Tories are still lying *******s

[WhileTheChief..]

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If they were directors, receiving bonuses, they would be subject to PAYE.

Further,they would have to show that the bonus they received was a fair rate for.the work done.

Yeah how do folk get away with this so easily? Seems to be common practice no?

[WhileTheChief..]

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Your taxi driver would need to have an income, after expenses,of over £43k before that was any use to them. I can't think of any taxi drivers I know who have that.

Why do so many directors of their own company’s draw a salary of £12,570 with dividends making up their other income?

[CropleyWasGod]

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Why do so many directors of their own company’s draw a salary of £12,570 with dividends making up their other income?

They draw a salary of less than that. The salary is normally set at whatever the NI threshold is.

The incorporation of self employed businesses isn't about saving tax so much. It's more about saving National Insurance.

[CropleyWasGod]

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You would have to be a multiple taxi and plate owner for it to be worthwhile becoming a limited company.

Yep.

Some taxi drivers use a Limited Company to hold the plate, purely to make sure it stays with their estate if they pass away. Nothing to do with saving tax.

[CropleyWasGod]

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Yeah how do folk get away with this so easily? Seems to be common practice no?

Get away with what? Not paying PAYE on bonuses, you mean? That's virtually impossible these days.

[WhileTheChief..]

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Get away with what? Not paying PAYE on bonuses, you mean? That's virtually impossible these days.

I’m thinking of the family of my last employer. I was there 3 years and they didn’t work a day.

They got dividends as shareholders, fair enough.

I take the point re paying tax on bonuses, just didn’t think bonuses could be paid unless they actually did some work.

[WhileTheChief..]

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They draw a salary of less than that. The salary is normally set at whatever the NI threshold is.

The incorporation of self employed businesses isn't about saving tax so much. It's more about saving National Insurance.

Thanks, and sorry for the accounting questions on a Sunday!

If I earn £40k but only take a salary of £12,570 with dividends making up the rest, I’d pay 8.75% income tax on the dividend income as against 20 or 21% on salary no? I’d also get the additional £2k tax free dividend allowance.

If I was a higher rate tax payer i’d pay 33.75% on my dividends compared to 40% on my salary?

Again, happy to be corrected.

[Moulin Yarns]

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Thanks, and sorry for the accounting questions on a Sunday!

If I earn £40k but only take a salary of £12,570 with dividends making up the rest, I’d pay 8.75% income tax on the dividend income as against 20 or 21% on salary no? I’d also get the additional £2k tax free dividend allowance.

If I was a higher rate tax payer i’d pay 33.75% on my dividends compared to 40% on my salary?

Again, happy to be corrected.

Nothing happier than an accountant working on Sunday, he will charge you triple 😉

[CropleyWasGod]

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Thanks, and sorry for the accounting questions on a Sunday!

If I earn £40k but only take a salary of £12,570 with dividends making up the rest, I’d pay 8.75% income tax on the dividend income as against 20 or 21% on salary no? I’d also get the additional £2k tax free dividend allowance.

If I was a higher rate tax payer i’d pay 33.75% on my dividends compared to 40% on my salary?

Again, happy to be corrected.

You're missing the NI on your salary,both Employees and Employers. You're also missing the Corporation Tax on the company profit.

It only becomes worthwhile to incorporate if your profits are mid 40s thousand.

Even at that, there are downsides. Dividends don't count as pensionable income, and many lenders don't accept them as actual income.

[WhileTheChief..]

Thanks.

[J-C]

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Yep.

Some taxi drivers use a Limited Company to hold the plate, purely to make sure it stays with their estate if they pass away. Nothing to do with saving tax.

It's so it stays in the family as you say, back in the day when the plate was worth something, probably nowadays not worth the hassle with the cost of running a taxi, lost a good few guys from the trade during the pandemic as it wasn't worth keeping it on the road due to the costs.

[CropleyWasGod]

Back to the Tories? 😀

[Keith_M]

If you want to go the route of avoiding Corporation Tax completely, then start up a business in Switzerland who have the sole rights to a company name like... well... how about "TaxAvoidersAreUs".

