he got off and would’ve gone from an office to his chair at home, it’s so sad and something that will drI’ve me to do more in my retirement before I reach state pension age and the slippery slope to pill popping and shitting myself!

That's the harsh reality. None of us know how long we've got. We might be lucky and have a good twenty years of life, or longer and good health to enjoy it. There again we might not. A guy I knew well from my local had his 62nd birthday on the Wednesday and was found dead in his apartment on the Sunday. No underlying health conditions and the post mortem was inconclusive. Great guy, the poor bugger didn't even make his state pension. Get out as early as you can and enjoy it while you have good health.

 

[Mr Kobayashi]

OK, but clearlt if you are a Ltd company you do, which is what I was talking about. And that applies to most small businesses I suspect.

As I said, most small businesses are sole traders.

 

[Kompany Car]

It stays with you for the whole time one is self employed, your only as good as your last job.

Thats equally true though for any professional person.

 

[flook]

Whilst I wouldn't dispute any of that, most small businesses don't pay corporation tax do they?

yes they do, reduced rate of 20% with under 50k profits, sliding scale then up to the new rate (£250k?) but they do and always have done

 

[Mr Kobayashi]

yes they do, reduced rate of 20% with under 50k profits, sliding scale then up to the new rate (£250k?) but they do and always have done

You've misunderstood the point.

Small businesses operating as sole traders (59%*) or partnerships (7%*) do not have separate legal personality and don't pay corporation taxes.

Their proprietor(s) pay income tax.

*of businesses operating in the UK in 2019.

 

[Churchlawtonblue]

As I said, most small businesses are sole traders.

Not what I was talking about tho was it? how is that such a difficult concept to grasp.

 

[flook]

You've misunderstood the point.

Small businesses operating as sole traders (59%*) or partnerships (7%*) do not have separate legal personality and don't pay corporation taxes.

Their proprietor(s) pay income tax.

*of businesses operating in the UK in 2019.

ah ok, the original discussion was about businesses of all sizes, which would suggest those of corporate structure whether with 1 or 100,000 employees. Using your figures that still leaves a third of small businesses paying corporation tax.

From personal experience of 30 years operating a small business I know that any perks or incentives that used to exist have long since vanished

 

[Mr Kobayashi]

Not what I was talking about tho was it? how is that such a difficult concept to grasp.

It’s not. But it can't apply to "most small businesses" unless you meant to say most ltd companies. ;)

 

[Churchlawtonblue]

It’s not. But it can't apply to "most small businesses" unless you meant to say most ltd companies. ;)

No I think you are actually referring to micro businesses. Small businesses as defined by the UK government and exchequer employ between 10 and 50 employees.

Which is where we are placed and what I was referring to in the first place. ;-)

 

[halfmist]

Thats equally true though for any professional person.

I am afraid not.
If you fuck up as an employee it’s not taken from your wages.
If you fuck up as a boss you lose the business, the buck stops with you.