Any views on potential increases to Corp Tax?

[DrStrange]

Seems the papers are all talking about a rise in Corp Tax to 24% in the Budget.

What do you people think will happen? is this another "scare 'em" tactic so a rise to 21% is seen as a win, or do you think he'll go for it under the cover of Covid?

Do you think he'll also increase Div Taxes as well and give us a double whammy, or would that be too much do you think?


(I'm just curious on everyone's thoughts really, I know no one actually knows what's going to happen...)

[eek]

Life's unfair, things change - deal with it.

[jayn200]

I have no idea but corp tax raises are usually something that would happen in a period of a relative stability/moderate growth. Raising corp taxes right now is crazy and will just shrink the economy.

The post-brexit goal should be less red tape and lower taxes. Raising corp taxes at this critical time will just drive even more business to europe and could cripple the country for years. This is an absolutely pivotal time and getting this wrong right now has massive consequences.

[ladymuck]

I fully expect there to be a rise in CT. By how much, when and whether it will be tiered to turnover/profit/no of employees/starsign on date of incorporation I have no idea.

[Paralytic]

I fully expect there to be a rise in many taxes. By how much, when and whether it will be tiered to turnover/profit/no of employees/starsign on date of incorporation I have no idea.

FTFY

[jayn200]

Why do you guys think there will be a raise in taxes? That falls against all modern economic theory on the matter. Cut taxes, borrow and spend your way to economic growth. You don't tax your way to it. Balance the books when times are good not when they are bad.

[ladymuck]

FTFY

the OP was talking about CT, don't go muddying things by claiming other taxes are available for hiking

[DrStrange]

I have no idea but corp tax raises are usually something that would happen in a period of a relative stability/moderate growth. Raising corp taxes right now is crazy and will just shrink the economy.

The post-brexit goal should be less red tape and lower taxes. Raising corp taxes at this critical time will just drive even more business to europe and could cripple the country for years. This is an absolutely pivotal time and getting this wrong right now has massive consequences.

That was my thoughts initially but the chatter seems to have picked up recently, and I can see why it's easier to raise CT than IT/NIC.


Would seem to spell the end of contracting though as I can't see how it can survive Brexit, Covid, off-payroll and this all at the same time?

[ladymuck]

Why do you guys think there will be a raise in taxes? That falls against all modern economic theory on the matter. Cut taxes, borrow and spend your way to economic growth. You don't tax your way to it. Balance the books when times are good not when they are bad.

You answered your own question

Look at the record to date and stop trying to apply common sense and logic.

[ladymuck]

That was my thoughts initially but the chatter seems to have picked up recently, and I can see why it's easier to raise CT than IT/NIC.


Would seem to spell the end of contracting though as I can't see how it can survive Brexit, Covid, off-payroll and this all at the same time?

Why would a rise in CT end contracting?