Tag Archive | "tax"

34.6% Towards TAX!


Here in the UK we pay more tax than just about anywhere else. Wouldn’t you agree? It doesn’t get any better either, according to a new report.

A new report tells us that 34.6% of national output is going towards some form of tax. In other words, you are being hit in the pocket, again and again, year after year.

Especially contractors and freelancers. You are being made to pay more tax than just about anybody. And it isn’t going to get any easier, either.

A certain Mr Philip Hammond, the Chancellor of our country has only just begun when it comes to the subject of tax. He has his sights firmly locked on the contractors and freelancers of this country, and he wants more of your dough.

Does he want that dough to make a nice big pizza? Yes he does, but he doesn’t want to share any of that pizza. He wants it all to himself. He won’t even give you a bite.

The brand new report was commissioned by the Taxpayers Alliance, and what they found is that our tax burden is at its highest for 50 years.

Yes you read that right. Not since the swinging sixties have we had such burden. You would have thought by now we would be paying less tax, not more of it. But we are. They had it better in the seventies, eighties, nineties, and noughties, and here we are, right now, where the tax situation is worse than ever before.

Just what can be done to shove it to the likes of Hammond and his gang? Oh I don’t know…how about hiring a contractor accountant for starters.

If you are a contractor or freelancer and you are fed up with spending most of your money on tax then a contractor accountant is your perfect match.

They laugh at 34.6% tax.

“Ha Ha,” said the contractor accountant.

“I have to pay it,” you say.

“Not if you do exactly what I say, and with your permission, you now choose to pay less,” they will reply.

“Isn’t that kind of thing against the law?” you say.

“No it isn’t, there are many ways you can choose to legally pay less tax, we know all about them and with your permission we would like you to choose us to do it for you.”

You can find these knowledgable and trustworthy contractor accountants at this website. Simply look to the right of the page right now and see who we recommend.

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Your Tax Cut = Declined!


It was thought our government were going to cut tax for 2.7 million self employed workers (including contractors). So what happened?

As usual with our government their plans have turned to mush and all of those hours of careful consideration are now directly in the bin.

“DECLINED!” was the final verdict on a tax cut for the self employed, which means the hard working contractors and freelancers of this nation will have to keep on paying through the nose, month after month and year after year.

If you were looking forward to paying less tax then let this blog post be a rude awakening for you, right now, as you read these words.

Those government officials are not your friend. They are toying with you, just like a cat toys with a piece of string.

They hang that carrot in front of your face and whip your behind…constantly promising less tax while making you pay more.

Are you not fed up with being treated like this? You should be, and if you are then you can get revenge by hiring a contractor accountant.

A contractor accountant is someone who knows exactly how to help you pay less tax (legally), which means you no longer have to wait around for the government to give you a helping hand.

Instead, you can now take control of your own financial destiny by choosing one of the best contractor accountants in the UK.

Imagine paying a contractor accountant £100 a month and then paying £500 a month LESS tax.

I don’t know about you, but in my world that is basically free money. You can literally profit by hiring a contractor accountant. You can buy pounds for pennies.

You have to act fast though because the contractor accountants we recommend (the best) have very limited places on their schedules. They can only take on so many clients because they like to have personal relationships with each and every one of them.

This isn’t the type of accountant relationship where you speak to a robot on the phone. You get a personal service where they know your first name and the name of your dog.

Back to the story, and the government had originally planned to get rid of Class 2 National Insurance contributions for 2.7 million self employed people, which is roughly half of our nations self employed.

A politician has called it – “a betrayal of self employed people.”

I agree…and I’m sure you do too. So you know what to do…hire a contractor accountant right now.

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They Gave Tax the Red Card


Football refs. Love them or hate them you must admit the game couldn’t exist without them. They make a nice chunk of change as well.

Not as much as your top Premiership stars of course, but still a decent pay packet for running about and blowing a whistle on a Saturday afternoon.

Did you know that most referees are actually self employed? That’s right. Just like you, a Premiership referee has to fill in his own tax return or get an accountant to do it.

Some reports have even suggested that refs and players recommend accountants to each other on the pitch.

“That’s a yellow card for you Rooney…I would have given you a red…but you did recommend Contractor Accountants to me…so I will let you off,” is something which could have been said.

However, the HMRC didn’t like the idea of self employed football referees. In their opinion refs should be employed and they should have to pay more tax.

Well, the refs and HMRC couldn’t agree on who was right and who was wrong. The only way to decide was to take the matter to court.

Who won? After a long court battle it is the refs who have taken that red card firmly out of their pocket and shoved it in the face of more tax.

In the courtroom on that day, all of the members of PGMOL were there and dressed in their referee kits with whistles in hand.

As the judge slammed down the hammer and said “NOT GUILTY,” they all started to blow their whistles in celebration.

“Be QUIET,” the judge might have said, because we know how much they like silence in the courtroom.

PGMOL stands for Professional Game Match Officials Limited, and they are representing football referees when it comes to the subject of tax.

The initial £584,000 penalty charge has now been dropped by HMRC. That is one penalty the refs did not want to give, I’m sure.

“That was never a penalty” Alan Hansen might have said from his home in Scotland.

Of course, Alan is no longer on Match of the Day, although he still likes to give his opinion.

“You can’t win anything with kids,” he famously once said. He was wrong.

Here at Contractor Accountants we say…”you can’t give a penalty against a referee.”

We also say that all football referees might just want to visit one of our trusted accountants found on the right side of the page you are reading right now.

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“The Best Kebab in Town!” Said The Accountant


There was a small kebab shop in Camden where (legend has it) accountants lined up to enjoy the best kebab in town.

“The is the best damn kebab I have ever tasted!” said one accountant, and he meant every word.

So it was ironic when that very same kebab shop recently was investigated and prosecuted by HMRC for…yes, you guessed it…NOT paying tax.

All of those accountants who lined up in their shop, day after day, month after month, and year after year, and not once did the owners think to ask for help.

“A years worth of free kebabs for taking a look at my books?” could have been one offer put on the table.

or even…

“I will give you the recipe to my top secret chilli sauce…if you will do my tax return.”

Now of course, some of those accountants would have visited the kebab shop after a night of drinking, and would have been in no fit state to give tax advice

but some…

They would have been stone cold sober and just popped in for lunch, with a briefcase in one hand and a £10 note in the other.

That would have been the perfect opportunity to ask for tax advice or for the accountant to write down on a piece of paper…

“Go to ContractorAccountants.com – Look for me on there…”

But now that time has gone.

What appears to have happened is the uncle and nephew team who were running that kebab shop in Camden have been banned from running another kebab shop for the next 14 years.

The best kebab shop in town…no more.

The 53 and 26 year old were found guilty by HMRC of suppressing takings and sales that were not recorded on VAT forms. They also had other tax related issues that were not exactly playing by the rules.

Could an accountant have stepped in and helped them? You bet they could. In fact, all it would have took is a few minutes to get them on the straight and narrow. The kind of time it takes to prepare a tasty doner kebab with a bit of mint and chilli sauce…all served on a fresh pitta or naan bread.

No accountant did step forward though, and what eventually happened is the Kebab shop owed nearly £300,000 in VAT, Corporation Tax and Penalties.

So now accountants in Camden will have to find a new kebab shop, and as you are no doubt aware, that is not an easy task.

My advice to all accountants out there…when you do find a good kebab shop, make sure they are paying the tax man.

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UK Contractors Are “In The Line of Fire” – Yet Again!


Regular readers of this blog will be well aware of the vendetta against ordinary and hard working contractors. They are always “in the line of fire.”

How so? Well, it’s all about a certain Mr Philip Hammond and his Treasury gang that are constantly trying to grab tax from under the noses of our nations self employed.

These so called “tax grabs” have caused national outrage in the past of course. Who can forget when Mr Hammond tried his last tax grab? Millions took to the streets and social media in protest.

This led to Mr Hammond backing off and lying low for a bit. In the shadows where he couldn’t be seen, but now, it looks like he is ready to strike yet again.

How much is he looking for this time? It’s estimated he wants £1.2 billion pounds, and it is the contractors, freelancers, small business owners and gig workers of the UK who are going to foot the bill.

Some experts are calling his recent tax grab attempt just a bit “sneaky” and “crafty,” because he launched his latest raid under the cover of…The Royal Wedding.

That’s right. On Saturday while millions sat around their television sets and watched Harry and Meghan get married there was one man who wasn’t enjoying the festivities.

