Tax rises you'd be willing to see the (any) government announce to clear the deficit and eventually debts.

[cheezemonkhai]

So short of a timely CVA (Country Voluntary Agreement), where the UK stiff the debtors, then buys everything back for sweet FA and carrys on as it was before, I imagine it's either going to be huge Austerity or tax rises.

 

Please don't get into the this party/that party stuff, I really don't want to ask about that, but what tax rises would be acceptable to people on here?

 

My starters:

 

• "Manufacturing Pollution Charge", for goods that are manufactured here or elsewhere, which is related to the CO2 and other criteria.
  This would hit goods produced primarily outside of europe, where they can be made much more cheaply because they ignore environmental/safety rules.
• "Environmental Delivery Tax". Using an old delivery fleet that isn't electric/is "self emoployed" dodgy daves dirty van , then split the tax between the delivery "company" and the company using the service.
  This would hit the gig delivery companies who claim their staff are self employed, offer no service and can undercut companies by dodging other taxes.
  Would also bring the prices/taxes paid by online up, to cover their take vs rates from physical shops.
  Electric fleet from a local depot could clean up the air a lot and be used as a tax break against this.
• Ringfence NI back to pensions/NHS and I would be ok to see 0.5 or 1p added here
• Alternatively add 1/2p to each of the income tax bands.
  We're getting less and less for our taxes because debt interest, so take the hit now, so that we can reduce interest payments
• 2nd or 3rd+ home taxes.
  Basically so homes become home not "investments" again and the government can make some money from the tax, the stamp duty and deal with housing issues all at once.
• Overseas property owner tax. Don't live in this country and own a home, then you pay tax on it at a sensible rate and a higher rate of council tax, such that you pay the full amount even if it's rented out (Tennants pay too, so more money for council services)
• Simplify the tax system, have a single tax free allowance for all, and tax all other income at a fixed rate, regardless of source.
  Controversial, but making tax simpler would mean it would be easier for people to pay the right amount and fewer loopholes for people/companies to hide behind.
• Alter rates/warehouse rates, such that they're a bit more fairly split, to cater to the fact that warehouses are just as important as shop fronts now.

[gadgetman]

The world Bank will almost certainly right off Covid debts. 

 

I think many countries are counting on this 

[cheezemonkhai]

6 hours ago, gadgetman said:

The world Bank will almost certainly right off Covid debts. 

 

I think many countries are counting on this 

Someone had to stump up something so won’t let it go surely (China maybe?)

 

I could be wrong but otherwise they’re just printing money like every other bank.

[PetrolDave]

13 hours ago, cheezemonkhai said:

I could be wrong but otherwise they’re just printing money like every other bank.

This?

[shyVRS245]

Paid £42 income tax in November.

[old newbie2]

17 minutes ago, shyVRS245 said:

Paid £42 income tax in November.

That's not much....I'm a pensioner & I pay more than that!

[shyVRS245]

Just now, old newbie2 said:

That's not much....I'm a pensioner & I pay more than that!

Ten days holiday pay, 2 weeks quarantine, 1 shift worked. Normally pay £500 in taxes per month working 18 or 19 shifts.

[old newbie2]

1 minute ago, shyVRS245 said:

Ten days holiday pay, 2 weeks quarantine, 1 shift worked. Normally pay £500 in taxes per month working 18 or 19 shifts.

Makes sense, I'd be quite happy if I had sufficient pension income to justify £6K income tax P.A. ......

I had to stop working in Sept '94, my late wife needed me to become her 24/24 hours carer. 

She passed in Jan. '05, I've managed reasonably well since then, the life insurance paid-off the mortgage & my pension income is adequate for my needs.

[ColinD]

Simplify taxes would be great. And then increase it, Ireland is like 50%+ for most tiers iirc.

 

I think we'll see increases on VAT, and on corporation tax. Tricky as they might stifle spending/growth.

 

I'd be bold, scrap VED, double fuel duty, double tobacco, double acholol, double anything that directly adds cost to the biggest cost, the nhs.  Remove 50% of the nhs managers and replace with one good ward matron. Heck, tax the internet, although it's got the power to help, reduce people movement, emissions, new office buidlings etc... Glad I don't have to think this stuff up for realz.

