Hampster Gull
New member
- Dec 22, 2010
- 13,462
For the next couple of years tax rises aren’t the answer, borrow big and borrow long.
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[Finance] The Budget March 3rd 2021.
- Thread starter Leekbrookgull
- Start date
Change at Barnham
Well-known member
Where are they marching to?
Beach Hut
Brighton Bhuna Boy
Rumours going around we will all be given a £150 voucher to spend in the shops when they re-open, shop out to help out (and add another £9b to the ever increasing debt pile)
nicko31
Well-known member
I thought this was a joke, maybe it isn't. The public has loads of dough saved up, its not needed...
schmunk
"Members"
Hope its better than the £50 voucher to fix up your old bike scheme, and the Green Homes Grant for insulation. Never got the first and still waiting for the second (applied Sept 2020)
Agree.....huge pent-up demand, but equally there are so many households that are struggling. Too much admin to means-test it, so could see it happening.
clapham_gull
Legacy Fan
- Aug 20, 2003
- 25,338
I'm not convinced that's required. I'm not one for the shops to be honest, but I know many who have been lucky enough to keep their jobs who will go shopping crazy.
I suspect that the next budget after this one will signal significant tax increases on dividends and national insurance paid by the self employed (the latter, something very briefly hinted about last April). With the self employed then having access to the full array of state benefits available to the employed/ex-employed.
LamieRobertson
Not awoke
Exactly
Ps if he wants to give me a voucher on budget day that’ll be kind as it’s my birthday
Shropshire Seagull
Well-known member
Purely from a self-interest position as one of the minority that have had to dip into my SIPP this year [due to snuffed income], this might benefit:
Jon Greer, retirement policy expert at financial planners Quilter, said: “The Chancellor could announce in the Budget that he will waive the MPAA triggers so that someone taking pension income flexibly this tax year would retain the normal £40,000 Annual Allowance. In addition, the government could restore the MPAA back to the pre-2017 level of £10,000 per annum. This would alleviate the risk of hitting the MPAA for most people with earnings of less than £100,000.”
Jon Greer, retirement policy expert at financial planners Quilter, said: “The Chancellor could announce in the Budget that he will waive the MPAA triggers so that someone taking pension income flexibly this tax year would retain the normal £40,000 Annual Allowance. In addition, the government could restore the MPAA back to the pre-2017 level of £10,000 per annum. This would alleviate the risk of hitting the MPAA for most people with earnings of less than £100,000.”
portslade seagull
Well-known member
Can I add to your wish that Google, Amazon and the like are also taxed properly
Moshe Gariani
Well-known member
- Mar 10, 2005
- 12,092
Quite. In any case, I didn't go on the first two marches so I won't be joining this third one.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,315
they are taxed properly, on profits where they book them. they just dont do that here, so dont get taxed much here, like say Sony or VW. what you mean is you want them taxed differently, have a special tax just for them.
Official Old Man
Uckfield Seagull
As a self employed shop keeper I'm waiting for the next round of SEISS which should have been announced a while back but we're having to wait.
If anyone is in any doubt about the money the government are spending on the Job Retention Scheme check out the list of companies claiming. Nearly 750000 claiming wages for staff. That's companies, not staff which will be a lot lot higher. I'd guess nearly 10 million wage packets paid by the government every week. But not just paying out, there's no PAYE coming in from that.
Add to that VAT. My returns this past year have been nearly zero. In fact my next return due soon will be pennies as I've very little income. Now multiply that by all the shops closed.
But what of the future? Yes, many people have money burning holes in their pockets and cant wait to spend it but no where near what the country has lost over the past year.
If anyone is in any doubt about the money the government are spending on the Job Retention Scheme check out the list of companies claiming. Nearly 750000 claiming wages for staff. That's companies, not staff which will be a lot lot higher. I'd guess nearly 10 million wage packets paid by the government every week. But not just paying out, there's no PAYE coming in from that.
Add to that VAT. My returns this past year have been nearly zero. In fact my next return due soon will be pennies as I've very little income. Now multiply that by all the shops closed.
But what of the future? Yes, many people have money burning holes in their pockets and cant wait to spend it but no where near what the country has lost over the past year.
Pavilionaire
Well-known member
- Jul 7, 2003
- 30,590
But it's worse than that. Not only will corporate tax revenues for y/e 5th April 2021 be low because of Covid but those business that make losses will be relating those back to the previous year, so the government will have to pay out tax revenue they banked last year, which means more borrowing. The government's cashflow re corporation tax is going to be completely shot.
A good idea I recently heard discussed by experts was for overseas multinationals operating in the UK such as Dell, Stabucks, Google and Amazon to pay the higher of full UK corporation tax (this is the tax they suppress at present with ‘franchise fees’ paid to their ROI, Lux or Netherlands holding companies, wiping out UK taxable profits), or a tax on a percentage of UK turnover eg 2%.
Annoyingly, the latter might simply be passed on to UK consumers, so that those companies are little affected.
WilburySeagull
New member
They have created artificial entities to avoid taxes where their real turnover is. Amazon's actual turnover in uk is huge but not apparently in their books. Tax on turnover is the way forward.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,315
what happens when the company's profit margin is less than the tax rate?