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The Rabbit Hole

  • #3,301
  • Apr 19, 2017 9:43am Apr 19, 2017 9:43am
I can't decide if this is Labour trying hard to lose ... or to win?
https://uk.finance.yahoo.com/news/labour-hints-plans-hike-tax-rich-earning-70k-115505211.html
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #3,302
  • Apr 19, 2017 9:43am Apr 19, 2017 9:43am
Quoting Exodus
{quote} Ouch! ...are you sure that wasn't a she? ..left wrist obviously punished
Women aren't that stupid.
  • #3,303
  • Apr 19, 2017 9:44am Apr 19, 2017 9:44am
Quoting jen101
{quote} Women aren't that stupid.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #3,304
  • Apr 19, 2017 9:47am Apr 19, 2017 9:47am
Quoting Exodus
I can't decide if this is Labour trying hard to lose ... or to win? https://uk.finance.yahoo.com/news/labour-hints-plans-hike-tax-rich-earning-70k-115505211.html
McDonnell is a self confessed Marxist. He means it. You have to destroy first before you can rebuild.
  • #3,305
  • Apr 19, 2017 10:05am Apr 19, 2017 10:05am
£70-80k is his definition of rich, which is (coincidentally?) just marginally above his MPs salary of £67,000 meaning that he would of course be exempt

According to the dailymail:

  1. John McDonnell revealed he received 61,575 of taxable income from Parliament in the 2014/15 tax year - on which he paid tax of 14,253. The difference between this figure and an MP's 67,060 salary is understood to be related to pension contributions.
    Read more: http://www.dailymail.co.uk/news/article-3425271/John-McDonnell-publishes-tax-return-online-raises-pressure-George-Osborne-admit-pays.html#ixzz4ehwj1OUk

£14,000 is a lot of money in tax, but that seems a little short for £61k of taxable income?

What I don't get is that if people believe there isn't enough tax being paid why can't they can set the example by voluntarily paying more themselves. The salvation army is ready and waiting for their donation lol. Why does it have to be the other guy paying more tax.

  • #3,306
  • Apr 19, 2017 11:30am Apr 19, 2017 11:30am
Quoting verv
70-80k is his definition of rich, which is (coincidentally?) just marginally above his MPs salary of 67,000 meaning that he would of course be exempt According to the dailymail: John McDonnell revealed he received 61,575 of taxable income from Parliament in the 2014/15 tax year - on which he paid tax of 14,253. The difference between this figure and an MP's 67,060 salary is understood to be related to pension contributions. Read more: http://www.dailymail.co.uk/news/article-3425271/John-McDonnell-publishes-tax-return-online-raises-pressure-George-Osborne-admit-pays.html#ixzz4ehwj1OUk...
It has been proven time and time again that the more you put up taxes, the less you collect. Since the new stamp duty bands the housing market at the "top" end has stalled and less is collected. Also an extra 3% stamp duty on "second" homes (which includes BTL property) I bet is having a detrimental effect. I would love to see some figures, though I guess that would be harder to quantify and easy to fudge. Not to mention there is the abolition of mortgage interest to be a consideration of costs. I'm selling up and putting my money elsewhere. This Tory government seems only to be good for delivering Brexit (maybe). Otherwise they are the same old LibLabConned.
  • #3,308
  • Apr 19, 2017 2:15pm Apr 19, 2017 2:15pm
Quoting verv
{quote} Whose standard are you judging this on Exodus? Your own standard? What about a standard were we compare the USA against other countries. Would you invest your money China, or Russia, or South American countries, Africa countries, eastern European countries in preference to the USA? - I know I wouldn't. It's very easy to point the finger at America, but name countries with better regulated capital markets, a government with a track record comparable to the USA, which guarantees financial protection for individuals and corporations? The UK...
I have a hollowed out tree that nobody knows about and a 45 gallon drum, all greasy and oily on the outside but pristine and dry on the inside. All I ask is a modest handling fee.
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #3,309
  • Apr 19, 2017 2:27pm Apr 19, 2017 2:27pm
Most international finance has historically had to settle through the US system of correspondent accounts. This is how the US has had countries and large corporations by the short and curly's. This has obviously been a substantial earner in fees and if you don't cough up you get fined by the US government. If you say "Do One" they have the potential to shut down your clearing systems overnight as most is routed through U.S. So they pay the bill.

EDIT:
I have not read back posts sorry but my eyes said no you making me feel dizzy.
Jen hope you had a fine time. My slippery capers have largely been confined to sliding down a steep road on an old tin tray and hope no cars passing at the bottom. Managing risk even as a child but at least you were allowed to back then.
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #3,310
  • Apr 19, 2017 3:25pm Apr 19, 2017 3:25pm
http://victuruslibertas.com/2016/08/foreign-banks-bypassing-u-s-to-clear-and-settle-international-financial-debts/
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #3,311
  • Apr 19, 2017 4:30pm Apr 19, 2017 4:30pm
Quoting Stu Effex
Most international finance has historically had to settle through the US system of correspondent accounts. This is how the US has had countries and large corporations by the short and curly's. This has obviously been a substantial earner in fees and if you don't cough up you get fined by the US government. If you say "Do One" they have the potential to shut down your clearing systems overnight as most is routed through U.S. So they pay the bill. EDIT: I have not read back posts sorry but my eyes said no you making me feel dizzy. Jen hope you had...
LOL. Succinctly said. Yes, fine time thanks!