 

In a way, the amount spent on covid is sickening. Considering the real problem, climate change, overpopulation, water, shelter... the pandemic has grabbed peoples minds and cash.  Meanwhile Boris is still building his railway of dreams... so I'd mandate all brown envelopes should be replaced by transparant ones I know thats not a tax, but it's a jolly good waste of tax income, so scrap wastfull spending

 

The warehouse one is good, tricky to implement and as ever the big folks will get around it somehow.

 

 

[shyVRS245]

Colin in Kenya a few years ago so few people were buying VED that the Government were forced to scrap road tax and add a small amount in tax to a litre of petrol and diesel. In the 16 years I have been going there to visit my wife's family the cost per litre has risen from 60 pence to the current 90 pence per litre. At least everyone contributes now.

[@Lee]

How about closing the tax loopholes? The HMRC has more staff going after benefit cheats who cost ~ £2 Billion Vs the ~£120 Billion in tax avoidence/ evasion.
How about the Billionaire non dom newspaper magnates such as Murdoch and the Barclay brothers? Surely if they want to influence British voters and tax payers then they should pay their taxes?
Then there's the likes of Google, Amazon, Uber etc etc. Lots of tax to be found if you look in the right places. Sorry but the 'we create jobs' line is wearing thin IMO especially when a lot of jobs are gig economy jobs.
Lots of money going to the wrong people and being squandered on projects that don't work at the moment. Needs more scrutiny and accountabilty.

Edited 29 November, 2020 by Lee01

[PetrolDave]

1 hour ago, ColinD said:

I'd be bold, scrap VED, double fuel duty, double tobacco, double achohol, double anything that directly adds cost to the biggest cost, the nhs.

 

Remove 50% of the nhs managers and replace with one good ward matron.

Agree with all that - especially getting rid of the multiple layers of useless non-medically qualified managers in the NHS.

[lol-lol]

6 hours ago, Lee01 said:

How about closing the tax loopholes? The HMRC has more staff going after benefit cheats who cost ~ £2 Billion Vs the ~£120 Billion in tax avoidence/ evasion.
How about the Billionaire non dom newspaper magnates such as Murdoch and the Barclay brothers? Surely if they want to influence British voters and tax payers then they should pay their taxes?
Then there's the likes of Google, Amazon, Uber etc etc. Lots of tax to be found if you look in the right places. Sorry but the 'we create jobs' line is wearing thin IMO especially when a lot of jobs are gig economy jobs.
Lots of money going to the wrong people and being squandered on projects that don't work at the moment. Needs more scrutiny and accountabilty.

 

They would need a very efficient method that does not require heavy amount of personnel as working for HMRC is neither being made financially or working conditions attractive with the recent announcement by Sunak with a few exceptions I have spotted ie working on the NI TSS system ie up to £40k pa for doing customs entries.

I can see a rise in NI, perhaps both in rate and ceiling, for employees rather than employers.  Something that is avoidable via salary sacrifice to pension pots is a common avoidance.

The furlough scheme has been quite a blunderbuss approach as has been the PPE fiasco, piles of out of date stock held then rush to acquire at very high costs and little proper scrutiny/oversight wasting billions.

 Those with gig economy jobs are still going to need eat and consume goods which I have severe concerns that the UK population are going to continue enjoy a relatively cheap market of goods which combined with a government looking to stem the UK National debt which has gone from £1.8T to £2.1T in a few months......   https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/timeseries/hf6w/pusf  

 

Which UK citizens are going to pay for the UK government incompetence ??  Just compare how the UK has done on the economy and Covid compared to G7/20. 

[gadgetman]

On 29/11/2020 at 10:10, shyVRS245 said:

Paid £42 income tax in November.

I call BS 

[shyVRS245]

2 hours ago, gadgetman said:

I call BS 

132 Hours. Gross pay £1,171.68 less income tax, N.I and Pension. Net salary £1,049.14. Apology will do with a like, thanks shy.

[gadgetman]

16 minutes ago, shyVRS245 said:

132 Hours. Gross pay £1,171.68 less income tax, N.I and Pension. Net salary £1,049.14. Apology will do with a like, thanks shy.

Then sounds like payroll have messed up as that's not possible as pension would be more than that on its own. 

[shyVRS245]

7 minutes ago, gadgetman said:

Then sounds like payroll have messed up as that's not possible as pension would be more than that on its own. 

