[paul alan]

He's made his luck

[Mick Kent]

At the end of the day who cares? Its not like its all fallen in he's lap. He lives/sleeps and breaths his business.
What lee is doing isnt genius by any means as like others have said anyone can do it if they throw the same money at it. Lee has gone for it to hit the top and im guessing he wont stop untill he gets there.
We should be thankful that he is shareing his journey with us, it is nice to hear how good and how big you can grow without everything falling apart, i once had 3 vans out but was a headache keeping track of everything with them not caring or doing a good job having so much time off etc that i gave up on it! Lee is pushing through and hitting it hard with 10 on the road. I can guarantee Lee has mega headaches making sure all gets done to standard and having his guys turn up and do what they are meant to do each day, the hardest part must be to trust his lads with the first cleans as it takes ages to master them.
It takes balls to do what lee has done selling up to go for it so hat off to the guy and i hope it all goes to plan.

[Lee Pryor]

Lee,
I am 68 and have no jealousy problems whatsoever. But a very serious tip. I have heard so many times about the company owing me money, that is often because nobody else would lend them the money, and the company never makes enough to pay them back.
Before you expand anymore, get your money back. enjoy it and let it make you a lot more. Remember "cash is King" debt is a burden. Good luck to you.

Taking  back a loan now means that money doesn't count towards my personal income and therefore doesn't count towards accounts in profit for a mortgage. I will take it back after I buy the next house.

Don't worry we make enough lol

That don't make sense, you spent 250k on your business which means you can offset £250k against tax, why would you let that
sit in the HMRC's account until you buy your next house ?

First I never said I was a business guru, and I can tell you luck has nothing to do with it.

Second, nothing is sitting in hmrc accounts. Really not sure what you mean by that. You don't pay tax on a business loan!!!!!!!  I loaned the ltd company money, it owes me that back. I will take it at a later date. Simple.

Wow! How straight forward things become complicated on here never ceases to amaze me.

[dazmond]

Lee,
I am 68 and have no jealousy problems whatsoever. But a very serious tip. I have heard so many times about the company owing me money, that is often because nobody else would lend them the money, and the company never makes enough to pay them back.
Before you expand anymore, get your money back. enjoy it and let it make you a lot more. Remember "cash is King" debt is a burden. Good luck to you.

Taking  back a loan now means that money doesn't count towards my personal income and therefore doesn't count towards accounts in profit for a mortgage. I will take it back after I buy the next house.

Don't worry we make enough lol

That don't make sense, you spent 250k on your business which means you can offset £250k against tax, why would you let that
sit in the HMRC's account until you buy your next house ?

First I never said I was a business guru, and I can tell you luck has nothing to do with it.

Second, nothing is sitting in hmrc accounts. Really not sure what you mean by that. You don't pay tax on a business loan!!!!!!!  I loaned the ltd company money, it owes me that back. I will take it at a later date. Simple.

Wow! How straight forward things become complicated on here never ceases to amaze me.

its only people second guessing and not really knowing what their talking about lee!

good luck with it.my brothers a millionaire already(took 8 years!)he s just had an indoor swimming pool and cinema room added  to his house!hes in perfume though(selling it.he has 14 websites all over europe)

8 years ago he was living in a 2 bed terraced house.now the  house he lives in now is worth at least 1.5 million.

[Dry Clean]

Lee,
I am 68 and have no jealousy problems whatsoever. But a very serious tip. I have heard so many times about the company owing me money, that is often because nobody else would lend them the money, and the company never makes enough to pay them back.
Before you expand anymore, get your money back. enjoy it and let it make you a lot more. Remember "cash is King" debt is a burden. Good luck to you.

Taking  back a loan now means that money doesn't count towards my personal income and therefore doesn't count towards accounts in profit for a mortgage. I will take it back after I buy the next house.

Don't worry we make enough lol

That don't make sense, you spent 250k on your business which means you can offset £250k against tax, why would you let that
sit in the HMRC's account until you buy your next house ?

First I never said I was a business guru, and I can tell you luck has nothing to do with it.

