I'm meaning as self employed bookkeepers not as individual tax payers.
I know they are all in favour of doing away with paper work but I'd be in favour of bringing the VAT threshold down to £10,000 so that anyone doing something for a living has to account for VAT. Might be a bit of work to be picked up but more from a fairness point of view all round.
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Never buy black socks from a normal shop. They shaft you every time.
VAT - it's either one way or the other. In some countries, there is a NIL registration band, so effectively all businesses must be VAT registered. Personally, I would like to see it go the other way, to at least £100k, so that fewer businesses were affected.
It's interesting how the OTS suggested merging tax and NI - something that the profession has known for years would make sense but would be an extremely hard sell politically - and it has snowballed, to the point that on the radio this morning, it was being discussed as a certainty.
The problem is, of course, that the country is stuffed. I would personally like to see the tax on employment removed - we are rewarded with 100% tax relief under the AIA for investing in machinery, but have an additional 12.8%, soon to be 13.8%, for taking on full time employees - but that ain't going to happen.
Can you remember the turmoil over the 10p tax fiasco a couple of years ago? Well merging tax and NI could end in riots!!
£10k (or preferably nil) VAT registration to force a level playing field rather than micro companies being able to undercut more established ones by the VAT.
Scrapping of IR35 (totally, with extreme prejudice and without replacement).
UK tax and NI contributions on foreign workers who are working in the UK but paid in their country of origin.
A new tax on companies using offshore workers.
Actually, scrapping of NI and admit that it's really just tax.
Sure that I'll think of some more but that's a good start.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I know it is not part of the budget but would love council tax merged with income tax and reformed funding of local authorities. Everybody lives somewhere so everybody has to pay local tax. I live in a house so I have to put my rubbish in a wheelie bin otherwise thay not just don't collect it but I get fined, if I would live in a same sq ft apartment I would not have a wheelie bin just bags and would not get fined regardless how many bags I put out...sorry again, it isn't related to budget,well unless the budget will be rubbish,too. Also I agree with the nil VAT treshold, it would simplify things and would encourage economical growth - at least in short term. I don't think merging tax and NI is a good idea (ok it is just a different tax,too), they could waste more money on NHS and state pension- waste instead of real achievements and reforms. Saying that i don't think there is a solution for state pension, most of the countries having problems with that...(stash your monies under your pillow, the safest way of saving so far)
£10k (or preferably nil) VAT registration to force a level playing field rather than micro companies being able to undercut more established ones by the VAT.
Scrapping of IR35 (totally, with extreme prejudice and without replacement).
UK tax and NI contributions on foreign workers who are working in the UK but paid in their country of origin.
A new tax on companies using offshore workers.
Actually, scrapping of NI and admit that it's really just tax.
Sure that I'll think of some more but that's a good start.
I agree with all that but if NI and PAYE were merged what would happen to people who have reached retirement age and still work who currently do not pay any more NI as it was supposed to be insurance money towards pensions, sickness and unemployment. I was quite looking forward to next year when I would no longer have to pay 8% of my meagre profit to HMRC!!!!
Would you also suggest that trades currently exempt from VAT should become registered because in the case of care/nursing homes that would increase the cost of care to the end user (old person) and enable the provider to reclaim vat on their purchases protecting and increasing their profits.
It 'aint easy this tax game.
I would also like us to adopt a flat tax scheme with everyone being able to make use of their tax free allowance by making it transferable within families, ie family with parent(s) and children being able to pool their allowances on say one person who is working.
or better still, fuel duty go down... It won't of course because fuel duty is what is forcing up inflation and I'm relatively certain that certain elements want that in order to justify an increase in the bank lending rate.
I like Attila's idea of scrapping Council Tax as like NI it's just another tax hidden to make us believe that we have a relatively low tax burden! (yer right). I find that one particularly onerous as there is absolutely no direct link between earnings and tax.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Considering the measures that still need to be put in place to sort out the mess that they made I would imagine that Labour will refer to this budget as Christmas as I'm expecting for there to be a lot of disgruntled voters after it!
Lets see if George Osbourne can mention austerity more times than Gordon Brown mentioned Prudence... Prudence, Pah. should have sent him the definition of the word out of FRS18.
P.S. oops, mispelt austerity.
-- Edited by Shamus on Wednesday 23rd of March 2011 12:02:48 PM
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Actually, so far I'm quite impressed with this budget. Lets see what happens about fuel duty.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I missed about five minutes of the budget. I had to shut down Google Chrome and then restart. I couldn't even get a 3g signal on my phone. Was there ANY mention of VAT in the budget?
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Never buy black socks from a normal shop. They shaft you every time.
seems to be a lot hidden between the lines in section 2.203.
How can they say though that abolition threatens substantial revenue loss when HMRC keep neither record of the income benefit of IR35 or how much they spend chasing IR35 cases!
From reading through I'm hoping that what they mean in the report is that HMRC will have a fairer and more transparent approach to IR35 rather than treating one man companies as criminals.
Some interesting reliefs being repealed in there including the long overdue Luncheon vouchers (section 2.172)
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
It's interesting how the OTS suggested merging tax and NI - something that the profession has known for years would make sense but would be an extremely hard sell politically - and it has snowballed, to the point that on the radio this morning, it was being discussed as a certainty.
It's interesting how the OTS suggested merging tax and NI - something that the profession has known for years would make sense but would be an extremely hard sell politically - and it has snowballed, to the point that on the radio this morning, it was being discussed as a certainty.
Spammers are becoming lazier.
In the past they have spammed this board by using random text from another part of the internet. Now they're just copying and pasting text from earlier on in the same thread.
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Never buy black socks from a normal shop. They shaft you every time.
Nick should be flattered that he's now being quoted verbatum! Maybe he can claim royalties (lol).
Must admit that I saw this first thing and was quite surprised that it wasn't one of the two (maybe!) Americans who both write in exactly the same way who have been posting quite difficult to decifer messages on here for the past few days.
Some of the messages have been totally wrong and I have felt obliged to add my comments before one of the readers on here takes some of the advice. (Charities don't have to pay tax comes straight to mind there!).
Quite a few of these have appeared in the past but then usually disappear just as quickly. I think that all that we can do is minimise any damaging advice that they give whilst they are here.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
