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Whats your views on Budget 2015?

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  • Dan@OrangeGenie
    replied
    Originally posted by WordIsBond View Post
    I believe you! But it's great for your job security.
    Brilliant, another threat/deterrent to my potential client base. We won't be charging our clients for the extra work either, same flat monthly fee as always.

    How can we put our fees up/make more money when you guys will be earning less because of the treasury...we're in this together!

    Leave a comment:


  • Jessica@WhiteFieldTax
    replied
    I've updated my analysis work (and uploaded to my web site) to look at (a) phasing of CT change and (b) the effects on two shareholders.

    There are a myriad of permutations, but as an example:

    £70k with salary at PA level, one shareholder, there is initially a rise of £2,392 in tax, falling to £1,590 once the associated CT cut is implemented.

    £70k before salary, 50:50 shareholding split, assume one salary only (spouse uses PA elsewhere) - initially a rise of £2,814 falling to £1,715 once the CT increase is implemented.

    Heavily caveatted (a) on the basis of reasonable assumption inferred from speech and documents as to how this will work, (b) assume the promised CT cuts happen and (c) ignore tweaking salary or shareholding percentages which may mitigate a little. INOW this is still raw.

    Leave a comment:


  • WordIsBond
    replied
    Originally posted by DanielGenieAccountancy View Post
    Believe me its not great for accountants. I was a million times happier at 12.29pm yesterday! (other than the irritation of the early wicket falls in the cricket)!
    I believe you! But it's great for your job security.

    Leave a comment:


  • Jessica@WhiteFieldTax
    replied
    Originally posted by WordIsBond View Post
    Also in your defence, it is also too early, since there are many specifics we don't know yet.

    Like whether the £5K for dividends comes on top of the £11K basic rate threshold....
    Yes, there are unknowns like this and I caveated that in the assessment. That said I think it will be on top, in the same way as the savings rate band is, and it fits in with the speech about 85% of shareholders not affected, but we don't know yet.

    Leave a comment:


  • DaveB
    replied
    Originally posted by DanielGenieAccountancy View Post
    Reading the detail, I think its safe to assume it does come on top...watch this space though.
    Thats the way I read it. Dividend income is treated seperately from your regular income. So you get your normal PA, then normal IT rates, plus £5k tax free dividends, then 7.5% etc on dividend income after that.

    Could be wrong though, we need it properly clarified though.

    Leave a comment:


  • Dan@OrangeGenie
    replied
    Originally posted by WordIsBond View Post
    Also in your defence, it is also too early, since there are many specifics we don't know yet.

    Like whether the £5K for dividends comes on top of the £11K basic rate threshold....
    Reading the detail, I think its safe to assume it does come on top...watch this space though.

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by DanielGenieAccountancy View Post
    Believe me its not great for accountants. I was a million times happier at 12.29pm yesterday! (other than the irritation of the early wicket falls in the cricket)!
    Coupled with the additional complexity, any SME accountants that operate in a similar way to contractors will be double fecked.

    Leave a comment:


  • Dan@OrangeGenie
    replied
    Originally posted by DanielGenieAccountancy View Post
    Believe me its not great for accountants. I was a million times happier at 12.29pm yesterday! (other than the irritation of the early wicket falls in the cricket)!
    Also our CEO here at Orange Genie is meeting with George Osborne this afternoon, he'll soon find out what us accountants think to his budget!!!

    Leave a comment:


  • Dan@OrangeGenie
    replied
    Originally posted by WordIsBond View Post
    The best evidence that this is a horrible tax system and a horrible budget is that no one can quantify the impact. Any good tax system should be clear and easy to understand so people can make good business and personal decisions without having to pay thousands of pounds for expert tax advice.

    This is great for accountants and lawyers but terrible for everyone else, and terrible for the economy. If you had a clear and simple tax system, companies would be more able to pay that living wage that the BBC is enraptured over, as if it is the only thing that happened yesterday.
    Believe me its not great for accountants. I was a million times happier at 12.29pm yesterday! (other than the irritation of the early wicket falls in the cricket)!

    Leave a comment:


  • LandRover
    replied
    Originally posted by WordIsBond View Post
    The best evidence that this is a horrible tax system and a horrible budget is that no one can quantify the impact. Any good tax system should be clear and easy to understand so people can make good business and personal decisions without having to pay thousands of pounds for expert tax advice.

    This is great for accountants and lawyers but terrible for everyone else, and terrible for the economy. If you had a clear and simple tax system, companies would be more able to pay that living wage that the BBC is enraptured over, as if it is the only thing that happened yesterday.
    Spot on. Simplification of the tax system is long overdue. However that process should NOT be a reason for raising the tax take. This budget is bad for contractors, yet again more tax taken from our pockets...it's disgusting how the media are spinning it.

    Leave a comment:

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