More cuts from failing Osborne

[ntluser]

No way! She's a national treasure!!

[spanna]

Originally Posted by Osem

While we're on about companies which arrange their affairs, legally, to minimise what they pay in tax, let's not forget all the celebrity luvvies, footballers, musicians, TV presenters, etc. etc. etc. who do exactly the same. Let's especially not forget those who at the same time preach 'morality' to the rest of us...

from your report

report] confirms that the richest have lost the most from the Government’s changes to taxes and welfare. Treasury analysis has shown that throughout the parliament that the richest 10 per cent of households have made the largest contribution to reducing the deficit. The Treasury presents the most complete, rigorous and detailed record of the impact of this government's policies on households. At Autumn Statement this confirmed that the richest 20 per cent of households will contribute more to reducing the deficit than the remaining 80 per cent put together.”

------------


It should come as no suprise that when the government reduce what it is paying out, that those who receive the most lose the most and those that receive little are "remarkably unscathed"

Originally Posted by GrimUpNorth

Thanks Hugh but loosing the link to the article about the Osborne family business still managing to pay out £335,000 in dividends at the same time as things being so bad that it pays no corporation tax is poor editing. Unless you think what they are doing is morally acceptable?

Cheers

Grim

You do know that Corporation Tax is paid on profits for that year, not turnover, don't you?

The previous years there had been losses in the business, with no dividends paid - link to annual reports here.

From Wiki - Osborne & Little recorded a pre-tax profit of £722,000 on turnover of £34 million in 2014/5. The highest paid director, possibly Peter Osborne, was paid £684,000. Using the 2014/15 UK income tax calculator reveals this would result in combined income tax and national insurance deductions of £310,838.28.

In 2015 it was revealed by Private Eye that, despite having made a pre-tax profit of £722,000, the company paid no corporation tax for the year 2015 – thereby avoiding a "tax bill" of £179,000. The magazine also revealed that the company had not paid any corporation tax since 2008 and had even received a tax credit of £12,000 in the year 2010. This was due to the company making losses totaling £9 million between 2009 and 2014, which allow the carry forward of credits for losses against the 2015 corporation tax bill.

Do you think that all of the hundreds of thousands of companies that offset Corporation Tax because of trading losses are in the wrong, or just Osborne & Little?

The worst thing about Labour's incompetence at the moment is that Osborne doesn't have anyone to really call him out on his budget. He hasn't done that well really. This last year is peak-Osborne. He introduced tax credits amongst a bullish assessment of the economy, he then rolled that back after a HoL rebellion and 'finding' a couple of billion down the sofa, and now it seems he is going to have to cut hard and quickly. He keeps making optimistic deadlines for when the deficit will be cut before missing them.

It's 6 years on now. He can't, although probably will, come out with the 'fixed the roof when the sun was shining' metaphor because he isn't.

The main argument in his favor is that you have Mao-quoting, IRA-supporting, incompetent opposite him. However if your strongest suit is that you're not John McDonnell then you have problems.

[Osem]

Originally Posted by spanna

from your report

report] confirms that the richest have lost the most from the Government’s changes to taxes and welfare. Treasury analysis has shown that throughout the parliament that the richest 10 per cent of households have made the largest contribution to reducing the deficit. The Treasury presents the most complete, rigorous and detailed record of the impact of this government's policies on households. At Autumn Statement this confirmed that the richest 20 per cent of households will contribute more to reducing the deficit than the remaining 80 per cent put together.”

------------


It should come as no suprise that when the government reduce what it is paying out, that those who receive the most lose the most and those that receive little are "remarkably unscathed"

I really haven't got a problem with the rich who pay what they should, and do in fact pay in far more than they get out. My problem is with the rich who lecture the rest of us about morality and charity whilst doing their utmost to avoid paying UK tax by, for example, moving to places like Monaco.

[Mr K]

Originally Posted by Osem

My problem is with the rich who lecture the rest of us about morality and charity whilst doing their utmost to avoid paying UK tax by, for example, moving to places like Monaco.

Reminds me about Cameron's pledge for the cabinet the publish their own tax returns. It's never happened, wonder why?

