Tax.... what is everyone’s problem with it?

[Psycho Sonny]

it's mainly self employed folk who are creative with their accounting as well as cash in hand not being reported.

the simple solution is ban cash. everything should be contactless. paid by bank transfer, etc.

that would make it 1000 times easier to go after those that avoid tax.

problem is politicians also take cash in hand and get paid in "gifts", etc. but it's far harder for you to pay for your new bathroom by buying your plumber a new car. so get rid of cash. make everything digital.

 

[wolfie138]

it depends on the tax. who the **** does the government think it is to come up w/ inheritance tax, or capital gains tax?

 

[Pudney]

it depends on the tax. who the **** does the government think it is to come up w/ inheritance tax, or capital gains tax?

What's wrong with Capital Gains Tax?

 

[Semple]

Nobody likes taxes because ultimately we are all selfish and dont want to see people freeloading.

I suspect that's only a minority. The majority of people won't like paying taxes because the government **** a lot of it up the wall.

Can you imagine the 10 to 20 grand in tax you've paid from your hard work over an entire year is consumed in fractions of a second, that may have been spent on something completely unnecessary and with zero benefit to society.

I think people would be much happier paying tax, and even going to the extents to brag about it, if they know that money is being spent wisely and carefully - as if it was your own.

 

[malachi]

it depends on the tax. who the **** does the government think it is to come up w/ inheritance tax, or capital gains tax?

Exactly, tax for profit not for services. Another thing is Stamp Duty.

Some don't mind paying council tax but when you see services being cut, bin men going on strike every 5 mins and your council tax goes up every year. No wonder people don't like paying it.

 

[413x]

Actually think our tax system is pretty fair.
I think it raise the base level and raise the top band rate a little if had a choice.

Id also raise corporation tax a bit, not as much as labour.

Overall I'd be happy to pay 1p more for all the benefits it brings.

There should absolutely be no tax cut for inheritance or top earners

 

[bloodiedathame]

Capital taxed less than labour makes very little sense IMO. Happy to be shown otherwise.

 

[FoxEye]

This will no doubt be derided as nonsense by some, but having lived and worked in Asia for the last 15 years I can state that many skilled workers (by no means all, but many) in Asia now take home more for the same jobs as individuals in the UK, but are effectively 'paid less'. This maintains the competitivity of the Asian country / workforce in the global market. Taxes are raised by other means, eg. taxes on corporate profit, the take of which is much higher

Well we seem to be having immense difficulty in this country getting major corps to pay any tax at all.

E.g. Amazon, who kept telling everybody they don't make any profit at all from their UK operations (lols).

The Tories keep advocating pushing corp taxes down if anything.

 

[Psycho Sonny]

Actually think our tax system is pretty fair.
I think it raise the base level and raise the top band rate a little if had a choice.

Id also raise corporation tax a bit, not as much as labour.

Overall I'd be happy to pay 1p more for all the benefits it brings.

There should absolutely be no tax cut for inheritance or top earners

Inheritance tax should have a per child allowance.

I mean if your parents happen to have say £1.5 million. Split by 5 kids it's only £300k each. And £900k of that will be taxed at 40%.

Whereas it's okay for a single child to inherit up to a million pound property under new changes in the future and not pay a penny.

The inheritance tax could do with some re working.

Also what about that Duke that inherited £8 billion worth of property and paid £50k in tax?

 

[Psycho Sonny]

Well we seem to be having immense difficulty in this country getting major corps to pay any tax at all.

E.g. Amazon, who kept telling everybody they don't make any profit at all from their UK operations (lols).

The Tories keep advocating pushing corp taxes down if anything.

France introduced laws on turnover for companies with very large revenues to tax such people.

I don't know why we haven't introduced any ir why we haven't even planned to do the same

 

[Nasher]

The problem is some people take the ****. Never work and live off the rest of us.

 

[FoxEye]

France introduced laws on turnover for companies with very large revenues to tax such people.

I don't know why we haven't introduced any ir why we haven't even planned to do the same

We've been through that discussion before... lots of people will claim that business will fold right, left and centre if you tax anything but profit (which they can creatively claim they aren't making).

 

[Pudney]

France introduced laws on turnover for companies with very large revenues to tax such people.

I don't know why we haven't introduced any ir why we haven't even planned to do the same

We have planned to do the same. We announced it before France announced their version with the intention of pushing international agreement on the issue. France just decided to do it and enacted it pretty quickly.

Ours (the Digital Services Tax) is intended to come into effect from April 2020.

Edit: this is the reason I tend to avoid tax discussions like this. The level of understanding of the UK tax system in the general public is poor, and leads to misplaced annoyance.

 

[Monkeymatt]

The problem is some people take the ****. Never work and live off the rest of us.

I agree. It is disgusting that the likes of the Duke of Westminster use tax loopholes to avoid paying tax whilst their wealth continues to grow on the back of the hard work of the British people.

 

[Terminal_Boy]

What's wrong with Capital Gains Tax?

It’s a totally regressive tax as you pay 40% the moment you go over the threshold by 1 penny. Should be scaled so not to penalise the smaller investors and employees entered in company share/profit sharing schemes.

 

[Psycho Sonny]

We've been through that discussion before... lots of people will claim that business will fold right, left and centre if you tax anything but profit (which they can creatively claim they aren't making).

If your business is making hundreds of millions in turnover but isn't making any profit then is it a viable business in the first place unless you are doing that on purpose to avoid tax?

I mean if someone can make a profit on a few quid and hundreds and thousands. Why aren't they on hundreds of millions?

You would have to be pretty stupid to think a business making sales of £500 million a month isn't truly profitable unless it's a non viable business with stupidly high costs. But we all know amazon pay their drivers below minimum wage as they are registered self employed and we all know their warehouse workers are also similar too with terrible conditions and low pay. So if they did go out of business I imagine it would be beneficial to the UK. As they don't exactly do anything good for their employees or our taxpayers.

 

[FoxEye]

If your business is making hundreds of millions in turnover but isn't making any profit then is it a viable business in the first place unless you are doing that on purpose to avoid tax?

I mean if someone can make a profit on a few quid and hundreds and thousands. Why aren't they on hundreds of millions?

You would have to be pretty stupid to think a business making sales of £500 million a month isn't truly profitable unless it's a non viable business with stupidly high costs. But we all know amazon pay their drivers below minimum wage as they are registered self employed and we all know their warehouse workers are also similar too with terrible conditions and low pay.

Well, just look at AMD a couple years ago. Turnover of hundreds of millions and making a loss.

How do you differentiate between AMD and Amazon, just by looking at turnover?

 

[Pudney]

It’s a totally regressive tax as you pay 40% the moment you go over the threshold by 1 penny. Should be scaled so not to penalise the smaller investors and employees entered in company share/profit sharing schemes.

I think you have Capital Gains Tax mixed up with Inheritance Tax.

 

[Psycho Sonny]

Well, just look at AMD a couple years ago. Turnover of hundreds of millions and making a loss.

How do you differentiate between AMD and Amazon, just by looking at turnover?

You set the limit high enough so it captures the super companies only.

If AMD has sales of 500 million a year. Then they won't be caught out by a tax on companies making 500 million a month in sales.

 

[FishFluff]

The problem is some people take the ****. Never work and live off the rest of us.

I'm sure they do, but it's a tiny minority of people on benefits that do that and the cost is dwarfed by other welfare spending.

I'm fortunate enough to be on the higher tax rate (not the top one though!) and don't mind that we have a progressive tax system. The thing that bugs me is contractors who aren't on PAYE whilst earning more than me and paying far less tax. That isn't right.