BlkKnight

Which is why we employ good accountants.

baldfox

iTrader: (1)

I just think this govt. is taking the p1ss now.. My sister owns a small business (food sector) and she has a mix of part time workers (all ages). None of them want to work over 15 or 16 hours as it means they lose their benefits, and would then have to work a "proper week" to make up the difference. I think it's a fcking shambles when you see all these lazy fckers signing on or with their hand out, and they're living it up. You only need to go around certain areas to see how comfortable these people are living whilst claiming... SKY TV, relatively decent cars (for someone unemployed), always out on the p1ss when they can... Until the govt stop baby feeding the lazy this is only going to get worse for everyone else...

rant over - labour a bunch of C's

Lee247

They are taking the pi$$. They should be chasing the scroungers not the people who are paying tax. Reading the budget notes, they are now going to dig into the Construction Industry. Lots of people are sub contractors and self employed. They pay their 20% tax off everything they earn as this is usually deducted by the builder before paying the subbie. This lot are now going to see if they can prove they should be employed and get much need finances from the extra NI they would gain. The problem there is, many of the big builders will only work with genuine CIS sub contractors and are not prepared to have them as employees. Should be interesting to see who wins this one.

jonc

I'm not doing a thing to avoid taxes. I'm happy to pay my hard earned money in taxes to the Labour government who are providing great value in efficient public spending and are doing a great job running this country and boosting the economy. Actually what I just said is just like the budget...a f***ing joke!

ahar

iTrader: (3)

I'm not joking, I'm happy to pay my taxes. Yes some is wasted but the majority is not and we have to pay off the deficit somehow

I don't think I could ever be taxed enough to make me go offshore - money isn't worth the upheaval, being away from family etc. Maybe money is more important to you, but for all its faults the UK isn't that bad (you should see some of the places I've been!).

But then I took a big pay cut a couple of years ago to spend more time at home and I went from a job where I would have been hit by the taxes to one where I won't, so maybe I'm an exceptional case and the rest of you are greedy b@stards

my06 ppp silver

iTrader: (2)

this country is in the shat due to recession and bad management of finances. it was caused by the people at the top ie. the highest earners, and the people that are suffering as a result is across the board as far as i can see. yes, independant businesses are closing, the average man is losing jobs on a daily basis, and the cost of things generally has continued to rise (with the exception of propertry) meaning the "benefit scroungers" believe it or not are also suffering in their own way also. but my argument is why do the top earners in this country credit themselves as a law to themselves feeling justified in not doing their bit to rectify what there high earning back slapping buddies as a whole collectively did to bring this about in the first place? my opinion of course will make little diffrence to these high earning thoroughbred racehorses with obligatory blinkers as i earning a mere £24k a year would be regarded as nothing more than a peasant that was jealous of there luxury problems regarding their disposable income. hopefully any person within this country that does earn an obscene amount of money for the actual GRAFT (working man terminology) they do, and then tries to evade their taxes will fingers crossed be punished accordingly, assuming the judge is not given a bung as well.

Leslie

Can't fault that.

Les

pslewis

£24k a year....

Yes, that's low, but you have Labour to thank for introducing that minimum wage - it would have been lower if the Tories had their way (they voted against the minimum wage!).

chocolate_o_brian

iTrader: (22)

Min wage is circa £11-12k per year - I know my Mrs earns it. £24k per year is around £11-12 p/h, nothing to do with Labour unless your working 80-90 hour weeks on min wage Pete

baldfox

iTrader: (1)

Yeah the high earners are all to blame. They were the ones buying things they couldn't afford.. please, everyone has a responsibilty to live within their means. That applies to everyone. I know there will be people out there that have had misfortune (redundancy, illness, marriage breakups etc) and have fallen on hard times, and my heart goes out to those people. Noone knows what's round the corner, but then you have the ***** that put it all on a credit card and don't understand the meaning of the word save up. How many people do you know buy things they can't afford and then as soon as they've got it, go on to try and buy something else. It's the people that were buying things they couldn't afford in the first place that put the wheels in motion be it a large mortgage, latest ipod, brand new cars etc. Also when you've got people not wanting to work as it's easier to be on benefits you have a problem. Again not pointing the finger at the true cases of misfortune, but the rest. Until people start taking responsibility for their own affairs and not blaming the IFA that got them the mortgage they couldn't afford, or the credit card for giving them the £10k limit this country is going to slide further and further downwards.

