Mini-Budget scheduled for early July
Chancellor Rishi Sunak told MPs and journalists over the weekend that he intends to stage a “fiscal event” in early July to set the UK economy on course for a post-coronavirus recovery.
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*sigh*
That's going to be another 2-3 days wasted then, watching it, reading all the stuff and telling clients about it.
And same again in November, and no doubt March too.
All for some showboating I imagine with little substance.
Why waste a crisis the government will think, so from say 6th April 2021 all businesses regardless of size must by law........
1) operate via a separate business bank account.
2) pay themselves via payroll for any monies they withdraw from the business for personal use.
3) pay employers NIC on any withdrawals
4) submit quarterly returns via MTD.
It's 100%. All money is debt. For you to be "in credit", somebody else has to hold the "credit".
And credits are liabilities.
Never forget it says on a tenner "I promise to pay the bearer on demand the sum of ten pounds". A tenner is a receipt for liabilities held at the Bank of England.
"Sunak faces a difficult balancing act to deliver a meaningful stimulus package while working out a way to pay for the long-term costs of the Covid-19 crisis."
I think I'm going to scream if I see this unthinking nonsense repeated any more.
For every liability there is an asset. When the asset is spent, it will be taxed (and a percentage of a larger flow is a larger number). Amazingly changing the asset into a flow will generate, over a series of transactions, taxation which will eliminate the liability entirely. Unless somebody downstream decides to save rather than spend in which case it will become an asset again - with a balancing liability.
Spending works like a stone skipping across a pond. Every ripple is taxation.
Boils my blood every time I see this ridiculous "taxes will have to go up to pay for Covid" rubbish. No they don't need to. Percentages don't work like that!