The TAX MAN makes more than me!

[@andypalin3287]

It's stories like this Rob, that makes me feel proud to be British! 😜

[@adrianflower3230]

Congratulations on the new home and the new baby on the way. The fact you can deal with all that plus tax, plus business and still be cheerful at 4.30 am shows you will succeed at what you do. 🍾 🥂

[@PeterFearon-g8q]

I know no 8:58 one that voted Kier Starmer into government (Sir😂) Does he not realise 80% of the Uk tax comes from us low life small business owners . What an absolute joke of a government . I guess you’re in ya late 30s/early 40s but good do we need a Maggie back. She was bright enough to realise the small business needed to be encouraged . We are the back bone of the UK economy .we pay for all those that can’t be arsed to work . Keep going mate and hang in there ! PS, possibly had one to many tonight , I fear I could be locked up for this post .😂😂😂😂

[@wolfgangezeh5021]

Rob, you are a man after me own heart! In the face of adversity, just laugh away! Congratulations to you an the good lady for the "bun in the oven"!

[@arimington-is7gv]

Glad you seem to be upbeat and can smile, and yes would love to see vids on the house project 👍

[@TonyM444]

Enjoyed that Rob, it looked like you were on a top gear set with that backdrop. Yes to seeing the house video 🥸😎🤓

[@brianridley1102]

Great vlog Rob, good to appreciate these things

[@davidclabon1138]

Great video mate, congrats on the house, congrats on the bun in the oven, unbelievable on the tax, that's crazy! Keep going, I'm routing for you and you deserve all the success.

[@aidy1162]

The extra stamp duty you can claim back as long as it becomes your main residence within 3 years and they pay interest on the extra charged 😊

[@tomwinch9107]

Congrats on your house and bun production! Sorry to hear VAT is such a killer (I think the other taxes reduce when the cost of the sale goes up - like autotrader fees, valeting costs, etc). If you are feeling stressed with the responsibilities of running your business, I'm afraid to say (having just collected my daughter from her shared house as she wasn't well enough to drive home for the weekend), that your responsibilities go up to new and dizzy heights when you become a parent ... it's great and I wouldn't want it any other way, but not 'easy'!

[@ic2433]

It's a really interesting video and a bit of an eye opener. Onwards and upwards and hopefully the budget won't be as bad as some are predicting and enjoy the new house and look forward to the addition to the family 👍

[@aceace5457]

that cant help , lol , the taxman always gets his way.

[@samwalker2367]

I'll love some house work videos. Get them monetized and pay some tax on it. Congratulations for you and the Mrs.

[@chiefrocka8604]

The youtube way is a second channel with the half bull shit half interesting bits or shorts etc

[@JimboArsenal18]

Absolutely brutal system for sure. And you also basically work as an unpaid tax collector for HMRC on the PAYE system, which is nice! Hope everything goes well with all else you have going on and mother and baby stay safe and well.

[@df9834]

Rob your a legend! But bloody heck you’re getting hammered in Britain mate 😢 came across your channel from joes podcast. Love the channel and content mate, Am sure even making videos on doing your home up aswell would be great. Take care mate and keep up the great content on the channel 👍

[@andy14landy]

As a book keeper, I’ve never found marginal vat fair as it’s the only instance where you can’t charge the purchaser for the vat.

[@davidash1008]

Exactly this!!

[@MrMudplugga]

It’s a joke car sales is hard enough!

[@stuartd9741]

My only issue with vat is the % rate. If it was 10% it's more palatable. 20% is too much. If you pay that rate on car sales...

[@davidash1008]

It's actually 16.67% for the vat margin scheme and you can offset the vat on your prep expenses...still a bitter pill though

[@andy14landy]

It’s 20% of the profit which would be equivalent to 16.67% of gross

[@Steve.Edmonds73]

Good luck! Being a parent is wonderful but also next level stress. Good luck!

