Discussion
Chaps,
We all know that our beloved chancellor is going to stand up on his hind legs in a couple of weeks and dole out more bad news for the law-abiding populace, anyone want to hazard a guess as to what the details will be? Usual pennies on petrol and beer and fags, and he is rumoured to be gunning hard to close tax-avoidance loopholes. Care to guess what he may have planned? Payment from companies by means of dividends - to be subject to full income tax (my nightmare)? Worse??
All answers on a postcard ... or just put 'em up here!
Oli.
>>> Edited by zcacogp on Monday 15th March 16:03
We all know that our beloved chancellor is going to stand up on his hind legs in a couple of weeks and dole out more bad news for the law-abiding populace, anyone want to hazard a guess as to what the details will be? Usual pennies on petrol and beer and fags, and he is rumoured to be gunning hard to close tax-avoidance loopholes. Care to guess what he may have planned? Payment from companies by means of dividends - to be subject to full income tax (my nightmare)? Worse??
All answers on a postcard ... or just put 'em up here!
Oli.
>>> Edited by zcacogp on Monday 15th March 16:03
zcacogp said:
Care to guess what he may have planned? Payment from companies by means of dividends - to be subject to full income tax (my nightmare)? Worse??
Yep. I reckon he'll remove the NI ceiling entirely and remove any tax advantage to dividend - it'll be regarded purely as income.
The corporation tax breaks he gave to (very) small business will be removed or significantly reduced.
Stamp duty will be adjusted, I reckon, with the lower bands set marginally higher.
So if you live in the South, own your own business, have a mortgage on a valuable property better grease up because Greedy Gordo's standing behind you...
Another possibility is that the higher percentage tax rate will rise (say from 40 to 42) but that the ceiling where it kicks in will also rise.
Gordo has the problem that lots and lots of public sector workers like teachers have found themselves paying 40% tax for the first time and they don't like it...
Gordo has the problem that lots and lots of public sector workers like teachers have found themselves paying 40% tax for the first time and they don't like it...
Don said:
Yep. I reckon he'll remove the NI ceiling entirely and remove any tax advantage to dividend - it'll be regarded purely as income.
As I suspect, as well. Arse arse arse. If ever I wondered whether there was anything good about New Labia, now I have this question answered for sure.
Don said:
The corporation tax breaks he gave to (very) small business will be removed or significantly reduced.
This being the sliding tax scale? So, another kick in the slats for my fledgling business.
Don said:
So if you live in the South, own your own business, have a mortgage on a valuable property better grease up because Greedy Gordo's standing behind you...
That's me. Only I don't own a valuable property, I own a small flat. It's only the fact that it is in London that makes it worth more than a copy of last week's Daily Mail.
So, it's "Just open the wallet a little wider" time AGAIN, is it? Let's make Britain a more fair place to live - those with capability, nouse and spark are to be hammered relentlessly until they are as useless and dejected as the rest of the populace. And hey presto! Everyone is equal!
Feckin' barstewards.
Oli.
Sorry, to continue ...
How much tax does payment by dividends save? As I understand it, it only saves that which you would otherwise pay in the standard-rate bracket - the higher-rate is still clawed out of you.
So, if they do prevent you from taking your dividends as low-taxed cash, how much more will it cost someone who is (just) earning enough to qualify for higher-rate tax? And what other loopholes will continue to exist to get around this?
Oli.
How much tax does payment by dividends save? As I understand it, it only saves that which you would otherwise pay in the standard-rate bracket - the higher-rate is still clawed out of you.
So, if they do prevent you from taking your dividends as low-taxed cash, how much more will it cost someone who is (just) earning enough to qualify for higher-rate tax? And what other loopholes will continue to exist to get around this?
Oli.
anonymous said:
[redacted]
All of it. One shareholder (me).
Took home an income in the upper 40K's last year, having paid £5,000 in salary (enough to tip the NI scales in the hope of getting a state pension when I retire).
I'm no whiz on tax, and not great with figures full stop. How much do I - and others in my position - stand to lose out on if Mr Brown does the nasty?
Oli.
anonymous said:
[redacted]
Fecking thieving shyster barst4rd w4nkers.
At moments like this I could really smash something. Like, Bliars head into a particularly solid brick wall.
An increase in tax of this much would be deeply unfair. And what of their great promises to encourage small businesses and foster free enterprise?
Anyone want to start a revolution?
Oli.
I heard that the money poured into the NHS has gone up by 37%, but the actual treatments have only gone up by 5%. That's what I really object to: efficiency. And yet, if the Tories dare suggest that by increasing efficiency they could get better services for the same or less money, they get howled down. I don't understand it.
Socialists seem to think money grows on trees. Or out of millionaire's pockets :sigh:
Socialists seem to think money grows on trees. Or out of millionaire's pockets :sigh:
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