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The Budget, March 3rd, 2021.


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Make your hopes and dreams for the budget become policy?

You still have time to submit a representation. They close at 5pm on Jan 14th.

 

Quote

 

Guidance on how to submit a Budget representation, which is a written representation from an interest group, individual or representative body to HM Treasury with the aim of commenting on government policy and/or suggesting new policy for inclusion in the upcoming Budget.

HM Treasury welcomes representations as part of the policy-making process. The views of stakeholders are gratefully received.

The Budget 2021 representations portal can now be accessed. HM Treasury will accept representations until 5pm on 14 January, at which point the portal will close. This deadline allows time for representations to be processed and ensures that the relevant officials are able to consider them in time as part of policy-making.

https://www.gov.uk/government/publications/budget-representations-guidance?

 

 

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Cut public sector sick pay to statutory and watch "Long Covid" disappear overnight.

Is it still possible to have a budget if you have no money and are trillions in debt? What are we budgeting, exactly? The money which we will print?

I'm 55 and trying the brute force approach now instead of having nice stuff and doing nice things and I know its going to get worse but as a healthy worker of this age who is not on bennies it is demo

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A 10% tax on the furloughed on return to work levied for a period twice that for which they were furloughed. It would only bring in one quarter of the money they were given but it is better than nothing.

Yes, I know I haven't done all the maths to allow for tax allowances and people earning over the furlough limit, etc. 

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25 minutes ago, Errol said:

Most would gladly pay it if they could work from home forever. Even with a tax of a hundred pounds a month, people would be far, far better off.

I effectively pay this tax since post-lockdown I can no longer rent out my parking space for £90 a month.

But it's the best 90 a month I've spent to have a lie in, no commute, and no office.

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1 hour ago, Errol said:

Is it still possible to have a budget if you have no money and are trillions in debt?

What are we budgeting, exactly? The money which we will print?

Budgets are a transfer of wealth from the PAYE class to the wealthy. Covid is going to be a great excuse to do more of it.

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I'm pretty sure I read somewhere that tax increases can't pay for this sh*tshow because even if everyone in the country paid 100% of their income in tax it would still take thousands of years to pay it off, or something.

My guess is this budget will be mostly printy-printy, with some nominal increases in tax to make it look like they're being fiscally responsible, plus some cuts to a few things that they want to get rid of anyway, like border controls. 

One thing I'm surprised they haven't done is issued some sort of Covid Bonds like the old War Bonds, it could be done via NS&I with some coffin-dodger celebrity advertising them. The boomers would love it.

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Things I'd like:

  • A special one-off ability to pay back into ISAs money that was withdrawn in FY2020, beyond the normal ISA annual allowance.  I've allow it to be used over a 5 year period.  This would help people that have had to dip into savings to survive this period.
  • A one-off tax-credit (proper one, not the stupid 'not actually a tax credit' WTC) equal to some fraction of the difference between the average of the prior 5 years taxable income (from tax return or PAYE) and the taxable income for FY2020.  I'd suggest a tax credit of 50% and for income up to the upper tax threshold (as I'm mean) and usable over the next 3 financial years.

[Ie, if you normally earn £60k (over the £50k upper rate threshold) and earned £30k in FY2020, then you should have a tax credit of 50% * (£50k - £30k) = £10k. ]

  • I'd do the same for corporation tax, perhaps up to a maximum of about £50k.  [ie, work out average profit for 2014-2019, subtract profit for FY2020 and times 50%.]

I'd suggest 'something like that' would help support folk and companies whose income has been decimated by the covid response, and who haven't been helped so much by the 'help the economy' measures.

  • As an exact opposite, I'd suggest a 'covid profiteers' tax, to try to get some relative income from those individuals / companies that have really hit a jackpot with Covid.   So, calculate average income / profit for individuals / companies for FY2014-2019 and compare with FY2020.  Include an additional 'covid recovery tax' of 5% (say) over their normal rate.
  • For companies formed in 2020 I'd suggest a forward looking equivalent (the companies probably would end up being wound-up, but you have to at least try).

[Eg, if a person normally earned £40k, but managed to make £60k in FY2020, then take all the normal tax for their £60k, but also an additional (£60k - £40k) * 5%, or an extra £1k in tax. ]

 

But they won't do that.  They'll shove up corporation tax to 20%. 

