Discussion
JB! said:
What i dont understand is why they dont change taxes on earnings to a flat rate for all, surely that would encourage less dodging of the 40 and 50% rates?
butthe current over complex system ensures the empoyment of 1000s of HM & Revenue government employees and 1000s of accountants.A flat rate of tax would definetly be the way to go but too many would moan that it would affect their 'livelyhoods'
Mermaid said:
JB! said:
What i dont understand is why they dont change taxes on earnings to a flat rate for all, surely that would encourage less dodging of the 40 and 50% rates?
Good idea.25% Income tax for all, but 1st 10k exempt.
25% VAT.
25% CGT, if at all.
what else do we tax?
surely there needs to be a tax dodgers amnesty?
JB! said:
Mermaid said:
JB! said:
What i dont understand is why they dont change taxes on earnings to a flat rate for all, surely that would encourage less dodging of the 40 and 50% rates?
Good idea.25% Income tax for all, but 1st 10k exempt.
25% VAT.
25% CGT, if at all.
what else do we tax?
surely there needs to be a tax dodgers amnesty?
sidicks said:
anonymous said:
[redacted]
What, sorry?You think that of the £1 trillion published giovernment debt, £900m is in relation to bank bailouts?
Are you Alistair Darling in disguise?
Sidicks
Toxic - the £1tr owing was spent on public services and receiving less tax revenue than was spent, not the bank bailout.
derestrictor said:
Singapore posting 14% growth for last year; I know, I know, population of 9, etc.
However, 20% top rate of personal income tax, 17% max Corporation, no CGT in either category, 7% VAT equivalent (dunno about stamp.)
Now then... no-low rates of tax and growth; many and higher rates of the same and stagnation...
Population is about 5 million IIRC. No Stamp as far as I can know. Will cost you GBP30k to have the right to own a car (before you buy the actual car itself).However, 20% top rate of personal income tax, 17% max Corporation, no CGT in either category, 7% VAT equivalent (dunno about stamp.)
Now then... no-low rates of tax and growth; many and higher rates of the same and stagnation...
HTH
loafer123 said:
Putting it simply, the UK is a 25 year old graduate with no assets who earns £30k pa, spends £39k per annum and owes £50k on credit cards.
Time to reign in spending (reduce public spending), and get a second job (raise taxes) or there will be trouble ahead...
That's a nice summary!Time to reign in spending (reduce public spending), and get a second job (raise taxes) or there will be trouble ahead...
Bing o said:
derestrictor said:
Singapore posting 14% growth for last year; I know, I know, population of 9, etc.
However, 20% top rate of personal income tax, 17% max Corporation, no CGT in either category, 7% VAT equivalent (dunno about stamp.)
Now then... no-low rates of tax and growth; many and higher rates of the same and stagnation...
Population is about 5 million IIRC. No Stamp as far as I can know. Will cost you GBP30k to have the right to own a car (before you buy the actual car itself).However, 20% top rate of personal income tax, 17% max Corporation, no CGT in either category, 7% VAT equivalent (dunno about stamp.)
Now then... no-low rates of tax and growth; many and higher rates of the same and stagnation...
HTH
derestrictor said:
Bing o said:
derestrictor said:
Singapore posting 14% growth for last year; I know, I know, population of 9, etc.
However, 20% top rate of personal income tax, 17% max Corporation, no CGT in either category, 7% VAT equivalent (dunno about stamp.)
Now then... no-low rates of tax and growth; many and higher rates of the same and stagnation...
Population is about 5 million IIRC. No Stamp as far as I can know. Will cost you GBP30k to have the right to own a car (before you buy the actual car itself).However, 20% top rate of personal income tax, 17% max Corporation, no CGT in either category, 7% VAT equivalent (dunno about stamp.)
Now then... no-low rates of tax and growth; many and higher rates of the same and stagnation...
HTH
).Going back On Topic, I think the UK is focussing too much on taxation and not enough on cuts. For as long as we give people houses just for procreating (why can't they stay at home), and pay people enough to sit at home on their arses watching Sky and smoking Benny Hedgehogs we will never become productive again. All the governments of the past 13 years have done is squeeze middle england whilst propping up the very rich, and the feckless, with no overall view as to what this country should be good at, and the kind of society we should be living in.
4988cc said:
Ho wmuch did we all notice when:
a) It went from 17.5% - 15%?
and
b) When it went from 15% back up to 17.5%?
Not much I expect. Although used car margins just got noticeably tighter in the immediate sense. It's not like traders can inflate the retail prices of stock already held to compensate for it. But it does mean trade values could take a dip to increase the subsequent gross margin to compensate.
7/47 of gross margin > 3 /23 > 7/47 again > now 1/6 of gross margin. Or per £1,000 of markup, £148.94 > £130.43 > £148.94 > £166.67, which does make a noticeable difference over a year's trading of a few hundred cars for a typical small trader/dealer.
Averaged out over the four years = £148.75, so in the big scheme of things it's done bugger all but alter cashflow. Just depends how many more rises are in the pipelines I guess. It's another small pinch, they'll keep doing it until people say "enough" IMO.
The VAT increase will only affect VAT qualifying cars/vans, so not all used cars. I've got 140 used vehicles in stock and only 2 are affected both are vans.a) It went from 17.5% - 15%?
and
b) When it went from 15% back up to 17.5%?
