The Budget, March 2012

Originally Posted by Damien

So you spilt the income between two and thus use all of the tax free allowance? Was there anything else announced that is of benefit? The tax returns being cheaper if turnover is less than £77,000 for example...

I'll have to ask my father in law (the accountant) ... he knows what all the deductions and allowances are. The great thing when your home is the business is that certain household bills, or a proportion of them, become payable by the business. You don't pay tax on the money that pays those bills - only on what you pay yourself as income after all those things are deducted. So we can earn £9k each, pay no income tax on it, and have lower bills to pay out of it.

This is why I think the rapid increase in personal allowance is such a fundamentally good thing. It makes it far easier to plan and to start a small business without worrying about the jump from benefits to low earnings.

[mertle]

Originally Posted by richard1960

You would be surprised how many people "spoil" their voting papers with written messages,a few years ago i was scrutinising voting papers as an observer at the count for a political party. Before i saw the light.

they used to anounce it at elections remember one they had over 400 spoilt papers think it was the one BELL won. Something about the election why ex journalist Bell stood independant.

Not sure its great idea to be fair guys local elections for you to pick local decision never liked it political anger backlash.

Suppose there needs to be stance by the public so would agree if there no alternative vote.

Originally Posted by Chris

I'll have to ask my father in law (the accountant) ... he knows what all the deductions and allowances are. The great thing when your home is the business is that certain household bills, or a proportion of them, become payable by the business. You don't pay tax on the money that pays those bills - only on what you pay yourself as income after all those things are deducted. So we can earn £9k each, pay no income tax on it, and have lower bills to pay out of it.

This is why I think the rapid increase in personal allowance is such a fundamentally good thing. It makes it far easier to plan and to start a small business without worrying about the jump from benefits to low earnings.

That just makes you a dirty filthy tax avoider ...to some

[Taf]

Originally Posted by mertle

No doubt the tax the ingrediants of beer...

The introduction of a tax on malt or malted grains stopped me home brewing several years ago. Soon after the only local brewing shop closed down, as many more stopped homebrewing.

I miss my 10% Xmas Ales.

Originally Posted by martyh

That just makes you a dirty filthy tax avoider ...to some

No, worse than that, I'm maxing out on my expenses. That makes me ... an MP

[Sirius]

Originally Posted by Chris

No, worse than that, I'm maxing out on my expenses. That makes me ... an MP

Where's Alan F when you need him

[dilli-theclaw]

....counting his doubloons?

[alferret]

Well according to the BBC budget checker thingy-me-bob we (Mrs & I) should be better off to the tune of £300 for 2012/13.

[Derek]

According to the BBC calculator I'll be £148 a year better off.

Still getting shafted with a pension contribution increase next month then again the next two years though so overall I won't see any increase.

[TheDaddy]

Originally Posted by martyh

That just makes you a dirty filthy tax avoider ...to some

Some like Gideon for instance, who said he was going to crack down on aggressive tax avoidance earlier.

The big questions should be.Is this the budget to get the economy moving,growing and get unemployment down.Or is it merely a cost cutting exercise?

Will the super rich actually take their tax cut and invest it in this country or will they just carry on investing it abroad?

[chris9991]

I think it might be interesting to see how much the revenue is raised by the highest income tax bracket as it changes from 50% to 45%. If we find the rate of avoidance does change then there would be an argument to keep cutting the rate but if it doesn't then maybe it would be better to keep it higher.

[Taf]

From now on, VAT will start applying to hot food bought in supermarkets, such as roasted chickens, sausage rolls bought from bakeries and sports drinks, along with holiday caravans, and the rental of hairdressers’ chairs.

In future self-storage firms, which effectively rent secured rooms for people to store their belongings, will have to add VAT to their service charges.

Holidaymakers face a flight price hike from next month as Air Passenger Duty soars by almost 10 per cent.

The rise will see the tax on a family of four flying to Florida increase to £260 while a trip to Australia will now be hit by £368 in charges.

Flights to Spain will also be hit by £52 levies.

http://www.dailymail.co.uk/news/arti...k-20-cent.html

Rental of hairdressers’ chairs

[mertle]

Did anybody notice the holiday caravan tax. Is this now going to make a holiday dearer which case would decimate seaside resorts.

So not content screwing you one way it seems he hurting you if you happen to able to find some money for holidays.

So the more you punch holes in hurts the bookies and pubs with changes to taxation now onto profits. Slot machine arcades places/pubs likely lost £1,000 out there revenue.

He hits the places like haven as they could be hit with lower numbers. He hit the avaition industry due to passenger tax.

Its like most chancellors gives one hand takes from the other.

Most businesses will be hit with the fuel duty then this impending fiasco of roads.

Dont even see this budget business friendly despite the corporate tax cuts little help for small business as those help will be ofset with other hikes.

Originally Posted by mertle

Did anybody notice the holiday caravan tax. Is this now going to make a holiday dearer which case would decimate seaside resorts.

No, it won't because any holiday park buying and renting static caravans is likely to be a VAT-registered business, i.e. they won't pay VAT on items the business buys, but will have to pay VAT on their sales to the public. A very small operation that is not VAT registered will be hit with a one-off 20% increase in the cost of buying a new caravan which they will then have to recoup through the price they charge holidaymakers.

Incidentally, it looks as if a ruling on EU law, which governs VAT, is at the root of this - don't be too quick to assume it's an underhand Tory tax-grab.