Jump to content
House Price Crash Forum
Sign in to follow this  
Not a moderator

The Tax We Pay

Recommended Posts

A while back, Zorn (of Rightmove fame) argued that nobody ever paid more than about 28% tax. Apart from the many stealth taxes we pay, a normal worker bee will pay 22% income tax, 11% National Insurance (Income tax under another name), 12.3% employers national insurance (it's not in your wage packet, but at the ned of the day you pay it), & 17.5% VAT on just about everything you buy.

I got a wake up call when I bought a new PC through the company I work for... it cost £700, which was taken off my wages.... I saved 22% tax & 11% national insurance. The company saved 12.3% employers national insurance & 17.5% VAT.

A total tax saving of over 60%..... the everyday things you buy cost over twice as much due to the tax take!

Share this post


Link to post
Share on other sites

A while back, Zorn (of Rightmove fame) argued that nobody ever paid more than about 28% tax. Apart from the many stealth taxes we pay, a normal worker bee will pay 22% income tax, 11% National Insurance (Income tax under another name), 12.3% employers national insurance (it's not in your wage packet, but at the ned of the day you pay it), & 17.5% VAT on just about everything you buy.

I got a wake up call when I bought a new PC through the company I work for... it cost £700, which was taken off my wages.... I saved 22% tax & 11% national insurance. The company saved 12.3% employers national insurance & 17.5% VAT.

A total tax saving of over 60%..... the everyday things you buy cost over twice as much due to the tax take!

Good Point

If you think it's easy for employers think again

I pay 12.3% NI for the two staff I employ plus extra NI for myself -as self employed I don't get the benefits you employed people get but still have to pay the same - you forgot some other taxes

Council Tax Private - always

Council Tax Business - always

Stamp Duty - if I move house

Inheritance Tax - when I die

Insurance Premium Tax - always on every policy, life, car, public liability, professional indemnity, income protection, critical illness, home contents, home buildings, business contents, business buildings, holiday

Car Tax x3

Motorbike Tax x1

Duty on fuel

Duty on my beer - lots

Duty on my wifes wine - even more

Duty on my cigarettes ( don't smoke but if I did)

Betting tax (don't bet but if I did)

Capital Gains Tax - if I sell my business

Airport tax - when I go on holiday (fat chance)

Pension fund tax - paid by the investment company who are trying to get me a pension

VAT on the duty on fuel, beer, wine etc. (tax on tax)

I we are left with 10p in the £1 we'll be lucky

CS

Edited by Cornwall Sceptic

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.