Accountants HATE ME for sharing this SECRET

[@kristrinity9429]

I dont think any of the viewers here realise how dope it is to have someone like James creating videos like this. This is incredible information.

[@moodobusiness]

I do

[@worldwideachievers1234]

Agree 💯💯💯

[@MayaArt_Club]

Totally and he speaks in simple language using great tools like a whiteboard

[@nathc1456]

As an accountant I love all of this. - Don't come to us for entrepreneurial advice. We dont even advertise that. - Do hire a second opinion (more work for us to win) - Definitely do your own bookkeeping, we don't want to do it for you - Great to employ your own chartered accountant full time if you can find one. Less work when we come to audit...but we don't charge any less.

[@wr1120]

I'm still amazed that even businessmen don't really understand what an accountant does. It's like everybody wants an expensive divorce lawyer after their life is in ruins instead of hiring a cheaper tax consultant in advance.

[@ProfitCashGrowth]

I think they should change the names of the accounting qualifications so it's easier for us all to differentiate, especially business owners! I've done CIMA and I do the FD side of things. When I say I'm an FD people say "oh i wanted an accountant". When i say i'm an Accountant people say "oh I already have an accountant".

[@olegmolochenko1147]

i don't anyone would hire an accountant that charge £100s per hour to enter invoices and bills in your system lol. I'm sure some accountants would love to do bookkeeping job for such money, at the end of the day that's what many accountants really love to do - reconciling accounts.

[@tarquinmckay5104]

Lol Accountant too, 100% agree with you

[@mubeensgh]

Damn right.

[@QUISQUEYA26]

As an Accountant (in US) - one of the main issues with people is that they don't know that there are different types of Accountants. They assume every accountant is a TAX ACCOUNTANT and then they are disappointed when they do not get the correct advise or get frustrated when told "that's not my specialty." Is important for entrepreneurs and everyone in general to know the difference between different types of Accountants and also bookkeeping. This way they can find the most qualified professional for their needs. Last company I worked for was divided financial Accountants, tax Accountants, treasury, etc where every one of those groups had a specialty and we were not allowed to help customers with stuff outside of our area. I was financial and focused on overheads and payroll funding (not payroll clerk), I would transfer anyone with tax questions to the Tax Accountants in the tax department.

[@petergryllis5109]

I learned this the hard way. After some years in business I realised you need to do the research and tell your accountant.

[@Sean-vh8pm]

Subscribed! Found your channel by accident, but YT must have known I was needing this great advice. I’ve been in business a long time and this taught me a lot. I’ll be watching more.

[@333nickmcd]

When I first started businesses I assumed that all accountants would just be great professionals but my lord I was wrong! Accountant 1 - did everything on time but very old school, paper based and miserable 2. Filed the first two VAT returns late. 3. Love them as they communicate, help and are friendly. Now questioning if they’re right though as they don’t seem to be growth focused and I’m not sure if we’ve got too big for them?

[@safc2951]

Not all accountants are qualified, some join a Mickey Mouse club, my new accountant that charges me £300.00 ph plus vat, and will not give me any real advice, like James said do your own research, the accountant said too me ‘ you are doing better then me’ looking down his nose thinking how can this fella from a council house in Sunderland be richer then me, I am changing my accountant soon.

[@nathc1456]

What advice are you expecting him to give you exactly?

[@satoriaccounting6958]

Get really clear on what you want from your advisor, change if necessary 😊

[@paulleighton7078]

You seem well balanced, chip on both shoulders 😂

[@ikondjenis2749]

0

[@TheMediaMachine]

@@nathc1456 Covered already in video. Nevertheless, I'd say advice like, "this business model is not going to make you a lot of money. Do you want to keep at it or do you want to grow to make XYZ in the first 5 years?" Or "This business is ok, you'll stay afloat to pay bills and a little over but that's it. Are you sure you want to stay in this business model or do you want to make sure you're in a business model that will help you grow to a XYZ this year and XYZ in 5 years?" Or "There are different possibilities for you to save far more money and pay less taxes. Would you like to know how?"

