porca misèria Posted March 18, 2010 Share Posted March 18, 2010 Today's news: February's government borrowing less horrendous than expected. More tax take. Let's see now ... taxes rising substantially in April, especially for the highest taxpayers. I expect a lot of them have brought tax liabilities forward this side of the rise. In particular, anyone rich enough to use a professional tax advisor is likely to be using all available tricks. Corollary: March's tax take will also be flattered, ahead of collapse next tax year. And of course, March's figure will be the last published before the election. Quote Link to comment Share on other sites More sharing options...
LuckyOne Posted March 19, 2010 Share Posted March 19, 2010 Today's news: February's government borrowing less horrendous than expected. More tax take. Let's see now ... taxes rising substantially in April, especially for the highest taxpayers. I expect a lot of them have brought tax liabilities forward this side of the rise. In particular, anyone rich enough to use a professional tax advisor is likely to be using all available tricks. Corollary: March's tax take will also be flattered, ahead of collapse next tax year. And of course, March's figure will be the last published before the election. Well spotted. I expect you to be right. Tax revenues will fall because of the effect that you have described in addition to any Laffer Curve effect. Quote Link to comment Share on other sites More sharing options...
kilroy Posted March 19, 2010 Share Posted March 19, 2010 Was looking at the bba credit card amount outstanding yday, and it looks horrific. A 7bln jump between dec and jan, from 24 to 31 or so. After about 20mins could only conclude that it was individuals and small businesses paying tax by credit card. I would argue that these people also had no other way of paying as hmrc hits you for 1.5% transaction fee. Truly horrific. Quote Link to comment Share on other sites More sharing options...
robo1968 Posted March 19, 2010 Share Posted March 19, 2010 (edited) Was looking at the bba credit card amount outstanding yday, and it looks horrific. A 7bln jump between dec and jan, from 24 to 31 or so. After about 20mins could only conclude that it was individuals and small businesses paying tax by credit card. I would argue that these people also had no other way of paying as hmrc hits you for 1.5% transaction fee. Truly horrific. It is truly a disaster, the personal stress involved with all this debt is terrible, my parents went bankrupt and it was very hard for them The wife watches Corrie every now and again, there was some business on there with a loan shark hassling someone, it got me thinking this must happen in reality to thousands of people everyday day, very sad Edited March 19, 2010 by robo1968 Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted March 19, 2010 Share Posted March 19, 2010 Today's news: February's government borrowing less horrendous than expected. More tax take. Let's see now ... taxes rising substantially in April, especially for the highest taxpayers. I expect a lot of them have brought tax liabilities forward this side of the rise. In particular, anyone rich enough to use a professional tax advisor is likely to be using all available tricks. Corollary: March's tax take will also be flattered, ahead of collapse next tax year. And of course, March's figure will be the last published before the election. But this view is contrary to the idea of recovery, people wouldn't be that cynical.... Still at least we don't have stupid politicians who think that this means they can make tax cuts in a giveaway before the election. Quote Link to comment Share on other sites More sharing options...
Laura Posted March 19, 2010 Share Posted March 19, 2010 But this view is contrary to the idea of recovery, people wouldn't be that cynical.... Still at least we don't have stupid politicians who think that this means they can make tax cuts in a giveaway before the election. It's a ..... Priceless Recovery not Quote Link to comment Share on other sites More sharing options...
bogbrush Posted March 19, 2010 Share Posted March 19, 2010 Today's news: February's government borrowing less horrendous than expected. More tax take. Let's see now ... taxes rising substantially in April, especially for the highest taxpayers. I expect a lot of them have brought tax liabilities forward this side of the rise. In particular, anyone rich enough to use a professional tax advisor is likely to be using all available tricks. Corollary: March's tax take will also be flattered, ahead of collapse next tax year. And of course, March's figure will be the last published before the election. Well done. You are absolutely correct, I know many examples of this happening exactly as you say. Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted March 19, 2010 Share Posted March 19, 2010 Was looking at the bba credit card amount outstanding yday, and it looks horrific. A 7bln jump between dec and jan, from 24 to 31 or so. After about 20mins could only conclude that it was individuals and small businesses paying tax by credit card. I would argue that these people also had no other way of paying as hmrc hits you for 1.5% transaction fee. Truly horrific. and they sock it to you at a 10% surcharge of outstanding tax if you dont make the deadline.... Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted March 19, 2010 Share Posted March 19, 2010 It is truly a disaster, the personal stress involved with all this debt is terrible, my parents went bankrupt and it was very hard for them The wife watches Corrie every now and again, there was some business on there with a loan shark hassling someone, it got me thinking this must happen in reality to thousands of people everyday day, very sad loan sharks like quick quid ? their apr is 2435%. check it out http://www.quickquid.co.uk/adw-quickquid.html?src=goo&medium=PPC&campaign=QuickQuid+-+Brand+-+Brand&Network=c708851f9b362f5e7465520ab87a61be&kw=quick%20quid&gclid=CL_xpc3OxKACFd1r4wod02EJag Quote Link to comment Share on other sites More sharing options...
