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Lets help the Government out!

chaparral said:
Could they Put VAT up to 30% or 40% something like that
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That would be detrimental to many businesses in terms of cash flow.

So would hurt the economy or maybe even make some businesses go under and put more people out of work.

As in a lot of businesses pay vat then reclaim it back sometimes many months later down the line.

So not a smart idea.

The government will just print all the money it needs. Like they always have done. Where do you think all this money has come from?

Think about it there was no billionaires 100 years ago and there was no millionaires 500 years ago.

They just invent more money.

Which is why bitcoin is a thing. You can't print more. You can't double spend it. You can't control it.

Which is why all governments are against bitcoin.
 
I've still chosen to pay VAT and Corp tax even though the offer was there to postpone them. All that would do is end up biting people in the bum in a year or so time. HMRC don't forget, ever. I also have absolutely no problem with an addition 2p or so (maybe more) on income tax and a bit more on dividends.
 
I paid my VAT on time. You literally act as a collection agent and shouldn't ever be using VAT money to pay any of your own bills anyway.

My Corporation tax is due this month, my accountants are behind at letting me know what it should be (though I have a very good idea) though they did advise me to defer if possible as they said companies with cash are the ones who will survive this so hold on to it as long as possible!
 
VincentHanna said:
I paid my VAT on time. You literally act as a collection agent and shouldn't ever be using VAT money to pay any of your own bills anyway.

My Corporation tax is due this month, my accountants are behind at letting me know what it should be (though I have a very good idea) though they did advise me to defer if possible as they said companies with cash are the ones who will survive this so hold on to it as long as possible!
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You can approximate returns if they don't have exact figures so long as you reconcile afterwards. There is guidance available for this online.
 
VAT at 30 or 40% would a real killer, 20% is hard enough for businesses where you have very little to claim it back on and the flat rate scheme has its limitations.
 
Puzzled said:
VAT at 30 or 40% would a real killer, 20% is hard enough for businesses where you have very little to claim it back on and the flat rate scheme has its limitations.
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It's an end user tax. Cash flow would hurt a lot of businesses plus doubling a tax or increasing by 50% is nonsense.

Would you be happy paying 80% income tax? No you would just sell up and leave for elsewhere.

They will just print more money.

If this happens again or if they don't handle this well then I can see that bitcoin is going to have a very strong future ahead.
 
Psycho Sonny said:
It's an end user tax. Cash flow would hurt a lot of businesses plus doubling a tax or increasing by 50% is nonsense.

Would you be happy paying 80% income tax? No you would just sell up and leave for elsewhere.

They will just print more money.

If this happens again or if they don't handle this well then I can see that bitcoin is going to have a very strong future ahead.
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It's not as simple as being just an end user tax though as you to have to take it into account when setting your prices and very few markets will accept a 20% price increase so you take some of the hit. For example if you have a product with little material cost but high time costs, then you have sod all to claim the VAT back on. If you then sell that product on a third party marketplace or through a payment gateway they will take a % commission on the final price (inc VAT and shipping) so not only do you have to raise your price to adjust for the higher VAT, you also have to raise to account for the increased take from the marketplace due to you raising the price in the first place.

Personally I'd rather pay more tax on my income and simplify all the other taxes and get rid of the stupid holes that allow people to pay less than they should.
 
Amazon must be laughing their way to the bank, with most of the UK high street closed down during lockdown, I expect they are making more profit than normal... But the tax they pay is a joke. The HMRC needs to have the last laugh.

Same for any other international companies extracting the urine.
 
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UTmaniac said:
Amazon must be laughing their way to the bank, with most of the UK high street closed down during lockdown, I expect they are making more profit than normal... But the tax they is a joke. The HMRC needs to have the last laugh.

Same for any other international companies extracing the urine.
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It's always funny how people blame HMRC. When every single person here is also complicit with tax evasion.

I mean everyone here has been offered 20% off for cash in hand. And what do they do? Until the country as a whole changes it's attitudes towards tax then companies owners will not either after all it's people working at the companies advising them on how to evade it.
 
UTmaniac said:
Amazon must be laughing their way to the bank, with most of the UK high street closed down during lockdown, I expect they are making more profit than normal... But the tax they is a joke. The HMRC needs to have the last laugh.

Same for any other international companies extracing the urine.
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Can't tell you for Amazon but most UK supermarkets saw 14-20% increase on last year in revenue from sales over the last financial quarter with much of that coming from recent events.
 
Psycho Sonny said:
I mean everyone here has been offered 20% off for cash in hand. And what do they do? Until the country as a whole changes it's attitudes towards tax then companies owners will not either after all it's people working at the companies advising them on how to evade it.
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It's a bit ridiculous to compare someone paying cash in hand for a room being painted to a multi national like Amazon avoiding hundreds of millions in tax payments annually. The concern here is that people are buying from Amazon instead of the high street shop, and that's going to hit tax revenues hard.
 
Dirk Diggler said:
It's a bit ridiculous to compare someone paying cash in hand for a room being painted to a multi national like Amazon avoiding hundreds of millions in tax payments annually. The concern here is that people are buying from Amazon instead of the high street shop, and that's going to hit tax revenues hard.
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It's not. They are the same thing.

You cannot just say. It's okay for this person to avoid tax but not this person. Everyone has to adhere to the rules. It's highly hypocritical to think otherwise.

And it's your type of thinking which makes it okay for amazon not to pay what they can avoid.
 
Ok so lots of interesting ideas here. I'll now add mine to the mix. Everyone in the UK should buy Premium Bonds.

It should be a win/win for you and the government. You have a chance to win a cool £1m every month, the more you put in, the more chances of winning!

Government wise - the interest paid out to PB's is less than some of the longer term GILT rates, so in theory may reduce the amount of interest they need to pay on borrowings, resulting in the Government paying off their debt quicker.

It might take a lot of people to invest in premium bonds, but its a start!
 
Or the government could just nationalise everything and seize citizens private savings. :P
 
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