Why is life so much simpler when you are rich?

[Nostrodamus]

There is someone we met with a yacht worth over a million pounds. They were trying to sell it but there were no takers they were willing to sell to.
I am now told they will give the boat away to a club and write it off as a tax loss.
I suppose it is like all the people who can afford it registering the boat to the company to write part of the cost off, registering it in another country or doing something else to write some of the cost off.
There are times when I wish I could afford a good accountant.... or a cup of tea.

 

[Horace]

Sounds like exactly the sort of scam the Government should be getting onto.Maybe if they offered a reward % of the tax recovered?

 

[Nostrodamus]

Do you think the super rich pay Tax in the UK or somewhere where they pay little tax.

 

[[70521]]

Do you think the super rich pay Tax in the UK or somewhere where they pay little tax.

My wife worked for one of the "BIG Four" accountancy firms was confronted by a client who was sick and tired of running from one tax haven to another and just wanted to come home.

 

[ronsurf]

Have a read of Rich Dad, Poor Dad by Robert Kiyosaki.

Poor Dad goes to work, earns money, pays tax, spends what's left (and pays tax when he spends, as well!)

Rich Dad goes to work, earns money, spends money, pays tax on what's left (then spends, or keeps what's left from that)

Basically, if your job funds your lifestyle, then you try and spend as much as possible funding your lifestyle so you pay as little tax as possible. So the more you earn, the more you have to fund your lifestyle. That's rich dad.

Like most of us though, your job doesn't fund your lifestyle. You earn your money, it's taxed, and what's left funds your lifestyle. The more you earn, the more tax you pay, so you have to earn much much more to take more home. Poor dad.

I'm sure Mr Kiyosaki explains it much more thoroughly, but I have just saved you a tenner on buying the book!

 

[KellysEye]

>They were trying to sell it but there were no takers they were willing to sell to.

Why would they care who the takers were, just take the money?

 

[prv]

Why would they care who the takers were, just take the money?

Some of us are sentimental about our boats, and want to see them go to a good home. When we sold Kindred Spirit, one prospective purchaser was a somewhat odd man who just wanted to use her as a kind of accommodation hulk moored alongside the much larger boat he was refurbishing. We turned him down in favour of a nice chap who keeps her in Cornwall to sail with his young son, where she's well looked after and loved. I'd hate to be walking past her every weekend watching my varnish peeling and some old man's pants pegged to the guardrails.

Pete

 

[martyn78]

Why would they care who the takers were, just take the money?

I once sold a wooden Folkboat and apparently 'vetted' the eventual buyer, it was akin to selling one of the kids!!!!

 

[martyn78]

Some of us are sentimental about our boats, and want to see them go to a good home. When we sold Kindred Spirit, one prospective purchaser was a somewhat odd man who just wanted to use her as a kind of accommodation hulk moored alongside the much larger boat he was refurbishing. We turned him down in favour of a nice chap who keeps her in Cornwall to sail with his young son, where she's well looked after and loved. I'd hate to be walking past her every weekend watching my varnish peeling and some old man's pants pegged to the guardrails.

Pete

+1

 

[Birdseye]

There is someone we met with a yacht worth over a million pounds. They were trying to sell it but there were no takers they were willing to sell to.
I am now told they will give the boat away to a club and write it off as a tax loss.
I suppose it is like all the people who can afford it registering the boat to the company to write part of the cost off, registering it in another country or doing something else to write some of the cost off.
There are times when I wish I could afford a good accountant.... or a cup of tea.

Ah but you need a bit more than that in the first place. You need to make the million in taxable income to be able to write the thing off against tax. And that is easier said than done.

I am not rich, but I have always found that life doesnt get easier the more you have but more difficult. Posessions are a PITA.

 

[Norman_E]

If they are giving a £million yacht to a good cause I hope they do get tax relief on the loss.

 

[Burnham Bob]

Life is like a sh*t sandwich. The more bread you have the less cr*p you eat.

 

[Scomber]

' With the great part of rich people, the chief enjoyment of riches consists in the parade of riches'
adam smith

 

[Mataji]

I suppose the club they give the boat to will be vetted too. At least a blue ensign I suppose!

 

[xyachtdave]

Some of us are sentimental about our boats, and want to see them go to a good home. When we sold Kindred Spirit, one prospective purchaser was a somewhat odd man who just wanted to use her as a kind of accommodation hulk moored alongside the much larger boat he was refurbishing. We turned him down in favour of a nice chap who keeps her in Cornwall to sail with his young son, where she's well looked after and loved. I'd hate to be walking past her every weekend watching my varnish peeling and some old man's pants pegged to the guardrails.

Pete

Nicely done!

 

[Phoenix of Hamble]

I suppose the club they give the boat to will be vetted too. At least a blue ensign I suppose!

I was wondering what kind of yacht club gets gifted a £1M yacht?.... bet its not a small volunteer club up a muddy river somewhere.

 

[PhillM]

Some of us are sentimental about our boats, and want to see them go to a good home. When we sold Kindred Spirit, one prospective purchaser was a somewhat odd man who just wanted to use her as a kind of accommodation hulk moored alongside the much larger boat he was refurbishing. We turned him down in favour of a nice chap who keeps her in Cornwall to sail with his young son, where she's well looked after and loved. I'd hate to be walking past her every weekend watching my varnish peeling and some old man's pants pegged to the guardrails.

Pete

+1

 

[Nostrodamus]

I was wondering what kind of yacht club gets gifted a £1M yacht?.... bet its not a small volunteer club up a muddy river somewhere.

Its not an English club. It don't begrudge people with money being able to save some from the tax man legitimately only I wish they would tell me how to do it. It is just this boat is running around, part of the union jack is on its ensign because of where it is registered, I doubt the owners have ever been there but the tax breaks must be good, Then to give a boat away because they save more money that way. To be honest I wish I could afford to buy a boat and not worry about anything as it could all be written off without costing them a penny.

 

[capnsensible]

They may be rich, but are they happy?




I flippin would be!!!!!!

 

[obmij]

Appreciate the sentiment - but a dude on a very leisurely jaunt around the globe on his Oyster is probably not the best person to make it..