Second, nothing is sitting in hmrc accounts. Really not sure what you mean by that. You don't pay tax on a business loan!!!!!!!  I loaned the ltd company money, it owes me that back. I will take it at a later date. Simple.

Wow! How straight forward things become complicated on here never ceases to amaze me.

Its you that's making them complicated I put £20k into my start up and was able to earn £20k on top of the personal allowance
before paying tax, that's all your doing only on a bigger scale.
You have spent your £250k which is owed to you, your business can earn that £250k and pay it back to you tax free, if you/ your business doesn't choose to do that then that £250k will be taxed, so I ask again why put off a tax saving of the sake of buying a
house later on.

[chris turner]

Well there's a few jealous haters oń this forum it seems. Good on you lee and carry on with updates because i enjoy reading them and take alot from them. Isnt that what forums are for after all ?

Oh ok, so what do you take from his updates?

The word 'jealous' gets thrown around alot, but surely the most jealous person of all is the one whom lusts after riches, fame and glory.

Take a look at the 7 deadly sins
https://www.google.co.uk/search?q=7+deadly+sins&oq=7+dea&aqs=chrome.2.69i57j69i60j69i59j5j0.2641j0j4&client=ms-android-google&sourceid=chrome-mobile&ie=UTF-8

And tell me how many you think Lee, or any other person with an aching desire for riches, fame and glory fit in to...

Just the one for me, wrath, towards anyone who fits into the other 6 

But I'm generally a very nice guy, honest guv...

Money is freedom

Freedom of choice

Freedom of worry

Freedom of time

Not a sin

We all live by it and some die by it

Its the reason we get out bed

Haha

Freedom exists without money
Choice exists without money
Time exists without money
Worry exists whether you have money or not

We don't get out of bed to make money, we get of bed to exist. If money disappeared tomorrow we would still get out of bed to exist.

Didn't some guy called Jesus live without almost any money, and is still remembered to this day?
(I'm atheist btw)
Money does not make a man, only his actions do.

Of course we need money, to eat, for a home, to travel and for all life's essentials. Once we reach a sustainable amount of income which covers all the above things, which I'm sure most of us on here have, then why do we need more money??
There is no real purpose in having more money.

I probably sound like I'm smoking hippie crack right now lol but having grown up in an age of forever wanting the next best thing, mobile phone, TV, new car, bigger house etc etc iv realised that every time I have 'upgraded', I have never really felt any better for doing so.
Another new iPhone out this year, I must buy it, even though my old one works fine.
Only bought my van 3 years ago, now there's a new model out already, I must start saving.

It goes on and on and on, yet I still feel exactly the same.

Yet playing with my kids, walking my dog, f**king my missis, becoming a vegan, staring at the stars on a clear night, those things make me happy.
And I can do those things with very little money.

[Lee Pryor]

Lee,
I am 68 and have no jealousy problems whatsoever. But a very serious tip. I have heard so many times about the company owing me money, that is often because nobody else would lend them the money, and the company never makes enough to pay them back.
Before you expand anymore, get your money back. enjoy it and let it make you a lot more. Remember "cash is King" debt is a burden. Good luck to you.

Taking  back a loan now means that money doesn't count towards my personal income and therefore doesn't count towards accounts in profit for a mortgage. I will take it back after I buy the next house.

Don't worry we make enough lol

That don't make sense, you spent 250k on your business which means you can offset £250k against tax, why would you let that
sit in the HMRC's account until you buy your next house ?

First I never said I was a business guru, and I can tell you luck has nothing to do with it.

Second, nothing is sitting in hmrc accounts. Really not sure what you mean by that. You don't pay tax on a business loan!!!!!!!  I loaned the ltd company money, it owes me that back. I will take it at a later date. Simple.

Wow! How straight forward things become complicated on here never ceases to amaze me.

Its you that's making them complicated I put £20k into my start up and was able to earn £20k on top of the personal allowance
before paying tax, that's all your doing only on a bigger scale.
You have spent your £250k which is owed to you, your business can earn that £250k and pay it back to you tax free, if you/ your business doesn't choose to do that then that £250k will be taxed, so I ask again why put off a tax saving of the sake of buying a
house later on.