I'd like it if they tried to harmonise tax rates for earned vs unearned income -- I've always found it a bit weird that the taxation of income from labour is substantially less than the taxation of income derived from wealth.

A wealth tax would be a reasonable idea -- I'd suggest they'll do 0.5% for wealth over £1 million.  But they'll muck it up and it'll turn out that all the wealthy won't pay and the only people paying out will be working class folk in London that bought a house in the 80's.

 

 

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33 minutes ago, dgul said:

Things I'd like:

  • A special one-off ability to pay back into ISAs money that was withdrawn in FY2020, beyond the normal ISA annual allowance.  I've allow it to be used over a 5 year period.  This would help people that have had to dip into savings to survive this period.
  • A one-off tax-credit (proper one, not the stupid 'not actually a tax credit' WTC) equal to some fraction of the difference between the average of the prior 5 years taxable income (from tax return or PAYE) and the taxable income for FY2020.  I'd suggest a tax credit of 50% and for income up to the upper tax threshold (as I'm mean) and usable over the next 3 financial years.

[Ie, if you normally earn £60k (over the £50k upper rate threshold) and earned £30k in FY2020, then you should have a tax credit of 50% * (£50k - £30k) = £10k. ]

  • I'd do the same for corporation tax, perhaps up to a maximum of about £50k.  [ie, work out average profit for 2014-2019, subtract profit for FY2020 and times 50%.]

I'd suggest 'something like that' would help support folk and companies whose income has been decimated by the covid response, and who haven't been helped so much by the 'help the economy' measures.

  • As an exact opposite, I'd suggest a 'covid profiteers' tax, to try to get some relative income from those individuals / companies that have really hit a jackpot with Covid.   So, calculate average income / profit for individuals / companies for FY2014-2019 and compare with FY2020.  Include an additional 'covid recovery tax' of 5% (say) over their normal rate.
  • For companies formed in 2020 I'd suggest a forward looking equivalent (the companies probably would end up being wound-up, but you have to at least try).

[Eg, if a person normally earned £40k, but managed to make £60k in FY2020, then take all the normal tax for their £60k, but also an additional (£60k - £40k) * 5%, or an extra £1k in tax. ]

 

But they won't do that.  They'll shove up corporation tax to 20%. 

I'd like it if they tried to harmonise tax rates for earned vs unearned income -- I've always found it a bit weird that the taxation of income from labour is substantially less than the taxation of income derived from wealth.

A wealth tax would be a reasonable idea -- I'd suggest they'll do 0.5% for wealth over £1 million.  But they'll muck it up and it'll turn out that all the wealthy won't pay and the only people paying out will be working class folk in London that bought a house in the 80's.

 

 

Not sure about this I have made nothing from COVID itself but last year 20 was my best ever and more than doubled my turnover and profit. 

It was done despite the conditions not because of and I worked hard 12 hours pretty much every day to achieve it. 

God knows what this year will be like

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https://www.which.co.uk/news/2020/11/four-major-capital-gains-tax-changes-the-chancellor-is-considering/

Quote

Four major capital gains tax changes the Chancellor is considering

New report suggests doubling CGT rates and slashing the CGT allowance

The capital gains tax (CGT) system could be made simpler and fairer by reducing the annual exempt amount and raising rates to match income tax, according to a recent report from the Office of Tax Simplification (OTS).

:PissedOff:

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3 hours ago, choochoo said:

Bounceback loans written off xD

Debt collectors want bigger role in recovering bounce back loans

UK Treasury under growing pressure to minimise taxpayer losses from the scheme

https://www.ft.com/content/0ca04b82-060e-4d2a-ae68-f932595214fa

Is Fredas Fudge?

Good. I'm Dave and this is knuckles.

HMRC have tasked us with recovering the 50k you've borrowed.

Those are a nice pair of boobs. Have you considered going on the game? Knuckles has a side line. Good looking woman like you, £500 a night.

You do fo anal? And watersports?

........

 

After HMRC, the other person you dont want on your back are the banks. At least if you've got assets.

I cant imagine anything worse than a HMRC-Barclays tagteam.

 

 

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