If someone needs to earn a bit more to be able to afford something they wouldn't be able to ordinarily, then they can change their job, career, or re-train... even get a second job ? Move to a city where the cost of living and wages are higher.. Might not be worth it but depends on what that person wants. Makes me laugh when people come across as hard done by. You have all the options available as the next person.

marky1

Agree 100%, couldn't have said it better

r32

As a good socialist and a strong Gordon supporter you should be proud to do your bit for the Country. Surely trying to dodge what we need to provide to the state makes us as bad as a non dom?

pslewis

A non-dom pays nothing ............ like Lord Ashcroft the Tory Deputy Leader or whatever he has bought himself!

Dingdongler

Like Lord Paul?

Dingdongler

I'm part employed (PAYE) and part self employed, my wife also works.

For my self employed income I've become a limited company. The money earnt from this will be taxed at corp tax levels (?21%). I will leave this money in the company (it can still be invested) and only take it out when I retire and wind the company down (in about 15 years). At this point the money will be taxed as corporation CGT at 10% (maximum limit of £2million)

We will have to try and live off my employed income, and wife's income, which can be done but will probably mean no midlife crisis type sports cars which I was actually due for right about now!

Obviously should the tax regime revert back to a more favourable one in a few years time then we'll take the money out. There is a chance of course that the tax rules change in which case I'm scuppered.

I'm going to try everything I can to avoid this tax hike, I've made sacrifices that I won't bore you with to get where I am. I'm happy to pay my share of tax, but not to be raped by a corrupt and incompetent government.

Not sure if this has already been mentioned but from 2010/2011 the relief on pensions for higher rate tax payers is also going.

I have no idea what Pete meant when he said he may go offshore, can't see how that would work for anybody but the mega wealthy. If Pete was in the bracket to be worried about this he should have already done his home work, taken advice and be set up for April 5th

my06 ppp silver

iTrader: (2)

typical attitude of a pheasant shooting-tweed wearing *** ed

chocolate_o_brian

iTrader: (22)

+1

97TURBO

Its hardly low, its the average wage in the UK.

baldfox

iTrader: (1)

I wish I was in a position to do the same re the self employed company, but as PAYE for a corp, I don't have that luxury. Should labour stay in though, do you not think they'd be all over you sooner rather than later to try and close that gap too ? I don't want this to be a tory v labour thread as that's quite frankly fcking boring, but I don't think they'll stop with the tax measures at present. At least going offshore (in my case, being a resident abroad) they can't touch those earnings (taxable at the new countries rate) until they're repatriated - at least that was how I understood it ? (note.. this is different to being paid offshore but living here).

Dingdongler

Agreed, I've talked to my accountant about this at length. It would seem obvious to close this option and I'm under no illusion, this could very well happen. However I can only plan using what the current tax rules are at present. I'm hoping that if the worst happens and a Labour govt gets back in it may take a year or two for them to do that, I'll still have saved quite a bit.

I'm not prepared to leave the country though, that just doesn't work for me.

Your earnings will be exempt from tax, I presume, as long as you are out of the country. What would happen though if you wanted to come back? Or do you think you probably wouldn't come back again?

baldfox

iTrader: (1)

This is what I need to take counsel on... if I am a non resident here i.e. resident elsewhere, and have paid tax on those earnings at said rate. Not sure if they can touch it. It's not the same as the non -dom status that's in the news. Some people set up offshore companies and then say buy a house with it ? Although not sure what the ramifications are. The thought of wanting to come back at the moment is hardly appealing though.