[@seayavietnam]

And that right there is why I sold up and left the UK. The more we made the worse it got. I loved the motor trade, but the passion ended for the exact same reasons you've just mentioned. Good luck my friend. Congrats on the house and new babs. Would love to see the house reno... You never know, there may be a miracle and labor won't line their own pockets more by skinning you all alive 🙏

[@michaelmellish291]

Dream on..they are bigger scumbags than the tories

[@DaveHills1]

Hi Rob, 100% want videos of the house renovation - Start a new channel for it?? Keep up with Joe! & when you're a bit down with it all, as we all get. A wise man told me something that I never forget - things are never as bad as you think - but they are never as good as you think. Also my uncle used to say....when the motor trade is good, it's the best, but when it's shit it's really shit. Rob, you are one of life's good guys. All the best!

[@7417cd]

Very good Rob, get that bar open, you deserve a drink 😂

[@Mach_One_Photos]

look on the Brightside there is no VAT on children's clothing. just be careful when the new arrival is a bit older and you go to Greg's to buy them their first Gingerbread man, because a Gingerbread man with two chocolate eyes is VAT free, but a Gingerbread man with two chocolate eyes and a chocolate belt you have to pay 20%.VAT

[@terryleaman3038]

Looking forward to seeing some videos on the house mate

[@Neil-Hanson67]

Rob, Maccie D's are taking on new staff, you'll be better off by the sounds of it lol. Best of luck with the new house and hope all goes well with your Partner & Baby.

[@nickskinner1482]

just keep on keeping on, it'll be alright in the end.

[@brianuk4430]

Would love to see your journey on the house

[@coasttocoast1140]

have a good weekend rob,great content

[@ianrobinson68]

At 56 years old I can’t wait to pack in but will have to suffer a few more years yet before I can leave all the running a business crap behind. Everyone is just out to fleece you for as much as they can now.

[@davidjackson6386]

Yes definitely house videos please

[@philwindows6932]

Great video. Can't fault your enthusiasm. Do some vids ongoing up your property. You show the true reality of being a business owner, and it ain't all glamour.

[@mattscars]

You're right, and to quote you, it is SAVAGE! I'm an accountant (employed, paye, in business & for all the things you say i will stay paye..) and it is eyewatering what the government collects from various channels. At least it is put to good use aye (a separate topic..). Excellent news on the house purchase and good luck with it. Stamp Duty Tax, there's another one you're getting taken for.

[@huwsparky175303]

Will he be able to claim back the difference between standard and higher rate stamp duty after selling the house he's moving from?

[@craigyd01]

Love the videos Rob. Try your best to keep plenty of them coming through. And whilst these may be a car related vlogs, it’s the man (woman or toaster!!) behind them that is often most interesting, so feel free to vlog about the new house. I’m sure plenty would find it interesting.

[@MartinMagee-q2r]

Chin up Rob it will al come good in the end. Would like to see video of work to the new property. Good luck with the new arrival also.

[@DanstengineeringCoUk]

Boring maybe, but very important. Not enough people realise just how bad the tax situation is.

[@OleGitRule]

Ouch - is all I can say. Congrats on the baby - that will change your view life for certain

[@shamoo70]

Rob when you buy a car for let’s say 10k and sell it for 13k as you explain you pay marginal vat on the 3k. However if you purchased discs and pads for that car for 500 pounds including vat can you claim back the vat on the discs and pads?!?

[@stuartd9741]

Yes I think you can on the parts.

[@ForecourtFilms]

@@shamoo70 yes

[@stuartd9741]

Interesting video Rob. .. Congratulation on the bab.and the house. Big step forward in life.👍 ... I do think its important to clarify your business costs, when people see you make 5k profit (or whatever) on a single car they're gonna think your being greedy. .. But in the round, once all overheads are covered, that 5k may just about pay the bills on a slow month. .. Talking of tax. Did you know NI contributions are not ring fenced? Income tax and NI contributions go into the same pot. .. In effect the basic rate of tax in nigh on 30%. .. In Merika, when a car is sold there is usually a state sales tax due. .. The state calculates the tax due via a trade bible, called kelly blue book. (Similar to glasses guide). .. Except those KBB prices bear no resemblance to actual market prices!! .. So say someone driving an old honda civic worth 2000$. .. Kelly blue book might value that car at 4000$. So you pay the sales tax on the higher rate. .. Its nuts...

