One of the hundreds of wasteful project is HS2 (£56 billion and rising) all to reduce travel time between London to Manchseter and Leeds by 15 minutes.
And free up the existing lines to carry more local commuter and freight trains - you didn't say
In a society where food and energy is unrestricted, the purpose of taxation is to delay consumption by the populace. It is just a timing issue. 100% taxation and they die of cold and starvation. 0% and they die of gluttony and alcoholism.
20% and socialists want more for the needy. 80% and capitalists want more for themselves.
Looks like the 33% of GDP we pay at present is about right. When it is collected - on income, spending or death - does not affect the P&L, only the rate of tax does that. Unfortunately governments are spendthrifts operating on a cash accounting basis, so they will naturally look to tax as early as possible (see QIP's).
Pushing the income tax take down the timeline onto VAT, SDLT or IHT only means short/medium term borrowing, to cover the lag effect, will increase.
Tom 7000 wrote:
£13k costs and no job.... and you'll never work again...
How do costs get so high?
By charging £350 per hour to sit on the committee ?
That's the problem with public finances run on a cash accounting rather than accruals basis. HMRC think that what you get in your hand is your wage. The concept of time and debits and credits is beyond them - look at any PAYE dashboard where payments to them are allocated FIFO regardless of when paid and for what period.
Remember pre RTI when they wanted employers to pay them the Gross+ErNIC and they would pay out the net to everyone - how they would have handled valid stoppages, expense claims, late P45's and the myriad of code number changes would have been very interesting.
I dont think the compalint is about not paying the tax its about making people bankrupt and the like.
Just like the sole trader who spends all his income and then complains when the tax bills and baillifs arrive.
In the EBT case I have, one partner soon started spending his "loan" and is now pleading poverty.
Strangely his FD just put the windfall on deposit and is in a slightly better position. However he is ruing the £300k in fees that went up in smoke. An expensive couple of hundred templated pages of waffle and blather. I am sure the architect of the scheme is duly contrite and will do the right thing !
It is hardly "a scandalous retrospective tax charge".Back in 2009 I warned a client not to enter into such a scheme and that retrospective legislation was a distinct possibility. He thought he would be a minnow in a massive shoal of sharks and HMRC wouldn't have the resources to chase him. Anyone who entered into an avoidance scheme must have been financially sound at the time. They just gambled and lost.
"Let the unsecured creditors pay the bill"
This amoral approach to business is what the honest businesses have to pay for. The tradesmen and unsecured creditors of PV should never have to pay for someone's personal gain. Ripping them off is not what shrewd businessmen do.
Well done Luke Johnson for not going the money-grabbing route.
Well said, WhiteVanMan. We seem to live in a world where nostalgia overides common sense. I'm glad there are enough accountants in this world that believe that the loss of the farrier was the last straw. Not having to [***] (<-ret..ard - how's that for computer political correctness in this computer says no world) the ignition and hand crank the engine to get a car started, a submission to lethargy. As for using machines to write and communicate when a quill pen and shanks's pony are perfectly adequate !!!
Let the Luddites and Pedants prosper so that I can too.
Lets get down to practical examples. In May and June this year I bought Asparagus in Tesco's, sourced from a farm two miles down the road; two weeks later from a farm in Poland; three weeks after that from a farm in Peru.
In each case I paid £2 for the asparagus.
Its seems the disparity in transport logistics, customs procedures, packaging and pricing are well understood by the whole supply chain to the point where the mug consumer just pays up and accepts it all.
Why should we worry about Brexit? The retailers have got every scenario templated and are rubbing their hands in glee at the "Cost of Brexit, guv" excuses to make more profit.
It would be interesting to know if the bar sold for cooking was sold at 5/6ths of the price of a bar sold for eating. Then I believe they would have had a very good case. If they were sold at the same price then a prudent accountant would have put the 1/6th into a reserve account until the VAT position was determined.