Just keep onto it, but be prepared to give it back if asked…eg, don't go out and blow the lot in a weekend!

Are you in Manchester? My father knows a man who used to own a shop but now does repairs from home - think its in Prestwich.

Unfortunately I don't Crackajack.

I dropped London Undercover an email just on the off chance that they might know any umbrella repair specialists in London. They got back to me pretty fast saying that a lot of them have now closed down, they did mention James-smith but alas reiterated that they only repair their own. They also said it is quite difficult these days, as the parts have to be sourced directly from the manufacturer of the umbrella and you can't mix and match for obvious reasons. Seeing as Burberry no longer sell/produce the umbrella, and the fact it's about 4 years old now, it's pretty much impossible to source any of the original parts.

Looks like I'm going to have to bin the thing

going on from jordans thing. im going to set up my own ltd co. and do all that, pay myself minimum wage, rest as dividends to avoid NI stuff. its not illegal is it?

an accountancy firm offered to do it all for me for £140 a month so i assumed it was legit if they were going to put their name to it?

yeah know bout that, not planning on getting mortgage any time soon. theyll only look at your wage or somehting? so will appear like your on minimum.

and how complicated is it to do your own taxes, dividends, etc. should i just pay £140 a month?

i said that to the accountant guy and he said you can pay them as often as you want.. cos obviously i need income every month.

@robii - id want to know how much money id need to save away each month to pay the tax at the end of the year..

at the minute im with an umbrella co. but they charge me £80 a month and im paying stupid employer NI contribs

I'm sure San will confirm but I don't think you can. You can probably get away with payments from a director's loan account for a while but you can't keep doing it

You pay yourself a small salary every month of around £620 a month to keep you below the income tax threshold and to give you some income and then you pay yourself a lump sum at the end of the financial year (your dividend payment). You don't pay any personal income tax on the dividend payment but you'll pay corporation tax at a slightly lower rate than income tax. Plus you don't have to pay any NI if you don't want to

Austerity Britain, nobody wants to pay tax!

hmmmm so really unless im ballin' already im gona have to be poor for a while before i'm ballin'

if i just have a business account, get the money paid in, i cant just use it however i want can i? and then just save what i need to pay in tax til the end of the year? hmrc will want to see how the account has been run, right? i.e bank statements and id have to account for each movement of funds?

could i do it for one year and then plead ignorance? obv keep the money i need to pay income tax/corporation tax at the end of the year but just use the other money how i wanted until then?