robo1968 Posted March 19, 2010 Share Posted March 19, 2010 loan sharks like quick quid ? their apr is 2435%. check it out http://www.quickquid.co.uk/adw-quickquid.html?src=goo&medium=PPC&campaign=QuickQuid+-+Brand+-+Brand&Network=c708851f9b362f5e7465520ab87a61be&kw=quick%20quid&gclid=CL_xpc3OxKACFd1r4wod02EJag It shouldn't be allowed, looks like a credible website, am sure it hooks plenty of suckers, where is this all going to lead? Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted March 19, 2010 Share Posted March 19, 2010 It shouldn't be allowed, looks like a credible website, am sure it hooks plenty of suckers, where is this all going to lead? they are hitting daytime tv ads very heavily. thats where most of the victims are. single mums. unemployed and the like. Quote Link to comment Share on other sites More sharing options...
BalancedBear Posted March 19, 2010 Share Posted March 19, 2010 Yes, well spotted. Higher rate tax payers may also be buying and selling shares/investments before the new tax year and budget, just in case CGT is messed around with again. Also, some bonuses are being paid this year instead of next year to avoid the higher tax rates. How long will it be before there is an "unexpected" collapse in tax revenues?! Again, I'm sure people on here are ahead of the curve, compared with the "professionals" Quote Link to comment Share on other sites More sharing options...
porca misèria Posted March 19, 2010 Author Share Posted March 19, 2010 How long will it be before there is an "unexpected" collapse in tax revenues?! Again, I'm sure people on here are ahead of the curve, compared with the "professionals" The professionals are ahead of the curve - that's precisely why it's happening. It just takes a moment of joined-up thinking to notice that when everyone is ahead of the curve, the curve itself gets so skewed as to feed into the statistics. Quote Link to comment Share on other sites More sharing options...
robo1968 Posted March 19, 2010 Share Posted March 19, 2010 Yes, well spotted. Higher rate tax payers may also be buying and selling shares/investments before the new tax year and budget, just in case CGT is messed around with again. Also, some bonuses are being paid this year instead of next year to avoid the higher tax rates. How long will it be before there is an "unexpected" collapse in tax revenues?! Again, I'm sure people on here are ahead of the curve, compared with the "professionals" Think by virtue of the fact people are on here shows they have an interest in general goings on rather than myface and twitter, Quote Link to comment Share on other sites More sharing options...
Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted March 19, 2010 Share Posted March 19, 2010 Today's news: February's government borrowing less horrendous than expected. More tax take. Let's see now ... taxes rising substantially in April, especially for the highest taxpayers. I expect a lot of them have brought tax liabilities forward this side of the rise. In particular, anyone rich enough to use a professional tax advisor is likely to be using all available tricks. Corollary: March's tax take will also be flattered, ahead of collapse next tax year. And of course, March's figure will be the last published before the election. http://www.guardian.co.uk/business/2009/feb/20/corporation-tax-darling-recession Huh! Quote Link to comment Share on other sites More sharing options...
slacker Posted March 19, 2010 Share Posted March 19, 2010 What is to stop high rate payers just paying the high bit of the salary in to a pension next year? Quote Link to comment Share on other sites More sharing options...
BalancedBear Posted March 19, 2010 Share Posted March 19, 2010 The professionals are ahead of the curve - that's precisely why it's happening. It just takes a moment of joined-up thinking to notice that when everyone is ahead of the curve, the curve itself gets so skewed as to feed into the statistics. I meant the economists who write in the papers who are always surprised, and then the BOE who did not even think we were going to have a recession! I'm sure the tax advisors are well up to speed, but they keep a low profile. Quote Link to comment Share on other sites More sharing options...
BalancedBear Posted March 19, 2010 Share Posted March 19, 2010 (edited) What is to stop high rate payers just paying the high bit of the salary in to a pension next year? The government intend to withdraw higher rate tax relief on pension contributions for high earners - that is why! Edited March 19, 2010 by BalancedBear Quote Link to comment Share on other sites More sharing options...
porca misèria Posted March 20, 2010 Author Share Posted March 20, 2010 The government intend to withdraw higher rate tax relief on pension contributions for high earners - that is why! Makes no difference to the seriously-rich, 'cos the lifetime limit bites if you pay large amounts into a pension for many years. That particularly ugly measure is aimed at people with irregular incomes who happen to have a really good year. Quote Link to comment Share on other sites More sharing options...
Timm Posted March 20, 2010 Share Posted March 20, 2010 Today's news: February's government borrowing less horrendous than expected. More tax take. Let's see now ... taxes rising substantially in April, especially for the highest taxpayers. I expect a lot of them have brought tax liabilities forward this side of the rise. In particular, anyone rich enough to use a professional tax advisor is likely to be using all available tricks. Corollary: March's tax take will also be flattered, ahead of collapse next tax year. And of course, March's figure will be the last published before the election. Looks increasingly likely we will see two elections this year. Will the Tories manage this scenario better than they did in 1974? Quote Link to comment Share on other sites More sharing options...
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