[@gaugeonesteam]

I used to do "incomplete records" work for a chartered accountant. This is when the business gives their accountant their books but as the name suggests the record keeping is "incomplete". We had loads of this work and all the clients probably had no idea what their financial position was. The client would give us piles of invoices, bank statements, cheque stubs and cash books that hadn't been written up properly. many years later I had my own furniture retail business and I used to do mini accounts every week so I knew exactly where I was.

[@elizabethward5685]

Absolutely amazing video James. Great advice. I say that as a solicitor. Get good professional advice and your words about accountants is 100% true!

[@RoaldvdM]

I own an expat accounting company in Prague since 2006, with a focus on self-employed entrepreneurs (IT, consultancy). By now I have done 1000s of consultations about tax / social / health, VAT, do's and don'ts as (starting) entrepreneur. Real-life help, not just filing taxes for customers. That's what people need. But yet, many seem to think that with googling for answers and using a cheap online filing tool they do not need an accountant. In the last years I have seen a big increase in fixing (tax) problems that customers caused by themselves. Filing corrections is never cheaper than filing correctly by an accountant in the first place.

[@easyspeak101]

Nice presentation. Thx. A lot of these videos from channels are peppered sprinkle of ideas.. but it takes a lot of wrestling with both finances and metrics with different agents to even know if one is enlightened or fooled..

[@worldwideachievers1234]

James is absolutely right about doing your own research on taxation and investment strategies. Your CPA will prepare your tax returns and sometimes might offer a little advice. But the onus is on you to research tax strategies and loopholes. I read books on taxation and investment by tax attorneys. Great insights on strategizing your business intenties and how to structure LLCs and Corps. I just started employing my CPA (not cheap-depends on monthly revenue) which also has book-keeping.

[@gedb6099]

My last accountant got my vat return wrong 3 times, 4k more than I owed! On the 4th attempt he said ‘oh sorry I didn’t realise you used a business credit card to purchase stock’. He had only been doing my returns for 2 years at this point 🤣 … you’re just a number to a a firm and very few actually want do help you

[@MichaelBrooksDr]

RE pensions: I agree that a good entrepreneur can beat the returns on a pension, however that is in exchange for taking on much higher risk compared to a pension. As an entrepreneur, I pay into a pension as a hedge bet. It's a plan B for if the business fails. I know full well that the pension age will continue receding into the distance and the governments of the future will find all sorts of creative ways to tax income from pensions, so it's not my main bet. (I'm in the software sector where our value is in our intellectual property, which unlike real estate is hard to sell off if you need to release capital.)

[@satoriaccounting6958]

Your quickest tax break is in R&D, so make sure you're claiming where applicable

[@satoriaccounting6958]

Your quickest tax break is in R&D, so make sure you are claiming where applicable

[@liquify-]

As a UK business owner I 100% think saving into a SIPP is very, very smart and everyone paying HMRC corp tax should do it. Every way I crunch the numbers pension makes sense. Way I look at it is - depending on age you prob only need to put e.g. £80k at age 30 or £150k at age 40 to make most of tax advantages. Let it compound over 20-30 years in some boring index ETF's to get over a million quid. That amount will put no big dent in any serious entrepreneur's plans tbh. It hasn't with me and I'm only half serious (I choose to work part time). Do your own maths, I did spreadsheets. I think you'd deffo be daft to put 100's of £thousands into a SIPP and end up with millions. There's prob no benefit to that and you'd be right to keep most of it inside a trading company. But it's made a lot of sense for me over the years to extract a chunk of cash into a SIPP. That may change soon...

[@Tomm9y]

In house yes, set up systems early, ensure processes are robust and efficient from the outset. You need an experienced accountant, it is the robust experience that makes the difference, but you need other people to be involved.

[@ShantelleLow]

So glad I’ve come across your channel..a breath of fresh air hearing actual truth bombs..As a newbie in the entrepreneurial space great advice.Thank you

[@JamesSinclairEntrepreneur]

You are so welcome

[@leehughes4064]

Great content as always, would love to see more day in the life, and real world deal sourcing/problem solving. Loved the content around sweating assets, and increasing performance of seasonal businesses. Thanks !

[@JamesSinclairEntrepreneur]

We’re making a day in the life as we speak. Including deal sourcing etc.

