Taxes Taxes - Page 2
Page 2 of 3 FirstFirst 123 LastLast
Posts 11 to 20 of 21

Thread: Taxes

  1. #11

    Super poster

    WordIsBond is NOT a disguised employee


    Join Date
    Apr 2015
    Posts
    2,379

    Default

    Quote Originally Posted by AtW View Post
    It's about the amount they've projected to get from increased dividend taxation, let's not forget here that those CT cuts resulted in massive dividend tax hike, overall it's at least as bad as it was when CT was 28%, but top rate of tax on dividends was mere 25% (like in Germany now).
    I wasn't defending the dividend tax, I was saying cutting CT costs little, gains in other ways, and makes economic sense.

    But let's be clear. The dividend tax hike is 7.5%. We'll ignore the "dividend allowance", it's virtually gone now, and probably will be next year. So it's a 7.5% increase on dividends, which are paid out of after tax profit, right? So an effective increase of about 6%. And CT has dropped from 28% to 19%, a 9% decrease. So no, it's not worse than when CT was 28%. Not much better, but not worse.

  2. #12

    My post count is Majestic

    AtW is a fount of knowledge

    AtW's Avatar
    Join Date
    Jul 2005
    Posts
    51,446

    Default

    Quote Originally Posted by WordIsBond View Post
    I wasn't defending the dividend tax, I was saying cutting CT costs little, gains in other ways, and makes economic sense.

    But let's be clear. The dividend tax hike is 7.5%. We'll ignore the "dividend allowance", it's virtually gone now, and probably will be next year. So it's a 7.5% increase on dividends, which are paid out of after tax profit, right? So an effective increase of about 6%. And CT has dropped from 28% to 19%, a 9% decrease. So no, it's not worse than when CT was 28%. Not much better, but not worse.
    It is worse if you factor in 45% rate and also it makes it now easy to add more to the dividend tax.

  3. #13

    Fingers like lightning

    squarepeg is a permanent contractor


    Join Date
    Apr 2012
    Location
    London, UK
    Posts
    537

    Default

    You either run a business or pretend not to be a premie. My advice is to either grow balls and start running a business or go for a high-paying permie job. Sorry to be so blunt, but higher taxes are just an incentive to use your imagination and (legally) lower your tax bill, increase income, look for new opportunities, etc. If you don't feel like doing it, there are jobs that pay 115K or more. If you're good, you will get them.

    You can moan about higher taxes all you want, but you have exactly zero influence over what will happen. So you might just as well start using your brains to make more money.
    You're awesome! Get yourself a t-shirt.

  4. #14

    My post count is Majestic

    MarillionFan is a fount of knowledge

    MarillionFan's Avatar
    Join Date
    Jul 2005
    Location
    .
    Posts
    35,765

    Default

    Quote Originally Posted by squarepeg View Post
    You either run a business or pretend not to be a premie. My advice is to either grow balls and start running a business or go for a high-paying permie job. Sorry to be so blunt, but higher taxes are just an incentive to use your imagination and (legally) lower your tax bill, increase income, look for new opportunities, etc. If you don't feel like doing it, there are jobs that pay 115K or more. If you're good, you will get them.

    You can moan about higher taxes all you want, but you have exactly zero influence over what will happen. So you might just as well start using your brains to make more money.
    You're talking s h i t e.

    The options are:-

    Be a permie, bend over and take it.
    Be the high paying permie, bend over, take it, but also dish it out.
    Be a real business
    Or be the flexible worker who'skills are required by all the above. To whit, you should get all of the relevant tax breaks and benefits it provides.

    I've now done all four, and frankly I'm back to being a contractor. A one man band who's skills, ability and good looks surpasses all others.
    What happens in General, stays in General.
    You know what they say about assumptions!

  5. #15

    I live on CUK

    SueEllen is a fount of knowledge

    SueEllen's Avatar
    Join Date
    Nov 2005
    Location
    in the Park
    Posts
    29,066

    Default

    Quote Originally Posted by MarillionFan View Post
    You're talking s h i t e.

    The options are:-

    Be a permie, bend over and take it.
    Be the high paying permie, bend over, take it, but also dish it out.
    Be a real business
    Or be the flexible worker who'skills are required by all the above. To whit, you should get all of the relevant tax breaks and benefits it provides.

