earn less but take home more...that's not normally how tax works)
It shouldn't be the way it works, but unfortunately it is in many places. In the UK it's definitely significantly better to have your own company than be a PAYE employee.
Even without being creative at all, instead of working, paying tax and then using your post tax earnings to give your kids money, just hire them. Instantly you get another 12k tax free (or whatever the tax free allowance is). Not to mention all the stuff you can expense, being more creative with how you pay yourself (dividends have a different tax rate) etc.
He's definitely right that being self employed gives you more flexibility about how you pay taxes.
It definitely shouldn't be this way though. Just another way for the rich to keep the poor down.
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Some of it is self evident from a young age, the rest seems silly or plain wrong (earn less but take home more...that's not normally how tax works).
Any links for actual useful and rarely shared cheatcodes/heuristics for a positive life?
It shouldn't be the way it works, but unfortunately it is in many places. In the UK it's definitely significantly better to have your own company than be a PAYE employee.
Even without being creative at all, instead of working, paying tax and then using your post tax earnings to give your kids money, just hire them. Instantly you get another 12k tax free (or whatever the tax free allowance is). Not to mention all the stuff you can expense, being more creative with how you pay yourself (dividends have a different tax rate) etc.
He's definitely right that being self employed gives you more flexibility about how you pay taxes.
It definitely shouldn't be this way though. Just another way for the rich to keep the poor down.