[TheDaddy]

Originally Posted by GrimUpNorth

Thanks Hugh but loosing the link to the article about the Osborne family business still managing to pay out £335,000 in dividends at the same time as things being so bad that it pays no corporation tax is poor editing. Unless you think what they are doing is morally acceptable?

Cheers

Grim

Something which Gideon said was morally reprehensible

Sorry my mistake, morally repugnant were his exact words, which is kinda worse really

http://www.cableforum.co.uk/board/35822153-post25.html

Well, Osborne & Little are in good company using deferred tax credits, with the Guardian Media Group and Trinity Mirror using deferred tax credits of millions of pounds in 2013 and 2014 - strange no one is outraged about them...

[Arthurgray50@blu]

Firstly, the present problems and the past has NOTHING to do with a Labour Government.

Since Cameron and his puppets got into power. They have well looked after each other, paid themselves lots of money in pay rises.

And yet the rest of the country, have really suffered. My son who is diables, as had his benefit cut in two. By the shameful DWS.

The Conservative lovers on this forum, who say. Where does this extra money come from.
Quite simple, stop sending millions of pounds oversea's. Stop finding money to help countries.

then there wont be any problems on Budget.

I suggest everyone watch the YouTube item on Mhaini Black, who is MP in Scotland.

This is the type of MP, to run the Labour Party. She has spoken from the heart. And brilliant.

Obviously, her speech was in a nearly empty house. But this is what the Labour Party need.

When Osborne makes his Austery cuts, he will tear more money back from us - yet, pay the cronies, who play on there ipads, and fall sleep in the House.

There is one big difference in this country, the rich, and the poor. There are two divides

Corbyn, doesn't have the bottle to take on Cameron, this is why the Tories, will be around for many years.

---------- Post added at 20:25 ---------- Previous post was at 20:07 ----------

http://www.mirror.co.uk/news/uk-news...feated-7467001

Just come in

[techguyone]

Originally Posted by Arthurgray50@blu

I suggest everyone watch the YouTube item on Mhaini Black, who is MP in Scotland.

Umm she's SNP not Labour and it's MHAIRI (Maybe the Scots can't spell Mary)

[Arthurgray50@blu]

It was a hypothetical question. Miss Black spoke with passion, for her voters. This why she got elected.

She should take over from Corbyn (by joining Labour)

[TheDaddy]

Originally Posted by Hugh

Well, Osborne & Little are in good company using deferred tax credits, with the Guardian Media Group and Trinity Mirror using deferred tax credits of millions of pounds in 2013 and 2014 - strange no one is outraged about them...

Gideon is outraged for one, they're all fine examples of what he called morally repugnant

[nomadking]

Originally Posted by Hugh

It's a bit unfair of you to blame Labour for

If Labour hadn't gone on a splurge of spending and borrowing then maybe further cutbacks might not have been needed and the country could weather out any impending international economic storm.

Originally Posted by TheDaddy

Gideon is outraged for one, they're all fine examples of what he called morally repugnant

No, they're not - you are deliberately mis-quoting him, as he was talking about people/companies who set up/utilise dodgy tax-avoidance schemes which would be challenged by HMRC, whereas in this case we are discussing something that is on the HMRC website, with guidance, and that is used every year by thousands of companies legally and without challenge from the HMRC.

But you already knew that, but didn't let it stop you making a cheap political point...

http://www.bbc.co.uk/news/business-17525977

In his Budget speech, Chancellor George Osborne spoke of his disdain for tax evasion and aggressive tax avoidance, describing both as "morally repugnant"....

...A GAAR is aimed at deterring abusive tax avoidance - as opposed to tax evasion - schemes by reducing legal uncertainty around what constitutes aggressive tax avoidance and what constitutes legitimate tax planning.

Deferred tax credits are no more morally repugnant than pension tax relief - they are both defined and managed by HMRC, under strict guidelines.

[Ignitionnet]

Originally Posted by nomadking

If Labour hadn't gone on a splurge of spending and borrowing then maybe further cutbacks might not have been needed and the country could weather out any impending international economic storm.

The spending wasn't actually excessive the problem was how thin the tax base was. Much as it is now actually, the economy having not been balanced.

I am guessing this is a bad thread to ask for ways to mitigate the insane tax rate at £100k?