Who should pay a lot more tax? Who should pay a lot more tax? - Page 2

View Poll Results: Who should be hit with big tax rises?

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  1. #11

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    Zigenare is a fount of knowledge

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    Quote Originally Posted by _V_ View Post
    Amateurs compared to the current lot I'm afraid.
    Let's see whether or not the chancellor leaves a "The Cupboard is bare" for his successor...
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  2. #12

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    I still maintain the answer is to tax dividends the same as PAYE, but keep everything else the same.

    I.e., no IR35, can still work away claiming expenses - but any actual income from the company is taxed at the normal rate.

    Then they can do whatever they want with tax bands and affect people equally.

  3. #13

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    With Corp tax taken into account (and it will go up) divis already at PAYE level - and most certainly they will be aligned with income tax levels, in any case amounts raised will be about fook all

    In the mean time dividends paid to offshore companies are not subject to tax ffs - easy target but for SOME reason not even Labour under Corbyn proposed to tax them

  4. #14

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    Quote Originally Posted by AtW View Post
    With Corp tax taken into account (and it will go up) divis already at PAYE level
    I mean, no they're not. You have a £2k tax free element before you even start, and no NICs. I agree the difference isn't as much as any people think, especially since the changes over the last few years - but I think there'd be a lot less bitterness if we just paid the same amounts in a straightforward way.
    Last edited by vwdan; 22nd October 2020 at 11:50.

  5. #15

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    Quote Originally Posted by Zigenare View Post
    Let's see whether or not the chancellor leaves a "The Cupboard is bare" for his successor...
    There won't even be a cupboard left, just a lot of unopened letters from the debt collection agency appointed by the IMF.
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  6. #16

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    Quote Originally Posted by vwdan View Post
    I mean, no they're not. You have a £2k tax free element before you even start, and no NICs. I agree the difference isn't as much as any people think, especially since the changes over the last few years - but I think there'd be a lot less bitterness if we just paid the same amounts in a straightforward way.
    NI is not a tax and if you don't pay into NI you aren't entitled to the benefits it pays for.

    If you eliminate NI it's virtually the same. The only way any of us benefit is an exit through ER. Without that there is no tax advantage.

    If you wanted to attack something it would be ER but that's not desirable since it's one of the only limited benefits small businesses get and the big guys get enough advantages.

  7. #17

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    Quote Originally Posted by vwdan View Post
    I mean, no they're not. You have a £2k tax free element before you even start, and no NICs. I agree the difference isn't as much as any people think, especially since the changes over the last few years - but I think there'd be a lot less bitterness if we just paid the same amounts in a straightforward way.
    12k income tax is free now, isn’t it? So tax on dividends straight after 2k is already more

    Secondly, and that’s most important - dividends use of reducing (replacing) high(er) rates of tax is the main issue when it comes to serious tax revenues, this is where divi hike and upcoming corp tax increases (certainly under Labour) will pretty much equalise things - for high taxpayers, which are the ones who matter for bulk of tax revenues.

    In the meantime offshore directed dividends won’t be touched

  8. #18

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    Quote Originally Posted by jayn200 View Post
    NI is not a tax and if you don't pay into NI you aren't entitled to the benefits it pays for.
    .
    That's just useless semantics. NI is a tax in every useful sense of the word, and your second line is just untrue. You don't get turned away from A&E because you haven't been paying NI.

    This kind of nonsense is why we get attacked - if you can't have an honest conversation amongst contractors then what's the use.

  9. #19

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    Quote Originally Posted by AtW View Post
    12k income tax is free now, isn’t it? So tax on dividends straight after 2k is already more
    Not sure what you're point is here. Regardless of what you earn elsewhere, if you take dividends out of a Ltd you get £2k free - so if you earn £50k and go and do £2k's worth of work on the side, you take home more if you get paid in divvies than you do if you pay in PAYE.

  10. #20

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    Quote Originally Posted by vwdan View Post
    That's just useless semantics. NI is a tax in every useful sense of the word, and your second line is just untrue. You don't get turned away from A&E because you haven't been paying NI.

    This kind of nonsense is why we get attacked - if you can't have an honest conversation amongst contractors then what's the use.
    National insurance doesn't fund nhs. It's for employment related benefits which you generally only qualify for if you're an employee or were formerly an employee.

    I feel like if you don't know this you should do some research. This is pretty basic tulip I would expect any working adult to know.

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