[Finance] If you were given a totally legal way of paying less tax would you take it?

[studio150]

It was 95% not 98%. Listen to the lyrics of the Beatles song Taxman.

Should 5% appear too small,
Be thankful I don't take it all.

http://moneyquestioner.co.uk/music-and-money/taxman-50-years-beatles-revolver/

98% with the surcharge

 

[Brighton Mod]

Seriously? Are you really being serious?

The amount of tax avoided by contractors is far greater than the amounts we are talking about with the rich and famous. Tax evasion at the lower level is rife, and illegal, and all too often left unpunished.

Tesco Blue, Tesco Square such companies based in the British Virgin Islands and the Cayman Islands that own individual Tesco stores and alleviate paying tax in the UK. Such an example is the tip of the iceberg, this country is heamoraging unpaid tax to multi nationals and world corporations at one end and paying out pensions to people in Yemen aged over 100 years old along with over 2,50 benefit claimants at the other. Surprise , surprise whose paying for it all, that will be the middle and upper working class and the middle class. Whose responsible, successive British governments with their misled snouts in the trough, its all a mess!!

 

[beorhthelm]

And of course its this money that is driving house prices beyond the reach of the average worker.I also believe that CGT is not paid by those who have bought in London for an investment only and then sell on, if they are from overseas. More evidence of weak willed politicians on both sides of the house, they are driven by greed and avarice not the 'I came into politics to help people'. If any British government truly wanted to sort out this tax mess they could, but they don't have the will.

you would be wrong, they changed this a few years ago so that non-residents pay CGT. more evidence that things are changed in the tax system for the better but no one notices or give due credit when done.

 

[Brighton Mod]

you would be wrong, they changed this a few years ago so that non-residents pay CGT. more evidence that things are changed in the tax system for the better but no one notices or give due credit when done.

Then I stand corrected, strange that no government has ever shouted loud about it, would have thought that such success would have been well promulgated. But doesn't change my point about political will among our politicians and goverments. Why was Yorkshire Water a utility company based offshore? The basic answer comes back to the same.

 

[narly101]

People used to try for babies to be born just before April 5th, so they could claim a whole year's child tax allowance (before it became family allowance). All perfectly legal.

You are shitting me? This isn't serious? Is it?

 

[boik]

Higher taxes are a relatively small price for the rich to pay for an orderly and functioning society, without which they would be unable to make their money. When society breaks down, the poor and brutalised will turn against the rich and then their wealth is worth nothing. There's a bigger picture than just an individual wanting to keep more money to waste on toys.

 

[Thunder Bolt]

You are shitting me? This isn't serious? Is it?

Of course, it is. Two examples of April births in this thread.

 

[narly101]

Of course, it is. Two examples of April births in this thread.

I just can’t believe that a couple would monetise their children in this way. Is this an MSE tip?


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[Thunder Bolt]

I just can’t believe that a couple would monetise their children in this way. Is this an MSE tip?


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MSE wasn't born when child tax allowances were around. March weddings had the same outcome for marriage allowance. Monetise

 

[narly101]

MSE wasn't born when child tax allowances were around. March weddings had the same outcome for marriage allowance. Monetise

Wow, and I thought people did stuff because they wanted to, not because they’d be able to “game” the system.


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[Bry Nylon]

I love the way the Paradise Papers are shinning a long-needed light on the underhand practices of these people. Would they have chosen this course had they ever believed it would be exposed in this way?

Doubtless that women from Mrs Brown's Boys - for example - expects that when she goes to work all the infrastructure that makes her life structured and ordered is in place. Road systems that work, litter collected, police, ambulances etc, educated people that can run fly planes, run complex facilities, work technical equipment, provide catering etc. But the selfish, grabbing tw@t isn't prepared to contribute towards it.

If she broke her leg filming one day, it would justice be served if the ambulance crew told her to call her accountant instead and just left her to it.

 

[maltaseagull]

I wonder if a builder would do less cash in hand if he knew that everyone else was playing fair, and his customers knew that too? Probably.

Is there enough oxygen and water on the planet you are currently visiting?

 

[Shropshire Seagull]

Tax is the best way to finance a civilised society.

Pay your fair share!

(which may not be the same as the least you leaglly can).

Robin Hood [and his merry men] didn't share that view.
There are many that firmly believe they're already paying too much tax - so if there is a legal way of reducing their tax, they'll take it.

There are others that think it's moraly appropriate to pay whatever tax is being asked, and without question. More fool them.

 

[McTavish]

Robin Hood [and his merry men] didn't share that view.

Really? "Rob from the rich to feed the poor."

What's that if not an informal system of wealth re-distribution through taxation?

 

[OzMike]

Damned right I would.

 

[The Antikythera Mechanism]

I leave it to my accountant, he’s as honest as the day is long.

 

[DumLum]

Seriously? Are you really being serious?

The amount of tax avoided by contractors is far greater than the amounts we are talking about with the rich and famous. Tax evasion at the lower level is rife, and illegal, and all too often left unpunished.

I would love everyone to pay tax.

Do you have estimated figures that back this up though?

 

[DumLum]

I’m Ltd Company and pay myself what ever my accountant tells me to pay myself and also I pay 20% Tax and at the end of year get a lump sum back into my business account
My biggest bug bear is VAT which I pay quarterly but even that is a bit of a legal dodge as I charge it at the 20% rate but only pay the VAT man at a rate 16%
I can imagine these big earners make serious money out of the VAT alone

Is it a legal dodge or maths?

10 + 20%=12
12 - 20%= 9.60 not 10.
-16% is closer to 10.

 

[darkwolf666]

I am about to get flamed here.
I inherited some property and cash a while back and it's of an amount that I need an accountant to ensure it's looked after correctly. I pay what I'm advised to by way of tax and aside from asking and ensuring it's all legally invested the accountant will use what he thinks is best to increase return and reduce tax. I pay what I legally am required to and wouldn't dream of not doing so but if the options are deemed okay by the government than individuals will use them.

No flame here, as your scenario is vastly different to those earning vast sums of money on a regular basis who then look for ways to minimise tax - did you inherit a jet that you offset to tax

 

[darkwolf666]

Robin Hood [and his merry men] didn't share that view.
There are many that firmly believe they're already paying too much tax - so if there is a legal way of reducing their tax, they'll take it.

There are others that think it's moraly appropriate to pay whatever tax is being asked, and without question. More fool them.

Bet you voted Tory with that feck you attitude...