[@leehughes4064]

@@JamesSinclairEntrepreneur thanks for the reply, look forward to the new content 🙏

[@JourneyofaCEO]

Just stumbled on this. Fitting because I am currently paying a book keeper to teach me the ropes. She's super efficient and helpful too. When on a job,cleaning her carpets- she told me she does book keeping, I jumped at the opportunity to ask her to teach me. Value in the lessons not the tasks

[@darrensmith4661]

Well done. ! I happened to stumble onto this vid also. I agree with his content.

[@chrisdalton9849]

James, great podcast - very good advice, put across cogently.

[@willjack6725]

James 1st half of the vid was really good. 2nd half was COMPLETE GOLD! ❤ Thank you 🙏

[@1234piano]

Outstanding insights from an Entrepreneur!

[@kylejackson9312]

Have you considered SSAS, can loan back to fund your operations up to 50% of the fund value and buy commercial property with 50% LTV, combined with contributing from the company pre tax the 25% corporation saving, I thought that style pension would work really well for you, understand it’s not as nibble as we all might like but the compound effect on the 25% corp saving has got me opening one after years of refusing, the standard pension or stock& shares doesnt work I agree there for someone like yourself

[@JamesSinclairEntrepreneur]

The issue with this for entrepreneurs like me. Very hard to leverage the property as much as you may possibly like, also makes selling a business just a little more tricky. Your approach would work better for most people as I said in the video my approach is for entrepreneurs that are going some. For example if I wanted my money to work harder…. I have a million to invest and only want to put 10% deposit down on a commercial property so I could put 400k into stock to turn into 2m of sales that make 500k profit…. I out earn the pension. I could then sell that business 4 years later for 4m and pay a low rate of capital gains. I out earn the pension and have the fruits of my labour now - not in my twilight years. Also…. If I have a property portfolio in a Ltd company worth 5m; I want to give full security to a bank to buy another business that makes 1m profit a year. I out earn the pension and get the money now to spend when I’m not close to death. These are just some examples - if you’re an entrepreneur and know how to make it work. If you’re not an entrepreneur and you don’t know the above and you don’t have the appetite to earn now; maybe you’re a highly paid professional then you’re absolutely right in you’re approach and that’s what I’d advise most people to do. If you’re an entrepreneur that makes money and wants to sell companies and use leverage to make money now - I think my approach is better.

[@kylejackson9312]

No that makes perfect sense and until you think outside the box the smaller more conservative thinking keeps us from growing. It’s boiling down to easy of access for lending and being more nibble that allows to be more in control and ultimately making more money. Pension are very restrictive I’ll agree and if was for that tax free 25% luring in people I doubt they’d even consider them

[@johnbuckley1533]

Good morning and happy Friday. Thank you for your words of wisdom James.

[@ciaraandtheworld]

I am an “in house” accountant. I feel gassed right now!! Thanks for seeing our value

[@darkroomrobot]

Great video and points. A video on different biz models would be great. Charlie Munger always talks about knowing the models...

[@BakeandBag]

You are literally the business mentor my 20+ years of entrepreneurship has lacked. From my experience, I have a totally different view of banks though, they are the absolute last place to seek finance. Their archaic thinking will hold a new business back dreadfully.

[@wanderingaengus-n8w]

It is easy to assume that solicitors and accountants should be highly knowledgeable about business generally. But they usually can't see the picture beyond their own narrow trade. Most solicitors really struggle with deadlines and business objectives rather than their preferred tasks of nitpicking small, irrelevant details.

[@bekindandmerciful5145]

James this is fabulous training . Thank you!

[@Hasscounited]

I never had pension, even though I am full time employee, instead of pension I saved that money and bought two BTL, totally agreed.

[@darrensmith4661]

Here in Victoria Australia with the current government land tax, it is isn’t worth owning more than one property in this state. The only way to make mon❤ey out of property (commercial or residential) is to have the properties interstate. Sucks I know but is the only way around the land tax. Your principles apply regardless of the country, well here in Aussie. Made me rethink my strategy as I build out of the covid crap. Look forward to future f Vids if content is of this quality.