    I've now done all four, and frankly I'm back to being a contractor. A one man band who's skills, ability and good looks surpasses all others.
    weight
    "You’re just a bad memory who doesn’t know when to go away" JR

  6. #16

    Suffers Fools...Badly!

    shaunbhoy is always on top

    shaunbhoy's Avatar
    Join Date
    Jul 2005
    Location
    South Devon
    Posts
    29,695

    Default

    Quote Originally Posted by MarillionFan View Post
    A one man band who's skills, ability and good looks surpasses all others.
    Yeehaaaaa. You tell 'em MF!!



    “The period of the disintegration of the European Union has begun. And the first vessel to have departed is Britain”

  7. #17

    Contractor Among Contractors

    _V_ is NOT a disguised employee

    _V_'s Avatar
    Join Date
    Aug 2006
    Posts
    1,441

    Default

    Quote Originally Posted by MarillionFan View Post
    You're talking s h i t e.

    The options are:-

    Be a permie, bend over and take it.
    Be the high paying permie, bend over, take it, but also dish it out.
    Be a real business
    Or be the flexible worker who'skills are required by all the above. To whit, you should get all of the relevant tax breaks and benefits it provides.

    I've now done all four, and frankly I'm back to being a contractor. A one man band who's skills, ability and good looks surpasses all others.
    We're all Crypto Millionaire's, now Dave...

  8. #18

    Super poster

    WordIsBond is NOT a disguised employee


    Join Date
    Apr 2015
    Posts
    2,379

    Default

    Quote Originally Posted by AtW View Post
    It is worse if you factor in 45% rate and also it makes it now easy to add more to the dividend tax.
    You say it is worse now than it was when the corporation tax rate was 28% and the max dividend rate was 25%. It was that way when the Tories took power in 2010. The additional rate at that point in time was 50%.

    Now, corp tax is 19% (9% lower), dividend rate is 7.5% higher (net 6% higher) and the additional rate is 45% (5% lower).

    You should be a Tory supporter, I guess. They've made it better for you, especially if you are dumb enough to put yourself into the additional rate band.

    Is it repulsive that they lack either the sense, the courage, or both, to kill the additional rate? Of course. Idiots. Are taxes still way too high? Of course. Have they had an incredible opportunity to undo a lot of Labour's economic stupidity while there is no credible opposition, and are they insanely frittering it away with their insatiable lust to seize even more of the "middle" ground? Absolutely. Do they deserve my support? Not at all. I despise them.

    But don't whinge about it being worse when actually it has gotten marginally better. It's not the Tories' fault Labour brought in that stupid additional rate tax. It's their fault they only removed half of it, but at least they did that. It's better than Labour or the LibDumbs would have done.

    I've devised a new campaign slogan for them. "Vote Tory. Sure we're Idiots, but We're NOT QUITE AS STUPID as the Others."

  9. #19

    My post count is Majestic

    AtW is a fount of knowledge

    AtW's Avatar
    Join Date
    Jul 2005
    Posts
    51,446

    Default

    Quote Originally Posted by WordIsBond View Post
    You should be a Tory supporter, I guess. They've made it better for you, especially if you are dumb enough to put yourself into the additional rate band.

  10. #20

    My post count is Majestic

    AtW is a fount of knowledge

    AtW's Avatar
    Join Date
    Jul 2005
    Posts
    51,446

    Default

    Made table in Excel:
    Code:
    	Labour (good)	Labour (bad)	LibCon	Tory Scum
    Profit	1000	1000	1000	1000
    CT	28%	28%	20%	19%
    Left	720	720	800	810
    Div tax	25%	36.1%	30.6%	38.1%
    Net:	540	460	556	501
    Under LibCon it was agreed that CT would go down to 20%, that took things to almost OKish situation under Labour, but now Tory Scum took it to almost the worst point under Labour, and guess what - more dividend taxes are coming, so we'll be back to the worst (brief) time under Labour. Yeah, I'll vote for Tory Scum...

    Fact is, under Tory Scum dividend tax as in %-tage is higher than under Labour, at the same time "high taxing" Germany got 25% flat rate on dividends...

    And by the way, let's not forget that under Labour at the worst point there was 20% CT for profit of small companies of under £300k (pretty decent amount!), so we get this:

    Code:
    	Labour (small ltd)	Labour (small ltd, 50% inc tax level)
    Profit	1000	1000
    CT	20%	20%
    Left	800	800
    Div tax	25%	36%
    Next:	600	511
    Tory Scum made it worse for small company owners even when 50% income tax rate is factored!

    Unfecking believable, Tory Scum managed the impossible - and what will they do with a bigger majority of drones ready to approve anything May wants?
    Last edited by AtW; 25th April 2017 at 21:48.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •