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Post by fi on Apr 9, 2024 18:08:51 GMT
Answer the question Jim. Do you offset allowable expenses against revenues to calculate your tax laibility when doing your annual tax return for your buy to let 'business'? I suspect he does.
Now answer my question. If the allowable expenses were changed, would that be a tax rise?
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Post by Clinton Cool on Apr 9, 2024 18:20:36 GMT
Answer the question Jim. Do you offset allowable expenses against revenues to calculate your tax laibility when doing your annual tax return for your buy to let 'business'? I suspect he does.
Now answer my question. If the allowable expenses were changed, would that be a tax rise?
To be fair, it wouldn't. I think if Ms. Reeves planned a campaign of disallowing business expenses which have always been allowable, she would have said so. Also, why might any Chancellor worry unduly about tax avoidence, when illegal tax evasion is sky high? Surely, it makes sense to tackle something that's already illegal, before extending the scope of illegality.
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Post by fi on Apr 9, 2024 18:26:52 GMT
I was using it as an example. Much tax avoidance could be dealt with by tightening the rules, which to my mind the next Chancellor is indicating she would do. As well as trying to tackle the notorious difficult to tackle tax fraud.
I think every chancellor promises to crack down on tax fraud.
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Post by Clinton Cool on Apr 9, 2024 18:33:49 GMT
I was using it as an example. Much tax avoidance could be dealt with by tightening the rules, which to my mind the next Chancellor is indicating she would do. As well as trying to tackle the notorious difficult to tackle tax fraud.
I think every chancellor promises to crack down on tax fraud.
Yes, every incoming government promises to crack down on this. Copy and paste. Interestingly, the gap between possible and actual revenues was much larger under Brown/ Blair than it is under the current government.
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Post by Jim on Apr 9, 2024 18:35:21 GMT
Answer the question Jim. Do you offset allowable expenses against revenues to calculate your tax laibility when doing your annual tax return for your buy to let 'business'? I calculate the genuine expenditure, repairs etc, subtract it from the turnover to work out the profit I pay tax on. Nothing esoteric to game the system. What's your take on the universal credit to tax figures, torys and their ilk often whine about benefit fraud when the middle classes are the worst fiddlers. Do you not think they should be encouraged to pay up, with the same or commensurately greater efforts made to recoup the lost income?
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Post by Clinton Cool on Apr 9, 2024 18:42:07 GMT
Answer the question Jim. Do you offset allowable expenses against revenues to calculate your tax laibility when doing your annual tax return for your buy to let 'business'? I calculate the genuine expenditure, repairs etc, subtract it from the turnover to work out the profit I pay tax on. Nothing esoteric to game the system. What's your take on the universal credit to tax figures, torys and their ilk often whine about benefit fraud when the middle classes are the worst fiddlers. Do you not think they should be encouraged to pay up, with the same or commensurately greater efforts made to recoup the lost income? So you claim your simple allowable expenses but object to businesses using specialists to expedite their far more complex needs. You're either thick, a prize hypocrite, or both. A question for you Jim. I have several ISA tax avoidance scheme accounts. Is this wrong?
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Post by brummieboy on Apr 9, 2024 19:55:16 GMT
Answer the question Jim. Do you offset allowable expenses against revenues to calculate your tax laibility when doing your annual tax return for your buy to let 'business'? If it is an allowable expense, then that is offsetable to use your tortured language. The accounts of any business will feature such expenses. If you are going to argue that such expenditure will increase the value of the houses, then that "profit" will be taxed when the asset is realised. As an ex landlord, I'm sure you would have claimed allowable expenses.
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Post by brummieboy on Apr 9, 2024 19:57:53 GMT
I calculate the genuine expenditure, repairs etc, subtract it from the turnover to work out the profit I pay tax on. Nothing esoteric to game the system. What's your take on the universal credit to tax figures, torys and their ilk often whine about benefit fraud when the middle classes are the worst fiddlers. Do you not think they should be encouraged to pay up, with the same or commensurately greater efforts made to recoup the lost income? So you claim your simple allowable expenses but object to businesses using specialists to expedite their far more complex needs. You're either thick, a prize hypocrite, or both. A question for you Jim. I have several ISA tax avoidance scheme accounts. Is this wrong? An ISA is not a tax avoidance scheme. They are set up specifically by Government to encourage investment in funds to enable those funds to be loaned out to entrepreneurs to grow the national economy. Tax avoidance schemes such as the spurious investments into film enterprises favoured by pop stars and footballers, are closed down as fast as they open up.
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Post by Clinton Cool on Apr 9, 2024 21:09:43 GMT
So you claim your simple allowable expenses but object to businesses using specialists to expedite their far more complex needs. You're either thick, a prize hypocrite, or both. A question for you Jim. I have several ISA tax avoidance scheme accounts. Is this wrong? An ISA is not a tax avoidance scheme. They are set up specifically by Government to encourage investment in funds to enable those funds to be loaned out to entrepreneurs to grow the national economy. Tax avoidance schemes such as the spurious investments into film enterprises favoured by pop stars and footballers, are closed down as fast as they open up. You don't pay tax on interest earned in savings ISA's. You don't pay dividend tax on dividend payments nor capital gains tax on increased value on the sale of shares and such like purchased within stock and shares ISA's. These are tax avoidance schemes, devised and implemented by government.
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Post by Jim on Apr 10, 2024 8:00:08 GMT
are you that thick or what? If there is no tax to pay there's no tax to be avoided. You are just constructing a weird argument cos you are bored. Or maybe just thick.
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Post by Clinton Cool on Apr 10, 2024 8:37:33 GMT
Oh deary me. There is no tax to pay only because of the existence of a government tax avoidance scheme.
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Post by ianali on Apr 10, 2024 8:48:17 GMT
Oh deary me. There is no tax to pay only because of the existence of a government tax avoidance scheme. That’s rather like saying that i am a tax avoider after buying milk at the shop this morning.
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Post by Clinton Cool on Apr 10, 2024 9:11:09 GMT
Oh deary me. There is no tax to pay only because of the existence of a government tax avoidance scheme. That’s rather like saying that i am a tax avoider after buying milk at the shop this morning. Another thicko it seems.
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Post by ianali on Apr 10, 2024 9:34:38 GMT
That’s rather like saying that i am a tax avoider after buying milk at the shop this morning. Another thicko it seems. I thought I’d join in the ‘who can write the silliest post’ with you.
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Post by Clinton Cool on Apr 10, 2024 9:42:13 GMT
Stating that an ISA is a government devised and implemented tax avoidance scheme is a fact.
Stating that you're a tax avoider for buying a pint of milk is indeed silly. As well as being factually incorrect.
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