Not sure where you get your info mate but you don't pay tax on a business loan. End of. You pay tax on turnover.

Paying back a loan reduces a business net profit. A mortgage will be calculated against your net profit. So I will take my dividends, pay my tax and qualify for the mortgage I want. Once in the door I can repay myself the loan. That means I won't pay corporation tax or income tax on that amount.

[Dry Clean]

Lee,
I am 68 and have no jealousy problems whatsoever. But a very serious tip. I have heard so many times about the company owing me money, that is often because nobody else would lend them the money, and the company never makes enough to pay them back.
Before you expand anymore, get your money back. enjoy it and let it make you a lot more. Remember "cash is King" debt is a burden. Good luck to you.

Taking  back a loan now means that money doesn't count towards my personal income and therefore doesn't count towards accounts in profit for a mortgage. I will take it back after I buy the next house.

Don't worry we make enough lol

That don't make sense, you spent 250k on your business which means you can offset £250k against tax, why would you let that
sit in the HMRC's account until you buy your next house ?

First I never said I was a business guru, and I can tell you luck has nothing to do with it.

Second, nothing is sitting in hmrc accounts. Really not sure what you mean by that. You don't pay tax on a business loan!!!!!!!  I loaned the ltd company money, it owes me that back. I will take it at a later date. Simple.

Wow! How straight forward things become complicated on here never ceases to amaze me.

Its you that's making them complicated I put £20k into my start up and was able to earn £20k on top of the personal allowance
before paying tax, that's all your doing only on a bigger scale.
You have spent your £250k which is owed to you, your business can earn that £250k and pay it back to you tax free, if you/ your business doesn't choose to do that then that £250k will be taxed, so I ask again why put off a tax saving of the sake of buying a
house later on.

Not sure where you get your info mate but you don't pay tax on a business loan. End of. You pay tax on turnover.

Paying back a loan reduces a business net profit. A mortgage will be calculated against your net profit. So I will take my dividends, pay my tax and qualify for the mortgage I want. Once in the door I can repay myself the loan. That means I won't pay corporation tax or income tax on that amount.

I never said you pay tax on a business loan why would you as its not earnings, but I get what you mean about net profit when
applying for a mortgage, didn't think of that, thanks for the reply.

[8weekly]

Lee,
I am 68 and have no jealousy problems whatsoever. But a very serious tip. I have heard so many times about the company owing me money, that is often because nobody else would lend them the money, and the company never makes enough to pay them back.
Before you expand anymore, get your money back. enjoy it and let it make you a lot more. Remember "cash is King" debt is a burden. Good luck to you.

Taking  back a loan now means that money doesn't count towards my personal income and therefore doesn't count towards accounts in profit for a mortgage. I will take it back after I buy the next house.

Don't worry we make enough lol

That don't make sense, you spent 250k on your business which means you can offset £250k against tax, why would you let that
sit in the HMRC's account until you buy your next house ?

First I never said I was a business guru, and I can tell you luck has nothing to do with it.

Second, nothing is sitting in hmrc accounts. Really not sure what you mean by that. You don't pay tax on a business loan!!!!!!!  I loaned the ltd company money, it owes me that back. I will take it at a later date. Simple.

Wow! How straight forward things become complicated on here never ceases to amaze me.

Its you that's making them complicated I put £20k into my start up and was able to earn £20k on top of the personal allowance
before paying tax, that's all your doing only on a bigger scale.
You have spent your £250k which is owed to you, your business can earn that £250k and pay it back to you tax free, if you/ your business doesn't choose to do that then that £250k will be taxed, so I ask again why put off a tax saving of the sake of buying a
house later on.

Not sure where you get your info mate but you don't pay tax on a business loan. End of. You pay tax on turnover.

Paying back a loan reduces a business net profit. A mortgage will be calculated against your net profit. So I will take my dividends, pay my tax and qualify for the mortgage I want. Once in the door I can repay myself the loan. That means I won't pay corporation tax or income tax on that amount.

There's a few things not right there.

You pay tax on profit - not turnover.

