|
Post by johnc on Mar 3, 2021 9:14:28 GMT
Dividend tax would bother me. I pay a decent amount of Corporation tax and personal income tax. The tax and NI burden of having to pay myself by PAYE makes running a business not worthwhile. I'm about to, technically, switch to self-employment. I am yet to sit down with a financial advisor and work out all the less than thrilling aspects of that. Congratulations Jonny - it really won't make a great deal of difference to you other than you need to ensure that you set your drawings at a level that will leave sufficient surplus in your capital/current account to meet your tax bill. The first bill you face is likely to be 31st January 2023 and it will be an absolute cracker! It will be one and a half year's tax all in one go. You also need to make sure you maximise your pension contributions within each fiscal year and that the pension company know that the contributions are now personal contributions.
|
|
|
Post by Big Blue on Mar 3, 2021 9:28:15 GMT
Stop paying pensions/benefits to "ex-pats" - if you want the benefits, you should live in the UK This is why arguments about taxation and the budget will never be agreed by all parties. My mother receives state pensions from three different countries, all of which are dwarfed (as in a gnat's piss in a large pond) by the widow's portion from her late husband's pension. But she worked and paid large amounts of tax in those three countries (none of which, I might add, are her country of birth or her country of residence) to earn the rights to those pensions and where she lives is utterly immaterial. Pensions are not "a benefit", they are earned through a lifetime of working and paying tax - even if you don't work you pay tax on everything you buy (goods and services). Plus I'm her son and I pay tax and NI in large sums which (due to the shiteness of the pension scheme in the UK) is paying her UK pension and her step-son is paying the same in Germany. I'm 53 this May and fully paid up for a full pension: I shouldn't be paying any more NI towards any pension rights ever again and I should move to another country to gain state pension rights from there. But I haven't and I'm still paying for the likes of my mother and her peers. I don't have a bad lifestyle is it's not a real issue. And that's the point of taxation and the budget: for the vast majority of us it's a bit less money every month as opposed to those who require its output for basic amenities like food, heating, shoes, a huge royal palace and junkets to meet other government leaders in luxurious spots around the globe. Perfectly fair and reasonable.....
|
|
|
Post by chipbutty on Mar 3, 2021 9:35:39 GMT
Here’s an idea
The next time another lockdown or series of restrictions is proposed, there should be a vote.
With a conditional element that states if you vote for lockdown (or restrictions), you agree to give 25% of your post tax income to fund it (or 25% of your savings if you have no income).
|
|
|
Post by Big Blue on Mar 3, 2021 10:21:29 GMT
Here’s an idea The next time another lockdown or series of restrictions is proposed, there should be a vote. With a conditional element that states if you vote for lockdown (or restrictions), you agree to give 25% of your post tax income to fund it (or 25% of your savings if you have no income). Another reason to not allow individual policy items to be put to the people (like other issues such as Brexit): individual selfishness prevails over the common wellbeing. All the fit and young and hung-ho "I've never been to a doctor and I'm 60" types will clearly push the vote to reject a lockdown, in the same manner that those that felt the European family working two jobs and paying their way were stealing the jobs they never applied for and would refuse to do and felt that belonging to a huge a trading collective whilst having the ability as a nation to pay more in than nations that were still recovering from years of oppression under Soviet rules was unjust voted for Brexit.
|
|
|
Post by michael on Mar 3, 2021 11:22:14 GMT
Darlington will be the home of The Treasury northern campus.
|
|
|
Post by racingteatray on Mar 3, 2021 11:25:57 GMT
I'm about to, technically, switch to self-employment. I am yet to sit down with a financial advisor and work out all the less than thrilling aspects of that. Congratulations Jonny - it really won't make a great deal of difference to you other than you need to ensure that you set your drawings at a level that will leave sufficient surplus in your capital/current account to meet your tax bill. The first bill you face is likely to be 31st January 2023 and it will be an absolute cracker! It will be one and a half year's tax all in one go. You also need to make sure you maximise your pension contributions within each fiscal year and that the pension company know that the contributions are now personal contributions. Thanks John - wondered if anyone might pick up. Didn't seem appropriate to make big song and dance in current environment hence not being more overt about it. Been a lot of hard work and nice to get the validation! It becomes effective with the start of the new financial year (1 May) so presumably that's deliberate.
|
|
|
Post by Bob Sacamano v2.0 on Mar 3, 2021 11:28:05 GMT
Whenever Corporation Tax comes up I wonder if, in the days of international corporations able to move capital and headquarters at a moments notice, it's had it's day. Costs can be reallocated to reduce tax in one country and allocated to low Corporation Tax countries very easily.
