UK Income Tax Rises To 45%

[Vendot]

Government is set to announce a rise in income tax for people earning over £150k/yr which means theyll be paying 45% income tax plus 8% national insurance = a total of 53%

FUCKERS!!!!!!!!!!!!!! I'll be long gone before that happens.... lots of others will too so they watch their pile of shit economy crash. FUCKING FUCKERS!!!!

[EscortBiz]

they claim they will cut everyones taxes no clue where you get this from

[halfpint]

Not that I earn £150k a year ..I wish I did... but I dont blame you you for leaving this shithole

[Vendot]

http://news.bbc.co.uk/1/hi/uk_politics/7745070.stm

[EscortBiz]

Originally Posted by vendot

http://news.bbc.co.uk/1/hi/uk_politics/7745070.stm

ridiculous!

[PowerCum]

No one said you cannot work in Frace, Germany or Spain... or any other EU country.
Get a plane and move your company to another country. Then just live in the UK, but have your salary paid in the another country from your other country company... paying your taxes into that other country accroding to their taxes comissions.

I see absolutely no problem. Talk with a good accountant and he will explain you in detail how these things work.

Unless you are working for someone else (not your own company) you should not have to care about your retirement payment because it's supposed you are making enough money to not care about your retirement anymore.

[scouser]

Wow. thats shit.

[Sly]

Originally Posted by PowerCum

No one said you cannot work in Frace, Germany or Spain... or any other EU country.
Get a plane and move your company to another country. Then just live in the UK, but have your salary paid in the another country from your other country company... paying your taxes into that other country accroding to their taxes comissions.

I see absolutely no problem. Talk with a good accountant and he will explain you in detail how these things work.

Unless you are working for someone else (not your own company) you should not have to care about your retirement payment because it's supposed you are making enough money to not care about your retirement anymore.

Americans still have to pay American taxes... I am assuming Brits don't? Either way, if your solution is really that simple... somebody totally missed the ball on this law.

[qxm]

ohh noos...........

[Vendot]

Originally Posted by Sly

Americans still have to pay American taxes... I am assuming Brits don't? Either way, if your solution is really that simple... somebody totally missed the ball on this law.

Fortunately, we dont have the SLAVE TAXATION rule that America does, which means you become non-resident from the day you leave the country and therefore you stop paying UK income tax. Thank god for that.

I wont be surprised if the UK government introduces that rule if too many people flee the country....

[Sosa]

umm fuck that. i'd be moving

[BradM]

53%? FUCK that. I'd be out of there likeNOW.

[Vendot]

Exactly, no way id be paying extra for the bad management of my own government. Ultimately it was our government that failed to monitor the situation, keep indebtedness under control, regulate the financial institutions properly and maintain a surplus for times like these.

Those fuckers are now coming after tax payers to make up the shortfall.... the bbc news presenter looked pretty unhappy himself when he read it out.

[IllTestYourGirls]

The UK has been turning into a prison for years. Good to see you leaving. I dont suggest moving to the US. What the fuck is the point of trying if they are going to take half of it away?

[Blazed]

Originally Posted by halfpint

Not that I earn £150k a year ..I wish I did... but I dont blame you you for leaving this shithole

Stop wishing and start doing, then you wouldnt need to spend all day spamming your shitty aff links on gfy for pennies.

[PowerCum]

Originally Posted by Sly

Americans still have to pay American taxes... I am assuming Brits don't? Either way, if your solution is really that simple... somebody totally missed the ball on this law.

It's really simple.

You own a company, so your company pays you a salary and you pay taxes over that salary.
If your company is UK based and it pays you the salary in the UK, then you pay the UK taxes.

Now if you open another company in France (for example) and make your french company pay you a salary in France, then you pay french govt taxes. Meanwhile the UK company stops to pay you your salary or pays you a minimal one, depending on the legal situation in the UK.
How do you make your UK company not win money? Simple, every month make your french company invoice your UK company for whatever money you have made, then pay it to you as salary.