[@tubbyj02]

If you look at the studys nearly everybody thinks they should pay less tax, but services should be better soembody else should pay more tax. As you say like very other business you take money out of the business that attracts corporation tax and divedend tax rather than through paying yourself a higher salary. So those of us who take a wage are through us and our employers paying more tax than you do...... VAT is a horrible tax but just a lot harder to avoid

[@stuartd9741]

I agree everybody feels they pay too much tax. .. There are two reasons for this. 1/ government seemingly wastes money on projects that are not necessary, and don't keep a lid on budgets.(HS2) 2/ some industries/corps don't pay tax or very little. Because of an army of expensive lawyers and accountants.. .. This breeds a bad feeling, for us paying the taxes and I'll will against those that seemingly get away with low rates of tax.

[@martin1125]

Margin scheme is a killer, just sold a 3k car today, where prep costs were over 1k, margin looks good so HMRC take nearly £400 off me. Nothing left in the deal, it's a nightmare. I dread to think of the vat on some of your motors 😮

[@RichardNeale-c8o]

Yes to house vids expensive having kits but you may get a handout ..

[@speightman79]

Rob, holy crapola , thanks for explaining the tax on the margin, i dont feel so bad when I think back to all the cars ive traded into dealers and thought ive been scalped between what I got for me car and what I see it advertised at afterwards 😮, its good to get these things off chest and congrats on baby in t'oven 😂 why am i texting in Yorkshire ish language 😂

[@tripled8807]

You buy a car for 10k, spend a grand on prep and retail it for 11k. You have made a grand in the eyes of the vat man. He wants £167 in vat even though you haven’t earned a penny. But. you recover the exact same amount on the £1,000 in vat. Your accountant claims back the £167 on the grand you spent on the prep. So you don't give the vat man a penny.

[@jennycarr6576]

Congratulations on the bairn

[@garymorris801]

really interesting never realised mate best wishes on the house and of course the baby congrats be nice to see the house

[@paulmoore6345]

That’s a good explanation of what is a terrible system. I would like to think that there will be a bit of common sense in the budget. Fingers crossed. Hope the move goes ok. 👍

[@sparkyt6497]

But living the dream 😂 love the variety

[@DaleSteel]

I've picked up business wise end of this week. I'm in Leeds

[@heater1011]

Hi keep up the good tax work daddy. 😂 more videos please

[@richardturner587]

This whole definition of a working person is fast becoming a joke...they're removing incentives to do anything! The hypocrisy of them is just eating me away at the moment...what ever will transpire next week worries me !

[@GeekOfShaves]

Understanding tax is something thats taken way ovwr 40 years, and even then, i still get it wrong, litterally right now having that exact problem.

[@lesmac007]

I was in the motor trade for 30 years, and it has not changed at all (apart from the cars) they still tax you to within an inch of your life, But, I used to enjoy buying vat qualifying cars, knowing the vat man wasn't getting all the glory. great videos, Keep up the good work

[@jordenwoodsey01]

I think if I was a car dealer I'd just sell vat qualified cars.

[@madalex26]

I'm a little confused. Let's say, for funny business, as you said, you sell a car for 11k, but it costs you 10k, and you pay the tax on the differences. Would you not take expenses out of the 1k before it? Say expenses were £500. You end up making 500 on each car, not 1k.

[@sambolton1970]

So in a sum up.... I buy a new car with VAT on the price.. down the road you (Rob) sell the car and pay VAT! Plus corporation tax on the profits. No wonder you're awake at 4am in the morning! However, great channel and content so please keep it up 👍

[@andrewf7822]

Interesting video, thanks Rob. The tax situation sounds like a swine.

