Member Since: 3rd Dec 1999
8th Mar 2021
If people save financially there will be a deficit. And when they spend those savings that deficit will be closed up by the increased transactions induced by the additional spending.
Interested to hear your views about the leakage of increased spending - when the UK spends, a very large part of it is on imported goods and services which can be either direct, or incorporated into UK sourced products - how much does that "leakage" damage our economy (and tax take) and stengthen our competitor countries?
9th Apr 2018
Anthony G Thorne wrote:
To be really radical how about no VAT but a 0.5% turnover tax on everything sold (this would include rents, property sales but remove stamp duty, insurance remove IPT etc) which would be simple to understand and easy to police. No recovery of input tax, no partial exemption, no zero rated, no outside the scope plus no change to the rate so that the take is based on the bouyancy of the economy.
Totaly agree in principle.
I would also increase the percentage and remove CT this has the advantage of taxing Amazon, eBay Facebook, Google and all the other offshore entities.
5th Jun 2017
Thoughts on Labours plans ...
Increase CT - big companies take their business, and employment elsewhere (if they don't, their shareholders take their money elsewhere)
Increase Income Tax - Nick Clegg, in a brief moment of BBC Question Time transparency, confessed that Government has a very poor success rate for collecting more tax from the wealthy .
Nationalisation - Civil servants are not proficient at managing businesses -> unions are able to exert more influence -> lower productivity -> higher prices or more subsidy.
3rd Mar 2017
Many thanks, it is nice to see some happier subjects instead of all the depressing news on the mainstream media.
I see Trump is trying to take credit for the idea of replacing CT with increasing the VAT output % (but not the input %), ie tax on turnover. That would allow Treasury an alternative for loss of all those juicy payroll taxes.
9th Jan 2017
It's never going to change for the following reasons:
1) Employees NIC will not merge with income tax as it will point out to the workers how much tax they really pay.
2) Employers NIC will not change as this will ALSO highlight how much tax employers pay...
Yes the OTS is right, but no it will not change... it's political suicide to do so...
Agreed, the politicians are the roadblock.
But merger of Income tax and NI has to be done.
So a softly, softly, approach has to be worked out.
Plenty of smoke and mirrors needed.
15th Feb 2016
The offshore schemes have been widely adopted for decades because the tax authorities have very little chance of successfully challenging :- the value of intellectual property, transfer pricing, management charges nor keeping tabs on which country decision makers were located when they were performing their management duties.
Would tax simplification work if we abolished corporation tax and instead limited input VAT recovery to say 15% thus imposing a 5% tax based on turnover?
12th Jan 2015
I recently had 4 quotes for plumbing work and was dismayed to see all the one man band plumbers worked through limited companies - the ones I spoke to confirmed they were drawing dividends and a small amount of pay.
IMHO using PSC's has gone too far and the government needs to put disincentives in the way to level the playing field.
So I agree that they should not be allowed to deduct travel expenses.
I appreciate all these tradespersons need an accountant to setup and run their otherwise unnecessary limited company, so I am not expecting my thoughts to be well received!!
8th Dec 2014
APD - daft
The Country is saddled with an enormous mountain of debt and the chancellor decides to encourage people to go overseas and give money to other countries to help them reduce their debt - bonkers!!
Just shows yet again how winning votes takes precedence over doing the right thing.
21st Nov 2014
Is very good, but I believe the downloadable language packs are still only available for android phones.
23rd Jul 2013
spirit vs letter
The problem for the big boys is that they get lazy and can't be bothered to always leave the country to negotiate and sign the deals - then they end up breaking the letter of the law - so the revenue could go after them.the_Poacher wrote:
These task forces seem to target groups where a significant percentage may have broken the letter of one or more laws. Starbucks, Vodaphone, Amazon, Google et al may possillby have broken the spirit of the law, but no one has sggested that they've broken the letter of the law. Just what do you expect HMRC to do?