Then I look at the likes of Amazon and Google et all, earning billions in this country and paying very little tax. I'd be tempted to look at a percentage tax based purely on turnover in a particular jurisdiction, regardless of declared profit. This would have to be paid up front and then negotiations with the Inland Revenue would take place to reduce this, if justified.
|
|
|
Post by Tim on Mar 3, 2021 11:34:23 GMT
Darlington will be the home of The Treasury northern campus. Some absolutely brilliant things have come out of Darlington over the years
|
|
|
Post by Bob Sacamano v2.0 on Mar 3, 2021 11:37:43 GMT
Darlington will be the home of The Treasury northern campus. Some absolutely brilliant things have come out of Darlington over the years Yes, I was born there.
|
|
|
Post by Tim on Mar 3, 2021 11:39:09 GMT
Snap.
|
|
|
Post by Bob Sacamano v2.0 on Mar 3, 2021 11:42:11 GMT
Greenbanks Maternity Hospital. Funny thing was, twenty odd years later I was getting married and chose a friend from Whitley Bay to be my best man and it turns out he was born in the same hospital a year later.
|
|
|
Post by michael on Mar 3, 2021 11:45:58 GMT
Congratulations Jonny - it really won't make a great deal of difference to you other than you need to ensure that you set your drawings at a level that will leave sufficient surplus in your capital/current account to meet your tax bill. The first bill you face is likely to be 31st January 2023 and it will be an absolute cracker! It will be one and a half year's tax all in one go. You also need to make sure you maximise your pension contributions within each fiscal year and that the pension company know that the contributions are now personal contributions. Thanks John - wondered if anyone might pick up. Didn't seem appropriate to make big song and dance in current environment hence not being more overt about it. Been a lot of hard work and nice to get the validation! It becomes effective with the start of the new financial year (1 May) so presumably that's deliberate. Congratulations!
|
|
|
Post by PG on Mar 3, 2021 12:03:09 GMT
Thanks John - wondered if anyone might pick up. Didn't seem appropriate to make big song and dance in current environment hence not being more overt about it. Been a lot of hard work and nice to get the validation! It becomes effective with the start of the new financial year (1 May) so presumably that's deliberate. Yes, congratulations. Elevation to the firm's peerage, no less.
|
|
|
Post by PG on Mar 3, 2021 12:08:19 GMT
Whenever Corporation Tax comes up I wonder if, in the days of international corporations able to move capital and headquarters at a moments notice, it's had it's day. Costs can be reallocated to reduce tax in one country and allocated to low Corporation Tax countries very easily. Then I look at the likes of Amazon and Google et all, earning billions in this country and paying very little tax. I'd be tempted to look at a percentage tax based purely on turnover in a particular jurisdiction, regardless of declared profit. This would have to be paid up front and then negotiations with the Inland Revenue would take place to reduce this, if justified. Corporation tax has had its day. It ought to be abolished. Then distributions - to shareholders - can be taxed as income properly. Suitable non-refundable witholding taxes would make sure that distributions to overseas shareholders (individuals or corporations) got taxed in the UK. I'd also, at the same time, make interest paid on inter-company loans, interest paid to shareholders and management fees paid to overseas individuals or companies, all be treated as if it was a distribution. This would help to kill off the worst of the private equity "load it with debt and management fees" approaches.
|
|
|
Post by LandieMark on Mar 3, 2021 12:11:24 GMT
Thanks John - wondered if anyone might pick up. Didn't seem appropriate to make big song and dance in current environment hence not being more overt about it. Been a lot of hard work and nice to get the validation! It becomes effective with the start of the new financial year (1 May) so presumably that's deliberate. Congratulations! Indeed, that went right over my head at first!
|
|
|
Post by Tim on Mar 3, 2021 12:14:20 GMT
Greenbanks Maternity Hospital. Funny thing was, twenty odd years later I was getting married and chose a friend from Whitley Bay to be my best man and it turns out he was born in the same hospital a year later. Same place. One of my work colleagues was born there a year after me!
|
|
|
Post by chipbutty on Mar 3, 2021 12:19:46 GMT
I agree, but could clearly argue the complete opposite proposition – i.e
All those who refuse to take any responsibility for their health and wellbeing and all those “ incapable of taking a balanced and proportional view “ types will clearly push to accept lockdown irrespective of the economic, democratic, social and mental damage it will wreak (or at the very least, without demanding a balanced assessment before pulling the trigger).