I worked one shift in a 28 day pay period so am allowed to earn £1,000 per month before paying tax at 20%. Holiday pay was 10 shifts or 120 hours. Off the top of my head pension was around £27.

[NJRJ]

£8.87 an hour for 12 hour shifts (I think) I knew being a security guard wasn't good pay but that's terrible.

[Breezy_Pete]

Possibly a tax on kicking shy might raise some significant funds?

[J.R.]

2 hours ago, NJRJ said:

£8.87 an hour for 12 hour shifts (I think) I knew being a security guard wasn't good pay but that's terrible.

 

I am being paid a lot more than that to not work (Fonds de Solidarité for Covid affected sector) and its tax free.

 

I am actually allowed to work but only if providing accomodation to essential contract workers, I wont turn away an existing client or new business but each €uro gained is deducted from the government support & then I have to pay taxes & social charges on the income plus the electricity & water consumed plus of course get off my lazy ar5e and do the changeover & meet & greet.

 

Its a crazy world!

[shyVRS245]

2 hours ago, NJRJ said:

£8.87 an hour for 12 hour shifts (I think) I knew being a security guard wasn't good pay but that's terrible.

Wrong again. £9.50 per hour £114 per shift. I own 2 houses worth £400,000. Pay is not a measure of wisdom and investment.

[Ootohere]

The Tax Codes and NI is such a co-ck up in England / Wales & in Scotland, probably also in Northern Ireland.

 

Single people on the Minimum Wage or just above might well not have enough take home pay to make ends meet while they work next to people who are part of a couple  or with children that earn the same and yet pay less in deductions.

 

I would like @lol-lolto tell us how little he has paid to the UK Treasury this year while earning big and on the way to even more millions invested in his pension.

Edited 30 November, 2020 by e-Roottoot

[mac11irl]

On 29/11/2020 at 10:47, ColinD said:

Simplify taxes would be great. And then increase it, Ireland is like 50%+ for most tiers iirc.

 

i havnt updated that thread in a while...

its messy but yeah, between everything 50% if you earn over the threshold is a decent estimate.

[NJRJ]

55 minutes ago, shyVRS245 said:

Wrong again. £9.50 per hour £114 per shift. I own 2 houses worth £400,000. Pay is not a measure of wisdom and investment.

Gross pay £1,171.68/132 hours is £8.87 an hour. Something doesn't compute there.

Houses and 2 of them! Impressive but is that (say) 2 x 200,000 houses, or 2 x 400,000, makes a difference, but do you own them outright or they mortgaged tothe hilt?

The devil's in the detail as the saying goes...

 

 

[lol-lol]

29 minutes ago, e-Roottoot said:

The Tax Codes and NI is such a co-ck up in England / Wales & in Scotland, probably also in Northern Ireland.

 

Single people on the Minimum Wage or just above might well not have enough take home pay to make ends meet while they work next to people who are part of a couple  or with children that earn the same and yet pay less in deductions.

 

I would like @lol-lolto tell us how little he has paid to the UK Treasury this year while earning big and on the way to even more millions invested in his pension.

 

More than most, less than some.   Month 8 just concluded, £6.4k in income tax and £2.9k in NI so £9.3k so far this tax year.

The pay game, like getting the fuel pump to stop at exactly £50 or so, is for the taxable pay to be a nidge's d*ck under £50k over the tax year with all the rest of pay going via salary sacrifice in the pension pot, currently £3k per month pour moi.   

Whole tax system is canted to the well off who can play the system whilst those barely managing cannot do anything but suffer the poor wages and  poverty trap.

 

Combination of tax at real source, no salary sacrifice and the like loop holes and proper minimum wage, even £10 an hour looks measly now and no NI until salary is £250 a week at least.  Lift the NI start and transition rates ie start rat north of £13k and inflection rate from full to the 2% above £50k to get more for the NHS and no avoidance measure as with salary sacrifice does.

 

 Con government has had so many bad schemes ie badly targeted furlough and PPE acquiring fiasco now passing the national debt being well over the size of the GB annual economy with BREXIT also just about to take a sizeable chunk out of the UK GDP also.  Even business starting to turn against Boris with his mis-handling of the Covid crisis damaging businesses far worse than Germany has seen.   

 

Thinking of spending a year dead for tax reasons......