How Much Tax do I Pay?

How much tax do I pay? There's some nosy bastards out there, and a lot of people have been asking me, well, how much tax do you pay? And I thought I'd reveal it. And you know, I've been ranting, moaning, pushing back about how much taxes have got unfair. People wrongly think I don't like paying tax. I think it's right that I pay my share for the roads, the hospitals, the transport, education, everything else. It can't all be for free. However, it has to be valuable. It has to be useful. My dad was in A&E for 11 hours. He's been paying, and by the way, they didn't fix his problem, and he's been paying tax in this country for nearly 65 years. That doesn't feel fair and right. Anyway, I get a lot of critics all over me, this, that, and the other. So whilst I save a bit of tax, it's an entrepreneur's— in a way, I think it's an entrepreneur's fiduciary responsibility to save tax because it's an overhead expense. And the lower you can keep your expenses, the higher the margins you have, the more you can reinvest, the more you can hire, the more you can innovate, the more you can improve your products and services. Invest into your clients and your community. So tax is an expense like any other expense. And right now it's too high and it's unfair. Anyway, so screw it, I'm going to do it. So last year we probably did about £20 million in sales. So I imagine this year we'll do £23 million. So 20% of that on all those sales is £4 million quid. So, you know, on a £20 million in a year sales that we'll do in our training business, we'll pay 20% VAT, which is £4 million quid. We pay business rates, easily £60 grand. And by the way, I'm just talking about my training companies, not my real estate, my property portfolio. Then we pay 25% corporation tax, which across our companies is of course in the millions a year. Then we pay, I reckon when we work it all out, we pay 40-45% in income tax. Intentionally, we don't draw millions of pounds in salary like maybe we could. Because that's obviously half of that nearly is in tax. So, you know, I live a different kind of lifestyle than I did a few years ago, um, uh, since lockdown and, you know, how all the taxes have gone up. But, you know, on average it's more than 40% in income tax across our income sources. Okay, then we pay 15% National Insurance on all of our staff, which is the tax and that's nearly £100,000 a year. We contribute to their pensions of 4%. That's pushing— that's what, about £20,000 a year with the new changes. Um, we pay all sorts of little fees, um, and, you know, data protection, insurance, this, that, and the other. Hundreds of thousands a year. We pay hundreds of thousands in bank charges. Um, yeah, so if I went into our property portfolio, there'd be a whole load more taxes. So then of course we create all these jobs where they're paying National Insurance and income tax, although, you know, their income tax is theirs. The National Insurance, they— but we hire them. So I'm gonna ballpark it at around £8 million a year, maybe more. I'll actually get the accounts out, I'll sit down with my FD, and I'll, I'll cover everything at one point just to silence the haters. So that's a lot of fucking tax. So So I feel within my right to criticise if I think VAT should be less, corporation tax should be less, income tax should be less, National Insurance should be less. Now look, I get that if you reduce taxes, where does the money come from? Well, what about getting more people off the streets into jobs? What about getting more unemployed people into jobs? What about slashing the £200-300 billion, depending on where you look at it, in welfare that we pay? What about bringing all the exiled entrepreneurs, millionaires and billionaires back and get them spending loads of money and employing all the people? What about apprenticeships? And what about getting people working into good manual labor, honest work again? What about all of this? So anyway, yes, I pay a lot of money in tax. You have heard it from the horse's mouth. However, it's also my fiduciary responsibility, i.e. My financial responsibility to my company and shareholders and creditors and everyone that I deal with to manage my accounts well, which means getting my tax bill down. Now, you would want to get your biggest expense down, wouldn't you, in your life? And mine is tax, and yours is probably tax. In the £100,000 to £125,000 salary range, you are paying 60% in tax when they remove all the reliefs. It's ridiculous. So because of that, it is vital that you manage your tax affairs and where you can legally, you avoid paying unnecessary tax. Now, some taxes are necessary and you can't avoid them, like VAT, you can't avoid that. Some taxes are necessary and you can reduce them. And some taxes you don't need to pay at all, just depending on what the rules are from HMRC, how well you know those rules from HMRC, how good an accountant you have, and that's it. And so for that reason, I have added a detailed tax saving session. This is an airplane mode on your phone, all phones off, all cameras off session on getting your tax bill— I reckon there's 12 main ways you can reduce your tax