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"Is this really worthwhile ? Someone on £20k a year, the person that needs a tax break would be better off by around 20p a day. Someone on £40k a year around 70p a day I read that this would cost the country £5b a year ? I'm not an economist ..but ..." I think this is one of the things being reconsidered by the new chancellor. If he reverses it back to 20p will it get the support of Labour as think they supported the cut. Could be the same situation with the NI changes. Confusing times | |||
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"I see raising the tax allowances as being better for the less well off. The old phrase "You have to earn it to pay it" is reflected here. If the threshold was raised there would be fewer in low paid jobs needing additional handouts. Perhaps, in addition, the tax free allowances can be tailored to the final salary level whereby the more you earn the lower the tax free allowance? " I disagree. We need simplify tax. Everyone should get the tax free allowance and keep it with no clawback like there is currently between £100,001 and £123,000. Align NI threshold. Maintain progressive tax bands. | |||
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"I see raising the tax allowances as being better for the less well off. The old phrase "You have to earn it to pay it" is reflected here. If the threshold was raised there would be fewer in low paid jobs needing additional handouts. Perhaps, in addition, the tax free allowances can be tailored to the final salary level whereby the more you earn the lower the tax free allowance? I disagree. We need simplify tax. Everyone should get the tax free allowance and keep it with no clawback like there is currently between £100,001 and £123,000. Align NI threshold. Maintain progressive tax bands." agreed. The tapering of personal allowance creates a crazy 60odd pc marginal tax rate. Which the drops back to 45pc once it's all gone. Nuts. I'd also link the personal allowance to the at least two parts of the triple lock. I detest that stealth tax. | |||
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"I see raising the tax allowances as being better for the less well off. The old phrase "You have to earn it to pay it" is reflected here. If the threshold was raised there would be fewer in low paid jobs needing additional handouts. Perhaps, in addition, the tax free allowances can be tailored to the final salary level whereby the more you earn the lower the tax free allowance? " Am with you have never understood how some one on minimum wage or living wage pays tax. But I would also increase VAT to ballance it as the cash economy is still big in the uk | |||
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"Couldn't agree more on simplification. I'd add in that I wish someone would just scrap all the various income taxes particularly NI and just put something simple in place which actually works for the modern world. And a wealth tax must be part of that. Would it not be more simple to just scrap PAYE tax and add it all on VAT? Lots of people in the UK can work around any form of income tax BUT VAT is hard to avoid. Have you ever asked in a supermarket if you get a discount for cash.... I'd go for a very basic single income tax on paye, a very basic single wealth tax by self assessment, and a very basic universal income instead of all the various benefits " | |||
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"I see raising the tax allowances as being better for the less well off. The old phrase "You have to earn it to pay it" is reflected here. If the threshold was raised there would be fewer in low paid jobs needing additional handouts. Perhaps, in addition, the tax free allowances can be tailored to the final salary level whereby the more you earn the lower the tax free allowance? I disagree. We need simplify tax. Everyone should get the tax free allowance and keep it with no clawback like there is currently between £100,001 and £123,000. Align NI threshold. Maintain progressive tax bands." Everyone has access to a computer of some form today. I am not therefore convinced of the need for great simplicity, especially where it leads to possible waste or unfairness. But having said that if it was simple it would have been done by now. | |||
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"The point is that the complexity leads to waste and unfairness. Is it fair that you pay 60% tax on everything you earn between £100k and £120k and then 40% between £120k and £150k and then 45% above that? Of course not it's crazy. Is it fair that the 1% cut in NI saves someone on £100k about £1k a year but someone on £20k about £100? No of course not it's crazy How many people are needed in HMRC to manage these complexities? Having a computer does not at all help understanding what you owe in tax, hence why accountants exist. And even they don't know and need to liaise with HMRC constantly " In truth not meany pay top rate tax as most I know my self I included work for there own limited company to avoid paying it. Only 50% of the population pay PAYE. And I would guess a large number of them work for the government in one way or another. | |||
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"I see raising the tax allowances as being better for the less well off. The old phrase "You have to earn it to pay it" is reflected here. If the threshold was raised there would be fewer in low paid jobs needing additional handouts. Perhaps, in addition, the tax free allowances can be tailored to the final salary level whereby the more you earn the lower the tax free allowance? I disagree. We need simplify tax. Everyone should get the tax free allowance and keep it with no clawback like there is currently between £100,001 and £123,000. Align NI threshold. Maintain progressive tax bands. Everyone has access to a computer of some form today. I am not therefore convinced of the need for great simplicity, especially where it leads to possible waste or unfairness. But having said that if it was simple it would have been done by now. " The UK has one of the most complex tax code in the World. Did you know that? It runs to hundreds of pages as it has allowance for this allowance for that, clawbacks and additionals, exceptions and penalties, tax credits etc etc. The tax code has grown organically over many years due to tinkering around by successive Chancellors too afraid to simply raise the tax bands and instead look for ways to raise stealth taxes. This tax code has for the most part been developed by consultants in the big four accounting firms (as HMRC ironically lacks the inhouse expertise and outsources much of it). They have deliberately made the tax code so complex and almost impenetrable as it creates opportunities for these companies to create financial vehicles to sell to their rich/corporate clients, to exploit the loopholes they built into the tax code! Complexity not only increases inefficiency and admin burden but creates opportunities to exploit the system. Simplification is needed. It is fairer, less exploitable and cheaper/easier to administer. | |||
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