George and the budget

[beorhthelm]

You miss the point, George leaps to defend his already well paid fellow Old Etonians their extraordinary bonus's, not their pay.

or, he leaps to defend something we are actually very good at so that we continue to benefit from it. the envy/hate of bankers blinds many, makes them unable to accept that we do something very well, and would rather destroy it out of some notion of rightousness. and it makes me have to stand up for the incompetant Osborne, which pisses me off no end.

 

[Pavilionaire]

Osborne: "So how much tax ARE you prepared to pay, you tax-avoiding *******s?"
Starbucks et al: "Bring it down from 28% to, say, 20% and you've got a deal".
Osborne: "Let's shake".

 

[El Presidente]

Osborne: "So how much tax ARE you prepared to pay, you tax-avoiding *******s?"
Starbucks et al: "Bring it down from 28% to, say, 20% and you've got a deal".
Osborne: "Let's shake".

Or alternatively get yourself a good accountant and a friend at HMRC such as Dave Hartnett and you can pay nothing.

 

[Herr Tubthumper]

Labour are ..........completely unelectable.

The next election is going to be fun.

 

[kingcole]

To be honest it's all bollocks.

Same old Tory tax cuts for millionaires are all you need to know about this budget.

The Deputy Speaker is a complete knob.

It's funny how people only see what they want to see.

As a higher rate tax payer, I will start paying 40% a bit sooner than before.

I have been considering hiring my first full time employee. That employee will now not pay tax on their first £10k and I am likely to do the hiring sooner rather than later due to the fact no employer NI will have to be paid.

How is this only benefiting the rich?

Are you also suggesting that only millionaires put fuel in their car and drink beer?

 

[franks brother]

From Wikipedia:
He was given a demyship to Magdalen College, University of Oxford[2] where he received a 2:1 bachelor's degree in Modern History.[7] At Oxford he edited the university's Isis magazine,[11] and was a member of the Bullingdon Club.[11] He also attended Davidson College in North Carolina for a semester as a Dean Rusk Scholar.[12]

After graduating in 1992, Osborne did a few part-time jobs including as a data entry clerk, typing the details of recently deceased into a NHS computer database.[13] He also briefly worked for a week at Selfridges, mainly re-folding towels.[13]

In 1993, Osborne originally intended to pursue a career in journalism. He was shortlisted for but failed to gain a place on The Times trainee scheme, and instead did freelance work on the Peterborough diary column of The Daily Telegraph. Some time later, an Oxford friend of his, journalist George Bridges, alerted Osborne to a research vacancy at Conservative Central Office.[13]


So George Osborne got a middling degree in Modern History from Oxford, inputted some data onto a computer and folded some towels for a week. He then failed to get a job at the Times, and instead worked on a column for the Telegraph.

He then went to work for the Conservative party

In 2012 he spent £694.89 BILLION of taxpayers money. It's quite incredible really that a man with no economic qualifications is in charge of such a vast sum of money.

It's no wonder we are in such a mess.

 

[Chicken Runner61]

If he really wanted to help most of us and business he could have cut VAT to 15%, a simple but effective move that would have benefited most people and business immediately.

It worked last time when Brown did it but for Osbourne to do it it would have proved that he stuffed up big time increasing it 20% so he has left it.

Vat is on everything even worming its way on to goods and services that should be totally exempt, its a cancerous tax, a tax on taxed income and a tax that can sometimes be avoided by rich people if they can lose it through their businesses and company accounts.

 

[El Presidente]

That employee will now not pay tax on their first £10k and I am likely to do the hiring sooner rather than later due to the fact no employer NI will have to be paid.

The employee will pay tax on his/her earnings under £10,000, the politicians just call it National Insurance instead.

I agree with you about NI'ers tax break though, that is skewed towards SME's, who are providing most of the employment growth in this country, so got to give credit for that one.

 

[Weststander]

1: The 8% cut is for large companies only, unless yours is making profits of £1.5 million a year then it does not affect you...............or 98% of companies.
2: Increasing the personal allowance is fine, (but does not come in for another 13 months) but the allowance for NI contributions (which is income tax wearing a false beard and glasses) still starts at £5,725, so people are paying tax at a much lower threshold than the stated £10,000.
3: The £2,000 cut is beneficial, but will be partly swallowed up by increases in business rates.

Small companies were already paying a paltry 20% on profits, one of the lowest rates in the world ... the only recent movement in rates, is that profits above £300,000 are rapidly being brought down to align with this.

The personal allowance has risen way above inflation in the last 3 years, and by next year will be at the long term goal of £10,000.

National insurance for low and and middle earners has not been increasing.
Employees national insurance is not payable on earnings up to £7,488 per annum. The lower threshold you mention has no tangible effect on pay packets.

Even then, in addition, national insurance is only payable on earned income.
There are many millions of taxpayers such as pensioners, those paying themselves dividends from their limited companies, recipients of benefits, and anyone with investment income who do not pay a jot of employees national insurance.

 

[Chicken Runner61]

The employee will pay tax on his/her earnings under £10,000, the politicians just call it National Insurance instead.

I agree with you about NI'ers tax break though, that is skewed towards SME's, who are providing most of the employment growth in this country, so got to give credit for that one.

Its only the first £2000 mind, but its one of the best things in the budget

 

[Weststander]

If he really wanted to help most of us and business he could have cut VAT to 15%, a simple but effective move that would have benefited most people and business immediately.

It worked last time when Brown did it but for Osbourne to do it it would have proved that he stuffed up big time increasing it 20% so he has left it.

Vat is on everything even worming its way on to goods and services that should be totally exempt, its a cancerous tax, a tax on taxed income and a tax that can sometimes be avoided by rich people if they can lose it through their businesses and company accounts.

VAT cannot be avoided by rich people.
It is easy to administer, and the clear and simple rules make a company's VAT return an easy thing to prepare, and so easy for HMRC to police.
Breaking VAT rules is a major offence, and easy to penalise, rather than the wishy-washy policing of income and corporation tax by that under staffed dept of HMRC.


VAT affects rich people in a big way too - expensive car purchases, luxury goods, clothes, holidays - they would be paying a lot of VAT with no way out of it.

 

[viscentaye]

1: The 8% cut is for large companies only, unless yours is making profits of £1.5 million a year then it does not affect you...............or 98% of companies.
2: Increasing the personal allowance is fine, (but does not come in for another 13 months) but the allowance for NI contributions (which is income tax wearing a false beard and glasses) still starts at £5,725, so people are paying tax at a much lower threshold than the stated £10,000.
3: The £2,000 cut is beneficial, but will be partly swallowed up by increases in business rates.

The cut in corporation tax is not 8% today, as of this morning it was 24%, it will be 23% next month, 21% from April 2014 and 20% from April 2015.

Yes, it means rates will have been cut by 8% from the 28% rate from a couple of years ago, but this has been interpreted by the media and some as a 'massive cut in CT rates' from 28% to 20% as of today.