[@ExoticDoll-ct3ud]

Hi, can the reinvestment principle apply to expanding a property portfolio plz? Gr8 vid btw.

[@randommcrandom2387]

You can buy commercial property inside a sipp, best of both worlds?

[@JamesSinclairEntrepreneur]

You can but can’t leverage it and offer it as security to buy another business. Removes a lot of flexibility.

[@onlyagreeingsometimes]

So the question is what asset or investment should you put the money into once you get some money from selling your business

[@lawrencer25]

❤ Fantastic video ❤ Just Brilliant. Just to point out the maximum you can put in a pension is £60K , use to be £40K ........ With a no limit in pension. The Government plans to change it back to £40K with a total amount held . There is also talk about getting ride of the Tax relief and possible the 25% tax free . Its going to be a grim 30th October for some 😭😭😭😭😭😭

[@andyinsuffolk]

As a free market/libertarian minded radical I have felt rather guilty about arguing for the complete abolishment of business taxes as it would mean a lot of redundant accountants. But this vid has actually made me consider that the free-market effects would apply. Once accountants can forget about the trivia of archaic & illogical business taxation they could offer a lot more useful contribution to business efficiency generally and might even increase their 'slice'.

[@NazTheGreat]

Agree on the pension I had a customer who kept going on about his pension and all his plans when he retires Retirement came and he got severely ill shortly after Sadly he died with in a year of retirement I would rather invest my money and make more money now!

[@eddymens1873]

KZbin needs to add a multi-like button

[@scottweiroffical3436]

Agreed on the pension. Suspect people won’t ever see the money they have put in for decades.

[@RonanOBrienZatori]

I know so many great entrepreneurs who skipped the pension, then just when they got close to pension age, lost it all. And yes there was holding companies, protections etc. but when things went bad they couldn’t believe their identity as a successful entrepreneur couldn’t be saved by rolling the dice. So for me a pension is an insurance policy. It’s not about the highest returns, it’s about diversifying further. Even things like illness, they aren’t in the right mind to survive the dark period. But the pension is locked away and can’t be touched. I understand your views, and respect them, but I think it’s dangerous advice to share to others who mightn’t have the prop co’s but try to emulate your end game at the start of their game.

[@JamesSinclairEntrepreneur]

But I said clearly. I believe in the philosophy of a pension and to buy commercial property and if that isn’t you and you don’t nt know what you’re doing get a pension?

[@joeelder8526]

I don’t think you fully get the point and you appear to be thinking of a pension and James’ alternative as cash. If you have a £3m pension it is about what it releases to you. With only a proportion you can release. What happens if you die early ?? Alternatively You can hold commercial property in a trust completely separate to other activities and then it pays you regularly the same way a pension does. However it is more liquid than a pension in that you can sell the property to release funds and then the tax point is more efficient as it is capital gain so currently only 10% upto £1m. Or it can be held in the trust and passed to your children making generational wealth. It can be remortgaged or loaned against with debtor book finance.to free cash. So many more things can be done with Assets than a pension. Obviously overly simplified but this is partly why I agree with James’ position relating to entrepreneurial people. Corporate employees do not fall into this category in my opinion.

[@RonanOBrienZatori]

@@JamesSinclairEntrepreneur Yeah I get that. However my philosophy is always diversify. Have lots of different investment buckets. Even if you have a small bucket for pension put some in each month and /or after every win / liquidation point. So yep I have commercial property too. Several businesses similar to yourself. Some angel investments. And other investments. Planning leaving money behind for your kids? Get the assets / investments into their name now. While it’s great you’re actively out there sharing what you do, I like the videos and learning even when I disagree on some minor points. I think there’s a power with the following you have for others to copy the advice without having the safety net. So super cool your sharing but would be great if you shared what other options are there and how you also paid off your own house (? For example as a tactic) etc so you don’t have the same risk and outlays of others might have. I have one friend with a 15k monthly mortgage and some others with zero personal debt. Stress levels are different, and that in itself is a currency.

[@Thulebeez]

Agree with pension situation when you are 60 years old 3M will have less buying power, i like the strategy of have an accountant and FD in the business .

