The Budget

[storme37]

dont know but fags up 37p a pack

Edited March 21, 2012 by storme37

[Willxx]

So someone correct me please but if I was earning £200k, ignoring what I did or didn't pay on my piffling £150k, I would previously be 'technically liable' to pay 50% on the 50,000 over 150k which would be 25k? With the revision today I would now be liable for £22.5k so I would be £2.5k better off (approx £50/week) - not great shakes at that level I guess? but bearing in mind I've probably been paying an accountant £5k to reduce my initial tax burden to a minimum (or as little as is 'legally' possible) what actual difference is going to transpire?

 

If I was earning that much money I would still have an accountant telling me to take it offshore or pay through a trust etc so I paid effectively nothing - whereas ********* like me and you have to pay the full whack at PAYE and never have the option of putting large chunks of 'expenses' through the books or claiming VAT back on 'business' purchases or filling the wifes car up with fuel paid by the company 'because you used it' or the odd meal out classed as 'business' or a weekend trip to look at a 'possible aquisition' etc etc etc

 

What about company owners who pay themselves minimum wage and take everything as dividends as they pay much less that way - nothing illegal but when they can take £500k as dividend and pay 32.5% tax on it rather than 50% (or 45% now)

 

It basically makes a farce of the reduction - no-one earning at that level will pay any more in tax but then no-one will honestly tell if they are benefitting from 'creative accounting' (but the same people would quite likely look very unfavourably on 'benefit cheats' who may in comparison steal much less out from the system.)

 

edit (sp)

Edited March 22, 2012 by Willxx

[Laird Lugton]

So someone correct me please but if I was earning £200k, ignoring what I did or didn't pay on my piffling £150k, I would previously be 'technically liable' to pay 50% on the 50,000 over 150k which would be 25k? With the revision today I would now be liable for £22.5k so I would be £2.5k better off (approx £50/week) - not great shakes at that level I guess? but bearing in mind I've probably been paying an accountant £5k to reduce my initial tax burden to a minimum (or as little as is 'legally' possible) what actual difference is going to transpire?

 

If I was earning that much money I would still have an accountant telling me to take it offshore or pay through a trust etc so I paid effectively nothing - whereas ********* like me and you have to pay the full whack at PAYE and never have the option of putting large chunks of 'expenses' through the books or claiming VAT back on 'business' purchases or filling the wifes car up with fuel paid by the company 'because you used it' or the odd meal out classed as 'business' or a weekend trip to look at a 'possible aquisition' etc etc etc

 

What about company owners who pay themselves minimum wage and take everything as dividends as they pay much less that way - nothing illegal but when they can take £500k as dividend and pay 32.5% tax on it rather than 50% (or 45% now)

 

It basically makes a farce of the reduction - no-one earning at that level will pay any more in tax but then no-one will honestly tell if they are benefitting from 'creative accounting' (but the same people would quite likely look very unfavourably on 'benefit cheats' who may in comparison steal much less out from the system.)

 

edit (sp)

 

But you forget that there are many people on £100k/£150k & £200k upwards who are on PAYE who can't fudge it with an accountant.

[krugerandsmith]

How much did booze go up?

 

 

shaun.

Wine 11p .... Beer 5p / 10p. Fuel tax 3p in August.

[krugerandsmith]

How much did booze go up?

 

 

shaun.

19 subsidised bars and restaurants in the Palace of Westminster ....Smoking also allowed. ....( We are all in this together ).... Hmmmm.