|
|
|
Post by bryan on Mar 3, 2021 12:40:57 GMT
Thanks John - wondered if anyone might pick up. Didn't seem appropriate to make big song and dance in current environment hence not being more overt about it. Been a lot of hard work and nice to get the validation! It becomes effective with the start of the new financial year (1 May) so presumably that's deliberate. Yes, congratulations. Elevation to the firm's peerage, no less. Indeed congratulations and well done, you obviously passed the test in the Maserati hire weekend 👍
|
|
|
Post by racingteatray on Mar 3, 2021 12:50:33 GMT
Thanks all.
|
|
|
Post by Big Blue on Mar 3, 2021 12:53:21 GMT
Indeed: top stuff for a former “young upcoming lawyer” list member. Made the move you made a couple of years back worthwhile I trust.
|
|
|
Post by Tim on Mar 3, 2021 12:58:40 GMT
Well done Jonny
|
|
|
Post by Martin on Mar 3, 2021 13:03:43 GMT
|
|
|
Post by Bob Sacamano v2.0 on Mar 3, 2021 13:18:33 GMT
Congrats Jonny, well deserved, I’m sure.
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Mar 3, 2021 13:35:11 GMT
Congratulations Jonny - it really won't make a great deal of difference to you other than you need to ensure that you set your drawings at a level that will leave sufficient surplus in your capital/current account to meet your tax bill. The first bill you face is likely to be 31st January 2023 and it will be an absolute cracker! It will be one and a half year's tax all in one go. You also need to make sure you maximise your pension contributions within each fiscal year and that the pension company know that the contributions are now personal contributions. Thanks John - wondered if anyone might pick up. Didn't seem appropriate to make big song and dance in current environment hence not being more overt about it. Been a lot of hard work and nice to get the validation! It becomes effective with the start of the new financial year (1 May) so presumably that's deliberate. It's always good to hear of people working hard and getting a reward for that, congratulations and bloody well done, Sir.
|
|
|
Post by Alex on Mar 3, 2021 18:42:58 GMT
Well done Johnny and good luck.
As to the budget, it didn't seem to offer a lot of real change and I really do feel that there needs to be a review of not just how money is taken from us but also how it is spent and how certain departments spend money. Some people have cited HS2 and I agree it feels a waste of money but I dont think its money that should not be spent. How about spending it electrifying all remaining railway lines and upgrading freight capacity to reduce the amount of trucks on our roads? And what about building better regional railways such as upgrading the Leeds-Manchester line?
Another example is the NHS. Boris pledged to build 40 hospitals in his 2019 manifesto but wouldnt it be better to spend more on preventative measures to help us become a healthier nation that doesn't create an extra 40 hospitals worth of sick people? More spent tackling the diabetes crisis would mean less money spent on insulin injections and amputations. More spent on tackling the obesity crisis would mean less needing to be spent on blood pressure drugs and the care needed for people suffering heart failure.
And then we come to MPs. I personally feel there are too many of them and they dont earn enough. If we want a better standard of politicians so that we don't end up with people like Gavin Williamson setting education policy how about we halve the number of MPs and pay those we elect a minimum £200k salary? We might just get a better standard of candidate.
|
|
|
Post by racingteatray on Mar 3, 2021 18:46:54 GMT
Well done Johnny and good luck. And then we come to MPs. I personally feel there are too many of them and they dont earn enough. If we want a better standard of politicians so that we don't end up with people like Gavin Williamson setting education policy how about we halve the number of MPs and pay those we elect a minimum £200k salary? We might just get a better standard of candidate. Thanks. On the second point. I agree, and its reputed to work in Singapore. But then two countries with some of the best-paid politicians are Italy and Kenya, and I'm not sure they necessarily have a higher calibre of politician...
|
|
|
Post by michael on Mar 3, 2021 18:49:38 GMT
The NHS spends something like £12billion on diabetes. If it saved that money could you imagine that money being returned to the Treasury? There’s lots I’d change about the NHS starting with doctors surgeries.
|
|
|
Post by Bob Sacamano v2.0 on Mar 3, 2021 19:33:02 GMT
The NHS spends something like £12billion on diabetes. If it saved that money could you imagine that money being returned to the Treasury? There’s lots I’d change about the NHS starting with doctors surgeries. Oh do tell, I’m all ears.
|
|
|
Post by michael on Mar 3, 2021 19:40:21 GMT
It’s all stuff that’ll never happen. Like making surgeries inside the NHS entirely and charging for appointments similar to dentists.
|
|
|
Post by Roadrunner on Mar 3, 2021 20:39:25 GMT
Congratulations Jonny.
It must be Maserati time!
|
|