Final result --> You are UK resident/citizen, but you are unemployed or with minimal salary in the UK, so government has nothing to tax. In exchange you pay taxes to the frenchies. Globalization at it's finest

You could move the entire company out of the UK, but it becomes complicated if you have inhouse staff and you pay them salaries.

You could do this by even setting another company in thailand, china or wherever you want, but setting it in some near country makes things much easier. Frace, Germany or Spain are one hour away from the UK (assuming you are near London) and traveling there is easy and completely unrestricted. You can take a plane/train in the morning, do all your bureucratic stuff and be back to your place for lunch (you will need to do that every 3 months).

Consult with a good accountant who knows how international stuff works. Setting another company in the EU makes two things very easy for you:
1 ) Accounting made really easy, and this is all about it.
2 ) No one can tell you are evading capitals or doing something illegal with the money. You are just moving it to another country into the EU, so all can be traced and audited in case of need... and it's 100% legal.

About VAT, the solution is simple. Depending on your company legal class you may not pay VAT at all, pay only VAT for services or pay VAT for everything.

If you don't pay VAT at all, it's no problem. If you pay VAT only for services, then sell your other company a product. I was selling pencils at 25k euro per pencil to one of my companies during several months until they fixed that company VAT situation. The taxes guys knew what was I doing, but they could do nothing about it because it's completely legal.
If you have to pay VAT for everything, then just assume that you will recover your VAT money at the end of each quartery or at the end of each year depending on the country where you place the new company law situation.

[milambur]

Only 53% ! You lucky bastard, we pay about 68% including social fees when you make above $52000 a year in Sweden. Regular tax including social fees are about 52%.
If I am to get $1 more in my pocket above $52000, I need to bill my customers $3,84 including VAT to get it.... On the other hand corporate tax is 28% so you can reinvest the money at relatively low tax.

[crockett]

Well I guess they have fucked you guys over real proper like.

[halfpint]

Originally Posted by Blazed

Stop wishing and start doing, then you wouldnt need to spend all day spamming your shitty aff links on gfy for pennies.

lol.. your a funny guy

[Snake Doctor]

Jeez.
The republicans on this side of the pond think a 39% top rate is socialist.

I guess 53% would be feudalism or something.

[F-U-Jimmy]

Originally Posted by BradM

53%? FUCK that. I'd be out of there likeNOW.

Its worse than just 53% dont forget 17% VAT on almost everything you buy Thats 70% of every pound ( £ ) you earn goes to the government.

[Snake Doctor]

http://en.wikipedia.org/wiki/List_of...ntage_of_ GDP

UK is 16th in the world with taxes at 37% of GDP.

US is 36th with taxes at 27% of GDP.

I will say that 8% is a friggin deal for your National Insurance though. In the States we pay 7.65% (with our employers matching that) and that only covers social security and medicare. We get nothing in terms of health insurance now for that contribution.

[The Duck]

Welcome to the European superstate.

[tical]

Originally Posted by Sly

Americans still have to pay American taxes... I am assuming Brits don't? Either way, if your solution is really that simple... somebody totally missed the ball on this law.

You have to pay taxes on the money you bring in to the US, you can keep as much as you like somewhere else provided your company is located somewhere else. You can even report it to the IRS (I think you are supposed to) but they legally can't do anything about it until you bring it onshore.

The minute money comes into the US & you don't claim it, you're laundering money.

That is why a lot of people hold their $ elsewhere & bring in whatever they need to use. Your US company A invoices offshore company B for your services. Basically, you're just reaching into a different pocket.

At least that is my general understanding of it all. It isn't illegal.

Everyone here that uses epass or a similar service and withdraws $ from an ATM with no plans on claiming it as income is essentially laundering money. As far as I know epass doesn't have to report anything to the US because of its location... as well as a large number of affiliate programs located offshore (they don't have to 1099 you).

A lot of people get comfortable with that, thinking that's it... but there is always a paper trail, assets, etc. They'll get you if they want you.

PayPal on the other hand which is very similar, is a US based company... everything gets reported to Uncle Sam, leaving you a nice paper trail.

