Ross Miller
- Location: London Road, Dover
- Registered: 17 Sep 2008
- Posts: 3,707
Tax avoidance, which any decent IFA or accountant can advise you on is perfectly legal.
What is galling is not so much that people take advantage of the allowances and loopholes in our Byzantine tax code, but that HMG agrees to allow such things as the situation with the Student Loans boss, Vodafone etc. rather than closing the loopholes.
When I was younger the UK tax code "bible" Tolleys used to run to 1 volume, it now runs to over 12 separate volumes of varying thicknesses, due to the ever growing complexity of the code. Successive governments have failed to address this and have just added more "stuff" rather than sweeping clean and implementing a better, simpler system.
The simpler it is the less likely any of us are to over pay etc.
"Dream as if you'll live forever. Live as if you'll die today." - James Dean
"Being deeply loved by someone gives you strength,
While loving someone deeply gives you courage" - Laozi
Guest 698- Registered: 28 May 2010
- Posts: 8,664
I favour the American Alternative Minimum Tax concept whereby high earners, no matter how many tax avoidance schemes they employ, can never reduce their federal income tax bill below a certain percentage of their gross income, and schemes to defer income to future years are no-no.
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Ross - what you say about Tolley's is 100% right and is exactly what I have been saying for a long time about how taxes need to be simplified (and lowered) and how a simplified system will make tax fairer in the true sense and would leave fewer opportunities to avoid tax. I do not remember the exact statistics but way more than half of the growth in the size of Tolley's was under the Chancellorship of Gordon Brown - his big achievement was an unprecedented increase in tax complexity.
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
There is renewed pressure for Cameron to get to grips with the Multi-million pound bonuses and not just keep kicking them in the long grass.....`Bonus Culture`should be put to a commons vote.
Latest in line for big bonuses are Sir David Higgins CEO and five executive directors of Network Rail who receive £ 4 Billion yearly in taxpayers subsidy........should make rail users smile!!!
For bonuses of this nature to continue while the Wellfare Reform Bill will take money away from disabled children,cancer sufferers and low pay is not acceptable in a ``fair society``
Are finance advisors who `assist`Britains top earners to avoid paying their taxes a benefit to the nation?
If all forms of avoiding tax are removed the treasury and the nation would be better off by millions of pounds and it would be a small step toward fairness.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Stuff being a benefit to the nation on your terms Reg. I find your attitudes utterly deplorable.
I prefer being a benefit to the people who I advise and help, the retired lady, the postman, the teacher and the businessman - all of whom I helped with tax, investment and savings issues this past week.
A few days after I have paid over £10,000 in tax your idea of 'fair' is a sore point to me. You have argued on here against setting a cap on benefits and are quite happy to allow scroungers the ability to make a career out of benefits.
In other words take the money I have worked hard to earn (along with that of millions of others) and pay it to those who sit on their backsides with no intention of working. That is not my idea of fairness. That £10k I paid to the government was MY money - no-one else's and I only had it because I set up and developed a successful business taking risks at a time I had a young family. People who earn the money deserve advice on how to keep more of it legally and the laws are there, as a matter of fact, for a reason. I am very proud of what I do..
I will give you an example of the elderly lady mentioned above being careful to protect her anonymity.
How fair is it that someone over age 65 is effectively taxed at 30% on their gross taxable income above £24,000 pa?
That lady has a state pension and a private pension with her lifetime savings of just over £200,000. The bulk of the interest on her savings was suffering that 30% tax - hit by what is called the 'age allowance trap'. By rearranging her savings I was able to eliminate her 30% tax liability and more than double her income from the investment.
What you were saying in your post #244 is that this lady should not have had that advice and that she should go on paying that unnecessarily high level of tax.
You should be ashamed of yourself.
You place the dictatorship and needs of government over the needs of the individual - these attitude are simply deplorable.
To be fair to you, quite frankly, you clearly have absolutely no idea of what the implications of what you advocate are, either to individuals or the economy, and you just ignore the facts that do not fit your pre-conceived prejudices.
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
Barry, we all pay tax, including when we go shopping.
Generally speaking, if you earn more, you'd be expected to pay more tax.
But there are also many people who do not realise they could be claiming more benefits. If you know people who are not claiming the full benefits they are entitled to, one should let them know. This is mandatory advice from the Council.
Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
isn't it great that our barryw is back
the only one with knowledge of the financial world(or so he says) lol
ALL POSTS ARE MY OWN PERSONAL VIEWS
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
Yes Keith, and how we know and understand nothing!
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Keith - no, not the only one, I respect the financial knowledge of Ross and Peter even when I disagree with them, after all finance is my subject whereas the person you consider to be a financial guru, his financial knowledge is, to put it mildly, lamentable - completely non existent.
Might I suggest that you make intelligent responses to subjects under discussion if you are able rather than just have petty digs to compensate.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
what i'm saying mr williams is that there are a number of people with knowledge of finance etc including yourself
don't think reg would have got where he did without financial knowledge
ALL POSTS ARE MY OWN PERSONAL VIEWS
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
wot happened there lol
delete some pls paulb or howard
ta
ALL POSTS ARE MY OWN PERSONAL VIEWS
Jan Higgins
- Location: Dover
- Registered: 5 Jul 2010
- Posts: 13,895
-----------------------------------------------------------------------
I try to be neutral and polite but it is hard and getting even more difficult at times.
-------------------------------------------------------------------
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
all done keith i think mr williams would have taken your point anyway.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Mr Sansum - still not making relevant points - you and Reg on financial/economic matters - the blind leading the blind...that sums it up.
Jan Higgins- Location: Dover
- Registered: 5 Jul 2010
- Posts: 13,895
Oh dear, now my post makes no sense......... as per usual
.
-----------------------------------------------------------------------
I try to be neutral and polite but it is hard and getting even more difficult at times.
-------------------------------------------------------------------
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
Reg is right, avoiding paying tax is causing a constant loss to the Treasury.
My guess is, we could be talking here of billions of pounds a year disappearing through loop-holes. Close all loop-holes, I say! Tighten the net!
Ross Miller- Location: London Road, Dover
- Registered: 17 Sep 2008
- Posts: 3,707
How can we put this simply
TAX AVOIDANCE IS LEGAL
If the government cannot close the loopholes, reduce the allowances etc. then it is only right that savvy people take advantage.
Alexander when you say those who earn more should pay more is that in absolute or relative terms?
"Dream as if you'll live forever. Live as if you'll die today." - James Dean
"Being deeply loved by someone gives you strength,
While loving someone deeply gives you courage" - Laozi
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
i think everyone is aware that tax avoidance is legal.
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
# 258.......ofcourse they do......it`s the morality and effect to treasury coffers that leave a bad taste.......
Guest 698- Registered: 28 May 2010
- Posts: 8,664
Adam Applegarth, Fred Goodwin, Andy Hornby, Sir Terry Wogan. Which one is the odd man out and why?
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson