Budget on Wednesday
Discussion
Chaps,
Any predictions as to what we expect on Wednesday? Shafting (Oxo Tower style - hello Vixpy1) or a complete and utter royal shafting?
Won't be a giveaway as it would mean he would have to raise tax after the election. And it won't be a complete shafting, as they want people to vote for them. I think a mild shafting, but in what way, particularly?
Oli.
Any predictions as to what we expect on Wednesday? Shafting (Oxo Tower style - hello Vixpy1) or a complete and utter royal shafting?
Won't be a giveaway as it would mean he would have to raise tax after the election. And it won't be a complete shafting, as they want people to vote for them. I think a mild shafting, but in what way, particularly?
Oli.
No major tax rises
A few giveways that won't cost to much-eg raising stamp duty threshold a bit of a give away for pensioners.
He is saving the tax rises to after the election-His own department, the treasury is predicting a big rise in taxes as a percentage of GDP over the next parliment.
A few giveways that won't cost to much-eg raising stamp duty threshold a bit of a give away for pensioners.
He is saving the tax rises to after the election-His own department, the treasury is predicting a big rise in taxes as a percentage of GDP over the next parliment.
How bad can it be when we are sooo close to an election?
What has worried me, is the rumours about the application of Capital Gains tax being applied to profits made on your main home. That would kill the property market. Not only that, would put many people severely into negative equity - as so many have borrowed against equity values in their property.
What has worried me, is the rumours about the application of Capital Gains tax being applied to profits made on your main home. That would kill the property market. Not only that, would put many people severely into negative equity - as so many have borrowed against equity values in their property.
jazzybee said:
What has worried me, is the rumours about the application of Capital Gains tax being applied to profits made on your main home. That would kill the property market. Not only that, would put many people severely into negative equity - as so many have borrowed against equity values in their property.
Not before the election-not very likely afterwards-it is not how Gordon operates-He Sc**ws you behind your back.
>> Edited by JagLover on Monday 14th March 13:24
I predict a number of tax breaks that will be headline-grabbing and allow them to do a pre-election hard-sell about how brilliant and generous they are and why we should give them another chance. However they'll actually benefit almost nobody (like the aforementioned £100k Stamp Duty theshold) and will therefore be, like so much of New Labour, spin, smoke and mirrors. 
what are his options?
i) a "buy votes" givaway
ii) neutral
iii) a "i'll just take a little more"
i) there's an election coming up, allegedly. rob a bit here to sweeten pensioners, house owners and some benefits with another injection into public services. bussiness, brace yourselves.
ii) sweeten the motorist, oil prices rising, petrol unchanged so a bit up on drink and smokes.
iii) public spending targets have to be achieved.
i'd go for i) with a little bit of ii) but be sure the "take a little" will all take effect from......september 05, thats how he does it.
i) a "buy votes" givaway
ii) neutral
iii) a "i'll just take a little more"
i) there's an election coming up, allegedly. rob a bit here to sweeten pensioners, house owners and some benefits with another injection into public services. bussiness, brace yourselves.
ii) sweeten the motorist, oil prices rising, petrol unchanged so a bit up on drink and smokes.
iii) public spending targets have to be achieved.
i'd go for i) with a little bit of ii) but be sure the "take a little" will all take effect from......september 05, thats how he does it.
zcacogp said:
bussiness, brace yourselves.
That's what I am worried about.
Last year, there was a rumoured IR35-esque wallop for owner-run businesses, which removed the dividends tax break.
What's the betting that this will rear it's ugly head (again)?
Oli.
We actually sent out warning letters to clients about this last year
What they in fact did was abolish the nil rate band for businesses which paid out their profits in dividends-a less severe measure-I doubt they will do anything further.
JagLover said:
What they in fact did was abolish the nil rate band for businesses which paid out their profits in dividends-a less severe measure.
Indeed, having encouraged everyone to become a business for this very reason, they then removed the advantage. As well as forcing accountants to register any tax-avoidance schemes. (I had assumed this last measure was to enable Greedy Gordo to then close these schemes one by one.)
JagLover said:
I doubt they will do anything further.
I hope you are right.
Budget-day is not something I ever look forward to. I can't remember the last time there was a budget from which I came out better off.
Oli.
>> Edited by zcacogp on Monday 14th March 14:59
Go on, announce CGT on main homes I dare you ya b'stards...
Suspect there will be little in it, maybe a few more pennies gone that only an accountant will really understand the impact of for the moment, everything else as usual, more on fags and ale. Fuel to stay as is.
Wouldn't put it past them to announce that there will be an interim Budget in November though...
Suspect there will be little in it, maybe a few more pennies gone that only an accountant will really understand the impact of for the moment, everything else as usual, more on fags and ale. Fuel to stay as is.
Wouldn't put it past them to announce that there will be an interim Budget in November though...
Its going to be a non budget.
He'll raise the stamp duty threshold to average first time buyer house price which will knacker the market even more long term.
5p on fags, 2p on a pint and nothing on scotch just in case there is to be a Lib-Lab coalition
>> Edited by Plotloss on Monday 14th March 15:25
He'll raise the stamp duty threshold to average first time buyer house price which will knacker the market even more long term.
5p on fags, 2p on a pint and nothing on scotch just in case there is to be a Lib-Lab coalition
>> Edited by Plotloss on Monday 14th March 15:25
rude-boy said:
Suspect there will be little in it, maybe a few more pennies gone that only an accountant will really understand the impact of for the moment, everything else as usual, more on fags and ale. Fuel to stay as is.
With a Gordon Brown budget it is no good watching his speech you have to wait until the notes to the budget are released-that is often where the bad news is buried.
zcacogp said:I was going to post something very similar.
Indeed, having encouraged everyone to become a business for this very reason, they then removed the advantage.
I do sometimes wonder what planet they're on. They gifted a massive incentive to incorporate to all the Sole Traders and Partnerships who had been undecided on whether or not to do so for years. The Revenue then (collectively) thought "
me! There are thousands of new businesses incorporating and we're losing a ton of Corporation Tax" so they then abolished it saying that it was to make sure that businesses paid 'the right amount of tax' (ie. basically accusing all these newly-incorporated businesses of tax evasion )JagLover said:
We actually sent out warning letters to clients about this last year
What they in fact did was abolish the nil rate band for businesses which paid out their profits in dividends-a less severe measure-I doubt they will do anything further.
Its that little bit of door-closing that forced me to close my ltd company and begin trading as a sole trader (again). So over the course of one year I was actually no better off, due to the costs involved in setting the damn ltd company up!
Regarding any tax hikes, well I reckon that a few more of life's essentials will be heading through my business account. I already run my phone, internet, mobile, all-weather clothing, restaurant bills, fuel, and car through the business. I have collegues who run their TV license through (tv cameramen), and others who put unpaid-for flight tickets through!
Budget speech thus:
Part 1: 1 hour 59 mins bragging about how much money he's giving back to people. Well, chavs and babies anyway.
Part 2: 1 minute glossing over the rest, which pays back tenfold what he gave away in (1).
And every 5 seconds, making that strange swallowing glucking noise
Part 1: 1 hour 59 mins bragging about how much money he's giving back to people. Well, chavs and babies anyway.
Part 2: 1 minute glossing over the rest, which pays back tenfold what he gave away in (1).
And every 5 seconds, making that strange swallowing glucking noise
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