[Bake]

Jebus then add the 17% sales tax on everything you guys are more like 80% of your income when you add all the taxes together. This is sheer madness and is non sustainable.
WTF do they spend all that tax on?

[Ethersync]

Originally Posted by Snake Doctor

In the States we pay 7.65% (with our employers matching that) and that only covers social security and medicare. We get nothing in terms of health insurance now for that contribution.

Don't count on getting much in the way of social security either when you hit retirement age......

[Matt_WildCash]

Yep great way of screwing your country just as the biggest recession of the last 70 years kicks into high gear.

Over tax the people who will employ and rebuild the country with inititive and entrepreneurship. Take it for the Govenment who will blow it on useless ill planned expenditure instead.

I read on CNN money last month a breakdown of taxes paid by Americans.
Turns out 74% of American income taxes are paid by people earning over US$100,000+ a year. You can see why they want to tax the higher incomes more, thats where most of the tax money comes from.

[Manowar]

my blood is boiling over this kind of shit

[Odin]

Originally Posted by F-U-Jimmy

Its worse than just 53% dont forget 17% VAT on almost everything you buy Thats 70% of every pound ( £ ) you earn goes to the government.

I agree it is a joke. But it is no better on the lower end either. If you calculated in the misc. taxes applied to fuel, alcohol, rates, etc I'd be willing to bet the average person pays about the same percentage wise. Not fun.

[Socks]

Goooooooooooooo Canada.

[Snake Doctor]

Originally Posted by Matt_WildCash

Yep great way of screwing your country just as the biggest recession of the last 70 years kicks into high gear.

Over tax the people who will employ and rebuild the country with inititive and entrepreneurship. Take it for the Govenment who will blow it on useless ill planned expenditure instead.

I read on CNN money last month a breakdown of taxes paid by Americans.
Turns out 74% of American income taxes are paid by people earning over US$100,000+ a year. You can see why they want to tax the higher incomes more, thats where most of the tax money comes from.

The top 1% in America control 90% of the wealth....so it's only logical that they pay 90% of the taxes, since money (income) is what is being taxed.

When you look at it that way, it sure doesn't seem like they're paying "higher taxes" than everyone else, since their contribution is right in line with their share of the pie.
The rates are higher on paper, but once all of the loopholes/exemptions/shelters are taken into account, they don't pay nearly the amount they'd like us to think they do.

[borked]

Originally Posted by PowerCum

No one said you cannot work in Frace, Germany or Spain... or any other EU country.
Get a plane and move your company to another country. Then just live in the UK, but have your salary paid in the another country from your other country company... paying your taxes into that other country accroding to their taxes comissions.

I see absolutely no problem. Talk with a good accountant and he will explain you in detail how these things work.

Unless you are working for someone else (not your own company) you should not have to care about your retirement payment because it's supposed you are making enough money to not care about your retirement anymore.

You can't do that. If you spend 183 days in the UK, you pay UK income tax

[Corleone]

time to leave

[Arno-TheAdultCompany.eu]

well.... come to Spain
It's still 20% of your benefits :
You keep 80% of your yearly turnover minus your expenses
and just pay 20% to the state.

It's still a good deal and at least, you live in a sunny place
Salaries are much lower than in the UK and the rest of Northern Europe, so if you need to hire people, you'll save on that too.

If you need it i can recommend you a good accountant in Barcelona - who speaks english - and who will do all the work for you.

[Vendot]

Income tax in Spain is 20%?

Are you fricken jibing me?

[lagcam]

This thread should carry a Government Health warning there is so much mis-information in it.

[Star 69]

Thats crazy!

[Paul Markham]

Originally Posted by Vendot

Exactly, no way id be paying extra for the bad management of my own government. Ultimately it was our government that failed to monitor the situation, keep indebtedness under control, regulate the financial institutions properly and maintain a surplus for times like these.

Those fuckers are now coming after tax payers to make up the shortfall.... the bbc news presenter looked pretty unhappy himself when he read it out.

