Official budget thread

[marshall mathers]

No change to the corp tax changes.
More companies will be encouraged to move to Ireland where it is half - 12.5%
Yet Ireland has seen their income from Corp tax grow significantly. Strange that.

[JPC]

Ah well time to setup my company in Ireland instead they can have my corp tax! (yes ive already checked it is possible due to my customers etc). Ah wait is that tax avoidance or efficiency?
It doesn't matter because very soon OpenAI4 will be a huge thorn in the side of all tax laws/all beaurocracy and law included.

[AtW]

Ah well time to setup my company in Ireland instead they can have my corp tax! (yes ive already checked it is possible due to my customers etc). Ah wait is that tax avoidance or efficiency?.

If you (management) in the UK then incorporation offshore won’t mean jack - even if all of firms customers also offshore

[willendure]

Ah well. Time to vote Labour in because then things will be so much better. They will won't they???!!

[JPC]

If you (management) in the UK then incorporation offshore won’t mean jack - even if all of firms customers also offshore

If you are a UK-based company and you want to relocate to Ireland to take advantage of the lower corporation tax rate of 12.5%, it is possible to do so, but you will need to follow certain procedures.

Firstly, you will need to register your company in Ireland and ensure that you comply with all the legal requirements for setting up a business in Ireland. This will include registering your company with the Irish Companies Registration Office and obtaining the necessary licenses and permits to operate your business in Ireland.

Once your company is registered in Ireland, you will be subject to Irish corporation tax on your profits at the rate of 12.5%. However, it is important to note that you may still be liable for UK corporation tax on any profits earned in the UK, depending on the circumstances of your business.

[JPC]

Ah well. Time to vote Labour in because then things will be so much better. They will won't they???!!

Indeed, the modern day Tories are Labour but almost worse. At least Labour favoured the workshy bums etc. Tories are literally fking everyone? Frying Pan/Fire.

[jamesbrown]

Threshold is from 250k profits upwards though so only NLUK affected here.

Er, no. The marginal rate of tax between £50k and £250k is 26.5%. Above £250k, it's 25%. So, actually, this will hit some/most contractors that are not using an umbrella. The increased pension annual allowance mitigates it to a small degree if you're inclined to contribute to a pension (as you probably should be).

[d000hg]

Ah well. Time to vote Labour in because then things will be so much better. They will won't they???!!

If it was still Truss in charge, probably. Boris, a toss-up. Rishi seems a fairly sensible moderate so I'd prefer him to Keir as things are currently.

[JPC]

If it was still Truss in charge, probably. Boris, a toss-up. Rishi seems a fairly sensible moderate so I'd prefer him to Keir as things are currently.

Had Truss stayed in charge we would have all been marching out of a recession already... the market makers didn't like that decision though.

[sadkingbilly]

Had Truss stayed in charge we would have all been marching out of a recession already... the market makers didn't like that decision though.