A mortgage value loan amount is calculated on your income. SA106 is it? Can't remember but the lender isn't interested in your turnover or profit - just what you earn. As far as the lender is concerned you're self employed.

[Lee Pryor]

As the director of a ltd company with 100% of the shares your income is the net profit of the business.

[8weekly]

As the director of a ltd company with 100% of the shares your income is the net profit of the business.

It could be. If you pay yourself 100% in dividends 100% of the net profit. But that would deny you the £10k (or whatever it is now) tax free and NI free salary. You could well make a loss and still pay yourself a salary so again it wouldn't follow.

[Lee Pryor]

As the director of a ltd company with 100% of the shares your income is the net profit of the business.

It could be. If you pay yourself 100% in dividends 100% of the net profit. But that would deny you the £10k (or whatever it is now) tax free and NI free salary. You could well make a loss and still pay yourself a salary so again it wouldn't follow.

True.

You loose the personal allowance if you take dividends over 100k

I will be taking 100% of the net in order to qualify for the mortgage I want.

[Susan Dean (1stclean)]

At the end of the day who cares? Its not like its all fallen in he's lap. He lives/sleeps and breaths his business.
What lee is doing isnt genius by any means as like others have said anyone can do it if they throw the same money at it. Lee has gone for it to hit the top and im guessing he wont stop untill he gets there.
We should be thankful that he is shareing his journey with us, it is nice to hear how good and how big you can grow without everything falling apart, i once had 3 vans out but was a headache keeping track of everything with them not caring or doing a good job having so much time off etc that i gave up on it! Lee is pushing through and hitting it hard with 10 on the road. I can guarantee Lee has mega headaches making sure all gets done to standard and having his guys turn up and do what they are meant to do each day, the hardest part must be to trust his lads with the first cleans as it takes ages to master them.
It takes balls to do what lee has done selling up to go for it so hat off to the guy and i hope it all goes to plan.

 here here very well said

[Tom-01]

Some good points raised here.

I imagine it takes a few cleans to recoup the money, let alone start making a profit with all the costs involved. But its for long term gain I suppose (emphasis on long).

We got 8 new customers in July, without even trying to do anything. All bar one on GC, average clean price of £51.50 per customer, cleaned every 8 weeks. All local and next to existing work. 5 new customers so far this month, average £39, again all next to existing work.

I now have someone else working (2 in total plus me) so my job now is to actively seek new customers, the above figures are quite encouraging as what could eventually be achieved with goals and determination. The idea is to really hit my local area and refine, refine, refine.

[nathankaye]

Its great if you have a solid base of loyal work. For me im not overly fussed about expansion unless i take on a helper which i aint going to do anymore.  Ive trained up 3 or 4 guys over the years and dont fancy doing that anymore. So i class myself as lucky for the work i have got and the compactness of it.
I still pick up maybe 3 -5 new customers a month etc which is great to hear how many other shiners are doing the same. Thankfully im not loosing many but thats something to take into account if refining work etc. It doesnt really matter how many new customers nor average price of them if you are loosing X amount of customers through death or moving or economic reasons or refining your own work.   For instance i recently dropped a customer and told them why as well, but later that day she was replaced. So i lost an £8 job and replaced it with  £14 job instead. Sounds great but only a £6 increase per 4mths.

[Og]

Corporation tax is lower than the high rate of income tax. You'd be mad to pay yourself more than the 44000 or whatever it is.

[8weekly]

Corporation tax is lower than the high rate of income tax. You'd be mad to pay yourself more than the 44000 or whatever it is.

If he's after a mortgage he doesn't have a lot of choice as it's the only thing lenders are interested in these days.

[Lee Pryor]

Corporation tax is lower than the high rate of income tax. You'd be mad to pay yourself more than the 44000 or whatever it is.

If he's after a mortgage he doesn't have a lot of choice as it's the only thing lenders are interested in these days.

Correct. You have to draw the money and pay the tax if you want it to count towards a mortgage. 😢

[Lee Pryor]

I plan to make my other half a director and split the dividend to pay less tax

[8weekly]

I plan to make my other half a director and split the dividend to pay less tax

You have to really, but you'd better not split up.