[@WintuhLiving]

Nonsense, if you invest your pension it does increase in real terms

[@johncoffee4708]

Great advice. Pension funds are bad . Their business model sucks. A lot of information in one video. Wow. Thanks.

[@subashacharya4765]

Agree james thank you so much for sharing knowledge through video ❤

[@blamwebsitesltd1647]

Thanks

[@JamesSinclairEntrepreneur]

🙏🙏🙏🙏

[@davesimm]

I don't know why people take such a polarised view on the pension vs reinvestment bit and see it as a one or the other choice. It's a no brainer to do both, just setup a direct debit into a globally diversified fund, and forget about it. Pension is hands down the most passive and tax efficient way to get funds from a business into personal name, ring fenced, protected and reduces corp tax at the same time. And reinvestment gives the quicker higher returns but involves overhead and risk. Do both.

[@hahabobblehead2059]

Nice hair cut James!

[@BIGGSYLX]

Good morning James, firstly I wanted to say I love the content mate!!!!!!! Secondly I have always said this about pensions, it amazes me people over look their ability to make money and what got them their in the first place, why on earth would you give it to other people (no disrespect meant) that you are better at making money then. Anyway love the content mate!!!! keep the videos coming!!!

[@petergryllis5109]

James great video. Quick question. When you sell a business and pay the lower capital gains tax how do you then transfer that money into your personal income without paying a large income tax? I feel like I’m missing something here? Also, I’ve just patented a novel drone and want to raise capital to build a prototype and create a business that is investible. Do you recommend I find an accountant who can help me raise capital?

[@JamesSinclairEntrepreneur]

On question 1, once you pay the capital gains tax; called asset business disposal relief; it’s yours the tax is paid. So if you sold for 2m at the time of writing and you’d never used ABDR before you’d pay 300k in tax and the rest is yours. The second question; is more complicated and I’d need hours to understand before I’d point you in the right direction. If it was me I’d try and reach out to someone that has succeeded in the space you want to conquer and do all you can to get in front of them for a coffee.

[@azizz79]

Agree with the most of the video, but I think a business should hire separate tax advice, investment advice, saving advice etc, and dictate to your accountant how to proceed. Accountants are all steady eddy, one size fits all, never want to do something different. Every business is different, so why do all different businesses have the same accountant. They are just interested in year end accounts, and trodding along for years. I always pay for specific advice, and it has always been worth it.

[@DavidSmith-do6ji]

I am no accountant but I’m sure investing in a SIPP in Stocks and Shares with the tax brake on the way in and currently on a pencetage the income on the way out can scale quite nicely depending on your personal tax rate and achievable % yearly returns.. and also understanding the importance of low fees on the route to compounding wealth.. also I believe SIPPs may not fall into your estate if you drop dead so no IHT…

[@Heidi123]

Yes youre correct, currently your SIPP is effectively IHT free (I'm an accountant)

[@davesimm]

@@Heidi123 This comment didn't age well :(

[@worldwideachievers1234]

new subscriber here 💯💯💯. Excellent content mate

[@Ben_conduit]

Great video James 👏👏

[@DaveEsel]

Killer video mate - 🍻 Cheers from Brooklyn

[@JamesSinclairEntrepreneur]

Lovely to have someone from the other side of the pond here

[@jimrice4068]

lol my wife and I have the “pension debate” quite often. My response to her “ I think I can make money quicker than those mugs”

[@Jesus420.69]

Not underwritten by the state though.

[@satoriaccounting6958]

Pensions are usually a decent earn over a longer term, and tax efficient too. Make sure if you earn money fast that you are also not losing a chunk to tax

[@chrisdemetriou6024]

We're good 😅. We own lots of property and have businesses. (Archimedia Accounts).

[@theostanley2239]

There is no investment that will beat a pension. I have personal experience of how a highly successful businessman when he was younger still had to work at the age of 80 just to survive never mind the tax benefits. Like your insights on Accountants though.