I see the slippery snake oil seller above got the boot promptly. On the ball Twee!
  • #3,312
  • Apr 20, 2017 1:09am Apr 20, 2017 1:09am
Quoting verv
70-80k is his definition of rich, which is (coincidentally?) just marginally above his MPs salary of 67,000 meaning that he would of course be exempt According to the dailymail: John McDonnell revealed he received 61,575 of taxable income from Parliament in the 2014/15 tax year - on which he paid tax of 14,253. The difference between this figure and an MP's 67,060 salary is understood to be related to pension contributions. Read more: http://www.dailymail.co.uk/news/article-3425271/John-McDonnell-publishes-tax-return-online-raises-pressure-George-Osborne-admit-pays.html#ixzz4ehwj1OUk...
After your comment I did a quick sum. The figure seems about right for the current (recently expired) tax year. Don't forget to take off the 11,000 personal allowance first....
Attached Image (click to enlarge)
Click to Enlarge Name: HMRC_taxrates_2016-7.png Size: 47 KB
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #3,313
  • Apr 20, 2017 4:12am Apr 20, 2017 4:12am
Quoting Exodus
{quote} After your comment I did a quick sum. The figure seems about right for the current (recently expired) tax year. Don't forget to take off the 11,000 personal allowance first.... {image}
That makes more sense I suppose.

The way it is worded I thought the 11,000 had already been reduced and that the 61k was the amount to be taxed.
  • #3,314
  • Edited 6:53am Apr 20, 2017 6:38am | Edited 6:53am
Quoting jen101
{quote} It has been proven time and time again that the more you put up taxes, the less you collect. Since the new stamp duty bands the housing market at the "top" end has stalled and less is collected. Also an extra 3% stamp duty on "second" homes (which includes BTL property) I bet is having a detrimental effect. I would love to see some figures, though I guess that would be harder to quantify and easy to fudge. Not to mention there is the abolition of mortgage interest to be a consideration of costs. I'm selling up and putting my money elsewhere....
When I first heard about the removal of mortgage interest as a valid expense I considered it alongside a domestic purchase, you can't claim relief on domestic mortgage interest so why be allowed to claim against a BTL property. Then I put on my business hat. Financing costs are a valid business overhead that can be offset against income ... so Mr.Osborn has effectively removed the right of an individual to carry on a business as, say, a sole trader on the same basis as that enjoyed by incorporated businesses. In other words, as a private individual you must pay tax on mortgage interest.

In my case the interest represents 7% of gross rental-business income and I am considering when to repay the principal. For those with a finely balanced cash-flow situation it is end-game; or work to pay the extra tax. However what the short-sighted chancellor did not, perhaps, envisage is that the extra would be immediately passed-on to the tenants. So hats-off to G.O. who has successfully taxed tenants for renting a property.

Let's hope he makes a better job of being an editor.....
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #3,315
  • Apr 20, 2017 6:47am Apr 20, 2017 6:47am
Quoting jen101
{quote} It has been proven time and time again that the more you put up taxes, the less you collect. Since the new stamp duty bands the housing market at the "top" end has stalled and less is collected. Also an extra 3% stamp duty on "second" homes (which includes BTL property) I bet is having a detrimental effect. I would love to see some figures, though I guess that would be harder to quantify and easy to fudge. Not to mention there is the abolition of mortgage interest to be a consideration of costs. I'm selling up and putting my money elsewhere....
http://www.bbc.co.uk/news/uk-politics-39641222
  • #3,316
  • Apr 20, 2017 7:11am Apr 20, 2017 7:11am
Quoting Exodus
{quote} When I first heard about the removal of mortgage interest as a valid expense I considered it alongside a domestic purchase, you can't claim relief on domestic mortgage interest so why be allowed to claim against a BTL property. Then I put on my business hat. Financing costs are a valid business overhead that can be offset against income ... so Mr.Osborn has effectively removed the right of an individual to carry on a business as, say, a sole trader on the same basis as that enjoyed by incorporated businesses. In other words, as a private...
Easiest way to bypass it all: ltd company. You know what, since that all became an issue, lenders are offering limited companies the same BTL deals as individuals. Osbourne is such an idiot. Out of his 20 predictions for project fear, only 2 have materialised.
  • #3,317
  • Apr 21, 2017 2:43am Apr 21, 2017 2:43am
....just listening to R4, Marine LePen at one of her rallies .... all were singing the Marseillaise .... sounded just like a clip out of Minions....
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #3,318
  • Apr 21, 2017 11:48am Apr 21, 2017 11:48am
https://youtu.be/6filPCtrt0c
  • #3,319
  • Apr 24, 2017 3:32am Apr 24, 2017 3:32am
This place is really quiet ... considering that the French 'established' politicos have just been kicked out of the Presidential race
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #3,320
  • Apr 24, 2017 3:55am Apr 24, 2017 3:55am
Quoting Exodus
This place is really quiet ... considering that the French 'established' politicos have just been kicked out of the Presidential race
Hey Ex you just woke me ! The French are halfway there I just hope the French don't fall for the likely continuing barrage of nonsense about Madame Le Pen being "Extreme Right" the story is so old and washed out now but the chant still continues.
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
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