The second step is to create a contract with your Swiss based company for the rights to use that name in the UK, for a fee roughly equivalent to your business income.

The Net Income for your UK based company will then be zero, and you can make a deal with whichever Swiss state your other company is based in to operate under absolutely minimal taxation, with the implicit threat that you will move your business elsewhere if they don't agree.



I mean, if it works for Starbucks......

[Hibernia&Alba]

Redistribution of wealth from the poor to the rich

[Stairway 2 7]

OilSheppard
·
15m
SUNDAY NIGHT FEAR: The British pound has fallen below $1.08 as trading reopens in Asia

Those hoping Friday’s bloodletting was overdone are, so far, disappointed

All-time low of ~$1.05 from 37 years ago remains very much in play

[Callum_62]

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OilSheppard
·
15m
SUNDAY NIGHT FEAR: The British pound has fallen below $1.08 as trading reopens in Asia

Those hoping Friday’s bloodletting was overdone are, so far, disappointed

All-time low of ~$1.05 from 37 years ago remains very much in play

Already been (world) beaten by truss only weeks into her tenure

Mon the tories

https://twitter.com/BBCBreaking/stat...eFhzSa8sw&s=19

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[GlesgaeHibby]

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OilSheppard
·
15m
SUNDAY NIGHT FEAR: The British pound has fallen below $1.08 as trading reopens in Asia

Those hoping Friday’s bloodletting was overdone are, so far, disappointed

All-time low of ~$1.05 from 37 years ago remains very much in play

Kwarteng hinting at more tax cuts to come yesterday helping to spook markets further.

33/1 on Truss being emptied by the end of 2022 seems quite tempting just now. Already murmurings of Tory MPs being prepared to vote against her tax cuts, and others considering letters of no confidence.

[Stairway 2 7]

Monopoly money

@DuncanWeldon
·
7m
Worth noting sterling is down about 1.7% against the Euro too.

[Stairway 2 7]

This will be the largest real time spending cut since ww2

Steven_Swinford
Exclusive:

Public sector faces 2 year squeeze as Liz Truss axes plans for spending review

The spending envelope will be same as set out in 2021 - when inflation was forecast to peak at 4%

Means real terms pay cuts for millions & difficult choices for schools and hospitals

[Jack]

And remember the UK pays for its petrol and gas on the international markets in $s.

That budget is looking better all the time. Not. ********s!

[Stairway 2 7]

Can see a big boe rate rise in the next couple of days to prop up the pound

[hibsbollah]

‘World beating’
‘Strong and stable’

If our media did their job they’d be telling us the Tories have wrecked our economy and shouldn’t be trusted for a generation, like they did with Labour in the early 1980s.

[Callum_62]

Mind when we could've had a coalition of chaos?

Surely there some tory voters who can't continue to vote for them?

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[Keith_M]

Trussonomics


580.jpg

[ronaldo7]

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Trussonomics


580.jpg

The BBC just told me that although the £ is now at 1.07 to the dollar, its now heading in the right direction.

[Callum_62]

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The BBC just told me that although the £ is now at 1.07 to the dollar, its now heading in the right direction.

Lol, that's some take on events

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[hibsbollah]

The best thing I’ve read on social media today, is that the UK is now like when Scar and the hyenas took over the pride lands in The Lion King movie.

[Bostonhibby]

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The best thing I’ve read on social media today, is that the UK is now like when Scar and the hyenas took over the pride lands in The Lion King movie.

Didn't the Nasties just get rid of the lying king?

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[Stairway 2 7]

Housing collapse unlike we've seen before coming up.


BionicBanker
@BrokenBanker
market pricing in 5.5% UK interest rate now by March 2023, ie: 300bps hike from here. that's before things get going this morning

[GlesgaeHibby]

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Housing collapse unlike we've seen before coming up.


BionicBanker
@BrokenBanker
market pricing in 5.5% UK interest rate now by March 2023, ie: 300bps hike from here. that's before things get going this morning

Markets predicting 6% now. Just worked out that'd put my mortgage up by around 10k a year (assuming best deals were around 7.5% then). Absolutely mental...still a penny of income tax eh? Magic