[@JamesSinclairEntrepreneur]

I clearly said I like the philosophy of a pension. I have my own commercial property portfolio. It gives me money now and secures my business buying activity

[@SomeGuy-qd2sb]

you say you can use a million to buy a commercial property….but you can do that through certain pensions. So that million comes off your corporation tax, and the money you earn through your pension isn’t subject to capital gains. So if commercial property is your thing i don’t know why you wouldn’t do that through a pension.

[@lachlanbursle]

It might be worth thinking about your pension as a tool for the business and business owner. Your pension can become your businesses bank. You can't can't consistently put £100k into a pension every year but assuming you do the business saves 25% corporation tax and the individual pays no tax. Therefore it's only cost the business £75k to get the £100k into the owners account (more efficient than dividends or CGT). This can then grow free of any tax until the point of taking money out - if at all. Then the business owner can use a loan back from the pension loaning £50k from the pension back to the company to reinvest in the business. The interest on the loan then goes to the owners pension, and not to a bank. So it's really only £25k of the £100k contribution that isn't accessible to the business and the owner has a super tax efficient investment for the future and can stop paying money to banks. I'm a financial planner and use this with clients but this is not financial advice.

[@LukeStephenson]

This is interesting - never thought about this option. What happens if the ltd company can't pay the loan back though? I assume the individual is penalized?

[@lachlanbursle]

@@LukeStephenson the pension is a separate legal entity to the individual, so no. Before any loan is granted the pension provider will need to sign off on it so there is some due diligence involved.

[@LukeStephenson]

@lachlanbursle7072 hmm, very interesting. Thanks for that.

[@lachlanbursle]

Once saved enough in a pension the pension can then get a loan for 50% of its value to acquire a commercial property. All the rent is then tax free also the capital growth. Jimbo's commercial property example is extremely tax inefficient. 25% of the £1m in rent is lost to corporation tax and the capital growth is also taxable. This is then stuck in the company and if you want the money in your own name you'll need to sell/liquidate the company or take dividends.

[@LukeStephenson]

@lachlanbursle7072 yeah, this is what I can't really get my head around. I'm wondering if I've got a knowledge gap that needs plugging, or if Jimbo has miscalculated something. Either way, I need to talk to a financial planner soon as I'm thinking about commercial property. I assume there aren't many people with your name... you're in Aberdeen, right? I'll add you on LinkedIn if that's OK?

[@dylankirton1150]

You wouldn't hire a mechanic to do anything other then fix your car, same thing goes for policy sellers (financial advisors) and other professionals, they are there to sell their service to you. Nothing more...

[@ManpreetSingh-iy4mo]

Hi James, what’s your thoughts on a funeral home business ?

[@dickieblench5001]

Stiff margins

[@mosesfennel]

I agree with you James.

[@BarryJL45]

Another fantastic video. :)

[@DH-zp7bc]

The system is too complex to navigate and seems set up to help entrepreneurs who want to get into the rentier economy which is sucking the the lifeblood out of the country, and stifling innovation. You only need to walk around any town or city.

[@jodieparsons6126]

Soooo much good stuff in this video! As a modern practice that specialises in excellent bookkeeping to provide on demand insights to act as a FD for my clients. Some business's can't afford a in-house FD so my clients get the same service but on a part time bases. Great video!

[@conordal]

Great video advice

[@danbradbury4067]

Great video

[@ianpuddick]

Just watched podcast an hour earlier ….said you can invest in a commercial pension & take out £1m tax free ? Surely not

[@foreignermakingmoney-phili1458]

Great vid

[@foreignermakingmoney-phili1458]

@Real_James_Sinclair Hello, Are you the real James Sinclair?

[@MatthewJones-wz5zy]

great great great video. get a bookkeeper now. all your stress goes. you do not need an accountant to submit your returns either (depending on Turnover) a good bookkeeper will do this and save you £££££s'. james always bangs on about this but it's so fundamental and you may not even have thought about it. mega mega advice.

[@InternationalKarl]

This guy giving the entire game out for free!!! And 99% won’t even get it or do anything

[@scousegreek]

I agree with what he says, but if I can buy SIPPs, it will be a bonus at 58

[@jigerkijeet]

The word "Accountant" should be used be only qualified accountants who are ACA, ACCA etc, not by a bookkeeper or part qualified accountant.

