I guess the government know lots of contractors will be doing MVL right now so scrapping ER makes sense as it's a double windfall for the treasury. Government for business my hole.
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Sajid Javid set to curb ‘entrepreneurs relief’ in Budget
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Originally posted by TheCyclingProgrammer View PostHard to be surprised about this to be honest - it’s such an easy target to get rid of and likely to be seen as positive by the majority if the public as it’s seen as a tax cut for the rich.
Whilst it doesn’t affect me right now as I have no plans of shutting down my business, in all honesty, the normal 20% CGT rate is still a very beneficial rate of tax if you have a decent 6 figure company reserve fund, when compared to the higher and additional dividend rates.Comment
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Originally posted by AtW View PostIt won’t be 20% for longComment
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Originally posted by MrContractor85 View PostIndeed. Tories only party for business they said and the kind of big bang drastic measures being touted by Sunak were only threatened by a socialist Corbyn-led gov't...Comment
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Originally posted by AtW View PostTo be fair Corbyn would have put CGT/div tax to 50% and corp tax to 26-28%, however Tory going half way making it easier for inevitable future Labour actually achieve that massive tax increaseWhen freedom comes along, don't PISH in the water supply.....Comment
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Originally posted by Maslins View PostOne thing the Tories have done a few times over the last decade or so is dribble a rumour about doing something a bit more severe than they actually do. This causes huge uproar, and then when the real change is announced (that's still bad, but not as bad), everyone breathes a sigh of relief. I wouldn't be surprised if this was the case here too.Comment
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Originally posted by WordIsBond View PostI had the same thought. "Managing expectations."Comment
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Originally posted by Maslins View PostAs you might have guessed, MVL Online is currently extremely busy, which is of course kind of good, but it's not "fun" busy. It's hundreds of people asking us to somehow know what the chancellor will announce, and when the impact will be from, and also do some clever wheeze to make their situation ok regardless of what's announced. Also expecting us to magically make third parties turn their things around really swiftly, despite it being entirely outside our control. Suffice to say it's all a bit stressful.
The uncertainty this government is causing, with entrepeneurs relief being a piddly matter relative to Brexit, is making life a nightmare for most business owners.
My own personal guess, and it's nothing more than that, is that anyone who had legally appointed a liquidator before 11 March 2020 would still benefit from the old/existing rules. Logic being liquidations aren't reversible, so would seem extremely harsh to change a tax law that impacts a situation where the individual had legally committed to it prior to the announcement of the change.
One thing the Tories have done a few times over the last decade or so is dribble a rumour about doing something a bit more severe than they actually do. This causes huge uproar, and then when the real change is announced (that's still bad, but not as bad), everyone breathes a sigh of relief. I wouldn't be surprised if this was the case here too.
The liquidation company I've spoken to has said I could stop the liquidation at any point up to the 'general members meeting' has taken place and put the company into dissolution.
Thanks,
Untoucable1Comment
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Originally posted by Untouchable1 View PostAt what point does it count as 'appointing a liquidator'?
The liquidation company I've spoken to has said I could stop the liquidation at any point up to the 'general members meeting' has taken place and put the company into dissolution.
Thanks,
Untoucable1Comment
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My accountant says ER applicability isn't based on when you appoint a liquidator - it's based on when your money is extracted from the company. So appointing a liquidator before April 6th to avoid missing ER won't work.Comment
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