bill. And I, I would say half of them are tax breaks and half of them are just you understanding what you actually can run through that you didn't know. I was talking to someone over dinner yesterday, they didn't understand about LLP companies and how you can run your cars through, and most accountants don't understand it either. So I reckon there's about 6 things that you can run against your tax bill that you didn't know you could. There's about 6 main tax saving schemes that you can still use right now, um, and then there's an overarching single way to reduce all your— much of your tax without, you know, going offshore or trusts or schemes that are risky or worse. And I'm covering all of that in detail at the Moneymaker Summit. So the link is robmoore.live/money if you want to learn how to start, scale your business, make, manage, and multiply money and build multiple streams of income. And there'll be detailed sections on investing in gold and silver and decentralizing your money so that you've got control of it. Did you notice Barclays was down all weekend? The weekend when you couldn't— when you're supposed to pay your tax bill. I wonder how HMRC will be about that. Um, and you know, you can't put money out of your bank really into crypto, hardly any. You can't put in and take out much cash. There's a lot of control. So you need to get your control back. So I'm covering that on the Moneymaker Summit. I'm doing a keynote talk on going from zero to six figures and another keynote talk on going from six to seven figures. And all of this will be on the Moneymaker Summit But the section everyone says they love— someone said to me over dinner yesterday, something I taught them saved them £200,000 in tax. And this is at the Moneymaker Summit. So the link is robmoore.live/money. robmoore.live/money. You can see there's a couple of nice VIP and golden VIP upgraded tickets. For not a lot of money, basically an admin holding deposit fee really. Um, and you know, we like to give back. We own our own training facility so we can pass the savings on to you. We've been going in business 18 years. I was financially free 15, 16 years ago. So, you know, I can, um, put a lot of this on for you. Of course we run events. Of course you can do further training with us if that, that's your choice, of course. But now more than ever, you need to manage your tax affairs because what's the point in earning good money and giving more than half of it away? It's, it feels very penalising. So the link is robmoore.live/money. I've just shared with you that it, you know, just on my training businesses and all the revenue we generate and the employment that we create, we probably pay £8 million a year in tax. When you put it all in this, I've probably missed some. I'm gonna work it all out with all my property companies as well. Um, just for those who say, well, you know, what are you— I just get loads of critics who don't really understand what's going on. Um, I really appreciate you following me. I'd love to see you at the Moneymaker Summit. Um, Natasha said this is why the Moneymaker Summit is a great event to attend and get up-to-date financial knowledge. So I really appreciate that. And, um, I think we should all pay our fair share. I think billionaires should be charged a bit more. I think your sort of working-class people and your lower-level millionaires should be charged less. And I think the tax should be invested better. And the better they invest it and the fairer it is, the less entrepreneurs are going to try and reduce it. If it was just a flat 25% across the board— some people think it should be less, but let's say it was a flat 25% across the board, that was it. Um, I'll just pay it and I draw, you know, most of my money. I'm not drawing a lot of my money because I don't want to be paying 40% plus in income tax. Thanks for tuning in, and remember, if you don't risk anything, you risk everything. Yeah, council tax. Haven't even covered the council tax part. Probably paying nearly 5 grand a year in council tax. The roads are still fucked. Um, Bristol Council said they're gonna, um, do the bins once a month. 5 grand a month for one bin change a month. Get in. Water rates, insurance management fees, gas and safety checks. All of these. Yeah, this is another one. All these legal requirements. There's loads of legal requirements in your properties and in your companies which essentially are taxes. There's all these insurances you're forced to pay, which is essentially taxes. Yeah, but I'm still happy, Jono, don't worry. Um, I'm still happy we're all alive. I'm grateful that you follow my work and that we get to connect and we get to speak our mind. Okay, Fred's joining the Moneymaker Summit, so the link is robmoore.live/money. And we've got, um, one of the top 57 multi-billion pound company, um, owners coming to the, the upcoming date. So, um, there's only 57 people in the country that built a multi-billion pound business. One of them is keynote speaking at the Moneymaker Summit. So that's epic. You can see the dates, the logistics, the details, the venues, the speakers, the content, all at robmoore.live/money. I'll see you there.