[@williamreid6902]

well done rob we are all in the same boat being self employed but i would have it no other way

[@k45hem41]

Brilliant content as always, would be great to see the renovation on a separate channel, Cubitts blueprint

[@stuartd9741]

Yes! Definitely a separate channel. Then this channel can be kept for just motoring related topics & occasionally fish tanks...

[@redpill3145]

Have you looked into a SSAS LOAN so you buy your own commercial property so no more rent to be payed (not sure if you have a lease)

[@bluefish2303]

Never mind the business or the house: can you afford to bring up your child(ren)??? Oh, don't forget the VAT on things you buy to do up cars can be offset against the marginal VAT (silver lining?) 👍 PS directors' loans are next...

[@thomasmountford1840]

Once you’re classic and over 40 years old you can stop paying !

[@kevinrowlands6753]

Stamers mob must love you

[@hbmustangs]

you can claim back the VAT from what youve spent

[@stevenc5227]

Is it the same for Europe and USA or is it just the UK that has to pay all the extra tax? the government has their hands in your wallet all the time, i suppose to pay for all the migrants in hotels and for the benefit scroungers.🤣

[@greyhorse1211]

I suspect US income tax rates are a lot lower. UK has v high income tax rates as does most of Europe.

[@stuartd9741]

As a rule, for an US equivalent of a PAYE employee taxes are roughly 25% of salary. Except there's no NHS witch you have to pay health insurance or may qualify for like Medicare. (Still pay I think 20% of all medical costs). And public transport is non existent. .. Good thing some states don't have an MOT requirement (annual inspection) and as in Ohio it costs 100$ to register and tax a car for the year with no annual inspection crazy!

[@stevenc5227]

@@stuartd9741 There is good and bad, just seems we have all the bad and very little good at the moment, and its not getting better.

[@adrianflower3230]

So, you are a public Philanthropist, not a business owner. Savage regime, no wonder the economy is in a bad way

[@vintage4941]

I’m about to start trading again after building our new home… …and being a country boy I’m going to concentrate on pick ups as you claim the vat back when you buy and charge then send on when you sell avoiding the margin scheme on cars. I’m also building a very large garage block which will avoid rent and rates…. Hopefully this will help me sleep at night!

[@bigend2000]

Tax is a big burden on honest working people and so unfair and they say you have to pay taxes for our country and protection which is correct but to tax when you earn,then spend and pay tax,die and pay tax,save and pay tax is a tad excessive and its going to get worse.

[@Nicknofish]

Shite m8, that is savage!! 😮😮

[@cabottaxi]

Quality. Best tip I can give is fill up your fuel tank before next Thursday.

[@c11yan]

You can reduce your vat liability by also purchasing qualifying stock and increasing the value / volume. Obviously it’s only to a point.

[@ForecourtFilms]

@@c11yan You would pay the same VAT if it was qualifying

[@user-xu5vl5th9n]

57% is taking the pie and leaving a slice.

[@TonyHope-p5l]

Have heard they are going to tax car companies that keep fish…….chin up mate your videos are superb

[@stuartd9741]

You could imagine the tax inspector; .. So Mr Rob, you have a fish tank on the premises. .. That is a luxury! bam! 40% tax...😭

[@glengarryglenross7127]

It's 0330 here

[@biggobmalc8118]

Sadly Rachel Thieves won't get to see this video, otherwise she might just understand the extended financial pain she's about to inflict onto every single small business person in this country, by increasing any form of taxation.

[@craigthev]

I'm pretty sure the communist couldn't care less about the misery she'll inflict, unless of course you have a gift or two.

[@peternichols5974]

I bet you napped on that couch after the video. Congratulations on the bun.

[@bigdude8470]

Cash is king ….. is there a limit on how much cash you can accept for a car or is it a personal garage choice ….. once went to buy a motor with 5k in my pocket and they refused it saying it could be money laundering !!

[@SimplyChrono]

10k

[@stuartd9741]

Any large cash payments will be a red flag to the bank...