Not much I expect. Although used car margins just got noticeably tighter in the immediate sense. It's not like traders can inflate the retail prices of stock already held to compensate for it. But it does mean trade values could take a dip to increase the subsequent gross margin to compensate.
7/47 of gross margin > 3 /23 > 7/47 again > now 1/6 of gross margin. Or per £1,000 of markup, £148.94 > £130.43 > £148.94 > £166.67, which does make a noticeable difference over a year's trading of a few hundred cars for a typical small trader/dealer.
Averaged out over the four years = £148.75, so in the big scheme of things it's done bugger all but alter cashflow. Just depends how many more rises are in the pipelines I guess. It's another small pinch, they'll keep doing it until people say "enough" IMO.
What is disgusting is the fact the 2 litre bottle of cider I purchased this eve has gone up 7 new English pence, 7! I'm leaving the UK.
MK4 Slowride said:
The VAT increase will only affect VAT qualifying cars/vans, so not all used cars. I've got 140 used vehicles in stock and only 2 are affected both are vans.
That is the case if the person buying is vat registered and wants to reclaim the vat, but vat is still charged whether it is reclaimable or not!As a used car dealer I imagine you are charging this on the margin you make rather than the total sales value, but the rate charged has still gone up.
MK4 Slowride said:
The VAT increase will only affect VAT qualifying cars/vans, so not all used cars. I've got 140 used vehicles in stock and only 2 are affected both are vans.
Wrong. VAT is due on non-qualifying used car sales too, in the fractions I mentioned. Those other 138 in other words. For every £1,000 of gross margin your employer has across it's non-qualifying stock, £166.67 (20/120ths or 16.66&, previously £148.93, 17.5/117.5ths or 14.89% if you like) of that goes in VAT. Your sales manager should know this, let alone the company accountant.
This increase will negatively affect your employer's net profit margins, assuming they do not raise the retail prices to compensate.
The Daily Mash said:
Boost to recovery as everything becomes much more expensive
BRITAIN was well on the road to economic recovery today after the government made everything less affordable.
With unemployment at its highest since the discovery of machines in 1462, ministers said the best way to tackle it was to make sure no-one could buy things from shops.
Chancellor George Osborne said: "Deficit, Britain, responsibility, angry Chinamen, live within our means, Britain, economics of the madhouse, boom and bust my arse and if you think I'm paying that for an iPod you must be out of your f
king mind."
Meanwhile the boss of Britain's biggest food retailer stressed it was absolutely right that the government had made everything more expensive apart from food.
Tesco chief executive, Sir Terry Leahy, said: "Why would you want to buy a new telly when you can spend hours staring at this gorgeous packet of honey roast ham?
"You could even buy two and then prop them up against each other so that they form a little tent and then make some cowboys from bits of VAT-free cheddar. It's Brokeback Mountain in 3D but without the need for cumbersome spectacles."
Tom Logan, a former consumer from Peterborough, said: "I don't know much about economics, then again neither did John Maynard Keynes but everyone still listened to him for about a thousand years before realising he was full of hot piss.
"So anyway, my theory is, instead of taking more of my money and making things more expensive, let me keep my money so I can spend it in shops and the people who work in the shops can keep getting paid because I've bought stuff from them.
"Meanwhile everyone else probably works in advertising and so they can keep getting paid to sit around Soho producing short films about the things in the shops that are clearly based on the assumption that I'm some kind of ahole.
"And instead of taking a lot from a little, the government can take a little from a lot until such times as we all finally recognise that money is a ludicrous, man-made abstract that causes nothing but anguish and violence."
He added: "Now if you'll excuse me I was actually in the middle of recreating the climactic scene from A Few Good Men using half a banana and some Monster Munch.
"The banana can't handle the truth."
BRITAIN was well on the road to economic recovery today after the government made everything less affordable.
With unemployment at its highest since the discovery of machines in 1462, ministers said the best way to tackle it was to make sure no-one could buy things from shops.
Chancellor George Osborne said: "Deficit, Britain, responsibility, angry Chinamen, live within our means, Britain, economics of the madhouse, boom and bust my arse and if you think I'm paying that for an iPod you must be out of your f
king mind."Meanwhile the boss of Britain's biggest food retailer stressed it was absolutely right that the government had made everything more expensive apart from food.
Tesco chief executive, Sir Terry Leahy, said: "Why would you want to buy a new telly when you can spend hours staring at this gorgeous packet of honey roast ham?
"You could even buy two and then prop them up against each other so that they form a little tent and then make some cowboys from bits of VAT-free cheddar. It's Brokeback Mountain in 3D but without the need for cumbersome spectacles."
Tom Logan, a former consumer from Peterborough, said: "I don't know much about economics, then again neither did John Maynard Keynes but everyone still listened to him for about a thousand years before realising he was full of hot piss.
"So anyway, my theory is, instead of taking more of my money and making things more expensive, let me keep my money so I can spend it in shops and the people who work in the shops can keep getting paid because I've bought stuff from them.
"Meanwhile everyone else probably works in advertising and so they can keep getting paid to sit around Soho producing short films about the things in the shops that are clearly based on the assumption that I'm some kind of a
hole."And instead of taking a lot from a little, the government can take a little from a lot until such times as we all finally recognise that money is a ludicrous, man-made abstract that causes nothing but anguish and violence."
He added: "Now if you'll excuse me I was actually in the middle of recreating the climactic scene from A Few Good Men using half a banana and some Monster Munch.
"The banana can't handle the truth."
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