Post ANiqDMJVexAwbng5Ls by TheBeastOfBaglan@toot.wales
(DIR) More posts by TheBeastOfBaglan@toot.wales
(DIR) Post #ANZLAwu6VxcqnElS9Q by AngharadHafod@toot.wales
2022-09-14T20:49:19Z
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The deafening silence over Brexit’s economic fallout.The ONS forecast level of decline (which it is holding to) would result in lost revenues for the Treasury of roughly £40bn a year; enough for the equivalent of 6p off the 20p in the pound basic rate of income tax.https://www.ft.com/content/7a209a34-7d95-47aa-91b0-bf02d4214764
(DIR) Post #ANZLAxOwfIIOKtC5Ds by TheBeastOfBaglan@toot.wales
2022-09-14T22:06:35Z
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@AngharadHafod “ That level of decline, worth about £100bn a year in lost output, would result in lost revenues for the Treasury of roughly £40bn a year. ”That makes no sense…..Am I missing something!?
(DIR) Post #ANZLAyARogIEiDQ1GS by fitheach@mstdn.io
2022-09-14T22:33:07Z
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@TheBeastOfBaglanI wasn't able to read the FT article. Perhaps the Revenue are losing a 40% tax-take on the £100bn.@AngharadHafod
(DIR) Post #ANa0s9cLDZlqnQAzp2 by lydiaconwell@mas.to
2022-09-15T06:20:14Z
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@fitheach Try this https://12ft.io/proxy?q=https%3A%2F%2Fwww.ft.com%2Fcontent%2F7a209a34-7d95-47aa-91b0-bf02d4214764 @TheBeastOfBaglan @AngharadHafod
(DIR) Post #ANaFVKpAsopaCpkw5Y by fitheach@mstdn.io
2022-09-15T09:04:24Z
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@lydiaconwell That's cool.Thanks!@TheBeastOfBaglan @AngharadHafod
(DIR) Post #ANhLq5zL00m9X7H23s by TheBeastOfBaglan@toot.wales
2022-09-18T19:18:20Z
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@fitheach @AngharadHafod No, thats not right....Its 100B of OUTPUT not Profit.....the profit on that would only be perhaps 10B or 20B or sumething. The whole article is based on figures that seem wrong!!!
(DIR) Post #ANhautjhTjteIHhvH6 by fitheach@mstdn.io
2022-09-18T22:07:18Z
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@TheBeastOfBaglan Yes, but, remember that HMRC deal with VAT, as well as corporation tax. VAT is calculated on output. HMRC also manage national insurance collection, so, the tax take might include this factor, too.@AngharadHafod
(DIR) Post #ANiT53kMVcmtlJJMXo by AngharadHafod@toot.wales
2022-09-19T08:14:11Z
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@fitheach @TheBeastOfBaglan I think that's correct. Ultimately, every £10 earnt results in £4 for the treasury. Income tax+NI, then VAT on what's spent, then that often goes round again through shop workers ' wages etc.
(DIR) Post #ANiqDMJVexAwbng5Ls by TheBeastOfBaglan@toot.wales
2022-09-19T12:16:06Z
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@AngharadHafod @fitheach Looks like FT made up that 40% figure to fit their agenda, with no explanation or back up whatsoever. Employees wages (and hence income tax and NI) reduce a companies profit, and therefore reduces their profits & hence, reduces the Corporation Tax they pay. I know how these taxes play off against each other. I'm an accountant. I spend my days working these things out for my clients. Every pund of IT/NI paid, reduces the Corp Tax by a pound.
(DIR) Post #ANiqDMrXcQOiJLbGOe by fitheach@mstdn.io
2022-09-19T12:33:22Z
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@TheBeastOfBaglan The FT, and for that matter the Revenue, probably employ "wet finger in the air" assessments of tax take for given outputs. 40% doesn't sound unreasonable.Although the employer's NI would reduce the corporation tax take, there is also the employee NI to consider.@AngharadHafod
(DIR) Post #ANiqDRxOg53K6xNVia by TheBeastOfBaglan@toot.wales
2022-09-19T12:17:54Z
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@AngharadHafod @fitheach *pound
(DIR) Post #ANirGFadDOGeZtd44W by TheBeastOfBaglan@toot.wales
2022-09-19T12:45:09Z
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@fitheach @AngharadHafod Employees & Employers NI both reduce Corp Tax, as it part of their Gross Wages.40% sounds ridiculous.
(DIR) Post #ANirRNjLHzDn0j0lRg by TheBeastOfBaglan@toot.wales
2022-09-19T12:47:09Z
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@fitheach @AngharadHafod Employees & Employers NI both reduce Corp Tax, as it part of their Gross Wages.40% sounds way off.....without the detail behind it, it is, as you say a finger in the air, and nothing more than that.