I nearly choked when I heard the Culture Secretary tell everyone, on Sky News, that is was because of Brown's prudent running of the economy that they could afford to borrow so much to restart the economy.

His noses was getting bigger as he spoke.

So this is the measure that Brown and Darling think will kick start the economy again. 2.5% off VAT so shoppers get a better deal. That's not on food or a few more essentials by the way.

The shops are discounting like mad and giving away 10% to 50% off to get some business. But 2.5% off on VAT will make all the difference. I've heard some stupid things in my life, been hear too long LOL, but that one takes the top prize. The UK's fucked with those clowns in charge. Just like the last long term Labour Government they will leave a shit sandwich for the Conservatives to inherit.

Thatcher, who is widely hated for what she had to do, inherited a real pile of shit from the previous Labour Government. The unions were running the country and had to be broken. So she got rid of a lot of jobs and broke them. Giving the country a sound base to grow from.

The pity is the people who followed her never had the balls to keep it going.

[Paul Markham]

Originally Posted by Snake Doctor

http://en.wikipedia.org/wiki/List_of...ntage_of_ GDP

UK is 16th in the world with taxes at 37% of GDP.

US is 36th with taxes at 27% of GDP.

I will say that 8% is a friggin deal for your National Insurance though. In the States we pay 7.65% (with our employers matching that) and that only covers social security and medicare. We get nothing in terms of health insurance now for that contribution.

Medical care costs a lot less here in the EU than it does in the US. That's what happens when you don't have free enterprise sticking it's nose in the trough. You pay less to stay alive.

[GatorB]

Originally Posted by Vendot

Government is set to announce a rise in income tax for people earning over £150k/yr which means theyll be paying 45% income tax plus 8% national insurance = a total of 53%

FUCKERS!!!!!!!!!!!!!! I'll be long gone before that happens.... lots of others will too so they watch their pile of shit economy crash. FUCKING FUCKERS!!!!

That's like $300K in US $$ right? Who fucking cares. YOU don't make that so why give a shit? I'm 100% sure that 99% of people would LOVE to earn enough to pay 53% in income taxes.

[Dirty Dane]

I've been paying 60% for years now

[k0nr4d]

Many countries allow you to pay flat rate tax. Here its 19% minus expenses. You also have the option of paying lower flat rate tax (all the way down to 3%) but you can't write off your expenses.

[roly]

the money has to come from somewhere and you only pay that top rate on anything you earn over £150k, and if you're earning that much you can afford a tax rise a lot more than someone on an average wage.

[Johny Traffic]

Originally Posted by GatorB

That's like $300K in US $$ right? Who fucking cares. YOU don't make that so why give a shit? I'm 100% sure that 99% of people would LOVE to earn enough to pay 53% in income taxes.

Well it varies but its anywhere between $250k and $300k and Yes thats only what you pay over the $300k, not all of your wages.

First £6k (around 10k USD) is tax free, then the next part up till £40k (about $60k-$80k) is just 20% tax, then 40% up to this new level of 45% for the part over £150k (over $250-$300k USD)

UK tax is actually very low compared to the rest of Europe, but higher than the states.

[FreeOnes]

Well in Holland it has been like that for many years already, and before it was also a crazy 68% like in Sweden. However time is changing here and with the left wing government taxes are already raising every day. I'm preparing myself to say goodbye to all the lazy fuckers here

[pigman]

In Sweden you would pay 57% income tax on £150k, also the company would have to pay 33% in taxes on that £150k they paid you.

[Violetta]

Norway has high taxes! I think I am paying 40%

[Barefootsies]

Originally Posted by halfpint

Not that I earn £150k a year ..I wish I did... but I dont blame you you for leaving this shithole

[andy83]

wow, ... those taxes are really too high..

[Vendot]

Originally Posted by GatorB

That's like $300K in US $$ right? Who fucking cares. YOU don't make that so why give a shit? I'm 100% sure that 99% of people would LOVE to earn enough to pay 53% in income taxes.

As a matter of fact, my income is into 7 figures so yes I am directly affected but not for long.....