[@malcolmrobson7996]

Rob keep away from your knife draw. Cheers

[@KarmaCorner]

First world problems

[@D1ARBO]

Ah…. My favourite 3 letter word ending in “x”

[@zzhughesd]

Evening Squire

[@damianw1314]

Now I know why Robin Hood was make in England XD they stilling money in white day with white gloves

[@leedstown]

Apart from footballers not many people earn £250k on a salary most people that earn good money are self employed so have our outgoings

[@lancelloyd1072]

Rob more fish tanks please mate 🤣🤣🤣only joking I empathise with you I have my own business make the most of it mate you think its bad today wait to next Friday as this so called people party will thoroughly but F*%k us for sure!

[@jonathanmcstay]

👍

[@HFJ999]

I’ve Been dreading this budget I sell used motorcycles and it’s been absolutely dead not even a viewing! I think people are hanging on to see how badly they will be shafted hopefully not too bad. At least this lot won’t get in again 👏🏻

[@stuartd9741]

I think there's a lot of hysteria over this up coming budget. .. A lot of talk of CGT shooting up to 39%. Not gonna happen, most likely it will rise 3/4% to 24%. .. I don't think the government can be too radical on tax increases, If they go in too hard it might spook the markets like when Lizz u Truss did.. .. But I am a bit. fearful, considering the WFA... Seems no target is off limits.

[@andywrollo2915]

We do care. Taxman 🤬🤬

[@Derek-Trotter]

you have to talk ex-vat all the way, VAT isn't a tax on you, it's a consumption tax.

[@stevenc5227]

Hello Del boy, fancy seeing you here, you don't pay VAT or tax🤣

[@stuartd9741]

No income tax, no vat, no money back, no guarantee... Vat was invented by a french man!

[@minimeee04]

Jesus Christ why do you bother 🤔

[@CG85-]

I don't want to cone across as a knob here, I do like your vids. but didn't I see you in a video a few weeks ago, bragging about how much money you got from the government during covid? Well that needs paying for now

[@ForecourtFilms]

Apart from the initial £10,000 that was the second most poorly executed distribution of funds in history,. The bounce back loan was the most poorly executed distribution of public money in history. The difference here is that Rob and many others are paying back, with interest. Unfortunately there are 100's of thousands of people who took as much as they could and shut down the next day. That's what we're all paying for now. 😑

[@3v3rhard]

HAHAHAAHH what a joke of country, get rid of your government!

[@michaelgreen5515]

Many people leaving as lets be honest you are not gettign value for money now if you earning over £50k per year. There should be no employer taxes on employing people the govt shoudl give them a tax break. No chance they goign to lower taxes they want more on a business and personal level.

[@jamesmawdsley7306]

"Tax man, woman, or toaster". That'll get the alphabetti spaghetti lot going if they come across this 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂

[@davidthomson692]

It’s a bitter pill I know, but, at least you know the tax man ( government) spends your tax wisely and to the betterment of ALL others as equal

[@NeilLyons-y2t]

If you want to make a change vote Reform

[@tomf4547]

And Starmer pays 90 grand tax on his 400k income!! 😡

[@thepurplecat5975]

The worst thing about being a Director taking a salary (outside of eyewatering tax) in a company that has to produce unabridged accounts is anyone can see my salary. Also can see my dividends by simply dividing the dividend payment in the accounts by my shareholding noted on the annual return. Now you can not only be taxed on your success but now everyone who knows you can be mad and envious at you for being successful too. Brilliant.

[@stuartd9741]

In America in some states if you win the state lottery you HAVE to go public.. Which I think is nonsense.. If I'd won millions last thing I want is everyone knowing. .. There was a show Oprah Winfrey presented, she decided one time to give everyone in the audience a new car, but because of the tax liabilities (sales tax) of receiving a 30k car was so high people couldn't actually claim the cars without paying the sales tax FIRST....

[@Graham-rc1cp]

Could be worse… oh, wait 🙈😂

[@andreww8128]

Seen this one before, conman… click bait

[@crparkinson63]

explain?

[@Nobodie99]

Loosing battle mate . It gonna get worse brother

[@garymorris801]

mate labour not a scooby