[@olegmolochenko1147]

call them Finance managers - not qualified accountants but know your numbers well and they do a lot of bookkeeping and provide with useful financial reports. Bookkeeper doesn't sound dignifying to me.

[@Mickferndalespeedy]

When you talk about pensions not being great do you include a SSAS in that? your SSAS is your bank.

[@simonaustin1136]

How did you buy commercial property at 18??? That seems like a tall goal only achievable through generational wealth

[@JWC7676]

'£100-£350 for an accountant to provide bookkeeping services' - per hour, per day, per business per week, what???

[@H3RU_X]

Maybe watch and more importantly, listen...he clearly states it lol

[@stevo728822]

But you were borrowing when interest rates were at their historical lows.

[@yahyaraje]

lol pensions what a joke. You get the lump of money when your closer to death. Forget that invest in property or whatever else and earn now

[@olegmolochenko1147]

is it not better to receive rent from few properties that you had bought with money you would put aside into pension pot, plus you die and your kids if you have ones will enjoy that free income

[@jonathanleafe1300]

Massive assumption that commercial property works every time. It won't. Pensions are still the very best tax wrapper. And... most people are not you when it comes to entrepreneurship!

[@Daniel-pt3um]

So are you saying that you have enough books that need keeping to justify a £35k a year employee working on them full time?

[@JamesSinclairEntrepreneur]

Well I have 7 of them. Couldn’t possibly do it with just 1. We have 5 book keepers and 2 fully qualified accountants in house.

[@Smartin3162]

You are wrong on the pension.... it earns straight away.

[@JamesSinclairEntrepreneur]

So if I put a million into my pension today. How much will I be able to draw next month, to spend; when I am 38 years old?

[@lawrencer25]

😂Loans are based on a points system , risk and profit for leader . All sounds a lot of bullshit to me 😂😂😂😂😂

[@dolmen6613]

Problem is returns on (most) commercial property are lousy.. shops and offices in many places are sitting empty

[@JamesSinclairEntrepreneur]

You won’t see me buying shops and offices. Not thank you. Warehouses, yards, hotels, leisure sites and storage for me!

[@Unknown-pt7xe]

Yeah because partners of big accountancy practices and those who become fund managers earn no money. lol!

[@JamesSinclairEntrepreneur]

Clearly obvious we wasn’t talking about those in this context.

[@Divyv520]

Hey james , really nice video ! I was wondering if I could help you with more Quality Editing in your videos and also make a highly engaging Thumbnail and also help you with the overall youtube strategy and growth ! Pls let me know what do you think ?

[@JamesSinclairEntrepreneur]

We do this in house. Thanks anyways. This thumbnail is also split test against 3 others and YT gave this one the thumbs up. We make our content for more established business owners and we’re super happy with our watch time.

[@curious_one1156]

Same problem with Doctors and lawyers. Do not know jack shit 70% of the time. 2nd opinions are awesome ! Specially for accountants and doctors.

[@danielcorby2945]

Second

[@satoriaccounting6958]

Lots of small business owners find it hard to think like this, and they avoid their numbers rather than get to grips. Management accounts are essential. Some accounting firms now provide bookkeeping and management accounts in an overall package. Tech like Xero and other apps makes it possible to get your numbers presented regularly for a reasonable fee. Another great video, James 🙌👌

[@JamesSinclairEntrepreneur]

I couldn’t agree more. With Xero and the like- there really is no excuse now.

[@deborahrose7047]

Set it up like an investment business Look at business that are all three 1.Love 2.Want 3.Need Rule of 4..... Return customers Education Model is not set up for profitability, maybe set up for revenue Lifestyle business ....not where it is at

[@Callofdootie]

First

[@davidmerrett1159]

Hair on his shirt 👕👎🏻👎🏻👎🏻👎🏻👎🏻👎🏻

[@JamesSinclairEntrepreneur]

What does that mean?

[@olegmolochenko1147]

check your monitor, it might be your hair :)

[@foodhead4677]

401ks are trash

[@VictoriaRoss-uw6kr]

Are you a footballer? You throw about your head like a ball

[@MayaArt_Club]

Love you ideas and the experience you share @james