Philip Hammond was not on the guest list, and he was not watching it on the TV. Instead he was in a top secret meeting in an undisclosed location, pushing forward a bill that will affect almost 5 million people around the country.

While millions were cheering the royals as they arrived at the church…Mr Hammond was signing his name to the bill that many would say is a declaration of war against the self employed.

Then, while Harry and Meghan were walking off together as husband and wife…Mr Hammond was enjoying drinks and high fives with his treasury buddies. They were not celebrating a new royal union, oh no, they were celebrating a new tax grab that will probably go through unopposed

Last time the main mistake Mr Hammond made was that he announced his plans and gave contractors and freelancers time to rally together and fight back.

This time around there will be no fighting back.

So, contractors who are reading this right now, just be aware that you are going to be paying more tax over the coming months and years.

You might not see an immediate impact, but with these new secret weapons from the Treasury and a kind of warfare that is no longer set forth on a level playing field…well, you don’t really stand a chance.

The only way is to limit the damage. They call it damage limitation and that is something a contractor accountant can help you with.

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It’s WAR! (France Stand Alone)


We are in the midst of a war, but not as we know it. A tax war…the kind of war that bears no resemblance to any other.

Who would have thought that France would stand alone to take on the “enemy” while the UK backed away.

“We surrender!” is what the UK generals said.

Germany are also out of this one, while the USA are watching from afar once again, ready to step in if needed.

So who is the enemy? According to the French Government it is digital companies such as Google, Facebook, and Microsoft.

I’ve reported before on France and their fight against these Billion Dollar companies.

“No Pay, Francais.” was one such post…followed by “You Pay, Say Francais.” Look them up.

So now it is all out war. The kind of war that won’t be fought at the beaches and there will be no marching in Paris. This war is all online.

“We can no longer accept to have all our private companies paying a higher level of taxes in our nations when the digital giants are not paying the same,” said French Finance Minister Bruno Le Marie.

Fighting words for sure. The kind of words that a general uses to rally his troops and get them ready on the eve of a battle.

Never will they surrender again. The “Fighting French,” is what some pundits have proclaimed.

Why are countries such as the UK and Germany not joining forces with France though, are they SCARED? Sort of.

While war is something that the British and Germans know a thing or two about, in this particular day and age it is more about caution.

Some experts say that the UK and Germany are actually fearful of retaliation from the USA if they join up with France.

“Attack our digital companies and you will pay,” seems to be the message from North America.

Philip Hammond, the UK Chancellor avoided any kind of conflict at a recent meeting, and instead of giving out a WAR CRY like the French Finance Minister, he decided to be a bit more…diplomatic.

Mr Hammond wants more dialogue about the situation, no doubt wary of American revenge if the UK took up arms with the French.

So it looks like American online giants can continue as normal in Europe. Make billions…pay no tax. Rinse and repeat. Good times!

A good time can be had by all though, even UK contractors. All you need is a contractor accountant in your corner and the good times can begin.

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Accountants Come to Blows…In Dubai


What happens when two accountants meet? They start throwing fists of course, in a primal battle to see who is the best.

That is what happened in Dubai recently, where two accountants suddenly came to blows in a dispute about pay.

It was the chief accountant who soon got the upper hand in the bout, and in true accountant style decided to give his co-worker a beatdown that left everybody else in the room shocked.

Apparently the accountant went to confront his chief about having some pay docked out of his wages.

“It’s because you have been missing work,” is what the chief told his employee.

The answer wasn’t acceptable, and in no time at all both men were involved in a fight for honour and respect.

It was just punches that were traded that day, and true to his position it was the chief who came out on top after defending himself against an initial onslaught.

Some say it was his counterpunching style that won the day, while his opponent was more of a brawler that lacked a plan.

Anyway, while the chief accountant got his hand raised that day, it was the co-worker who had the last laugh.

He took the matter to court and claimed he was a victim of a beatdown. Not just any old beatdown…an accountant beatdown.

The kind of beatdown that would never happen in the world of UK contractor accountants. Never.

Instead, our trusty accountants for contractors are much too professional and much too focused. All they want to do is offer you the best service possible so you are able to save as much money as you can.

Sure, there are times when a contractor accountant might feel like throwing some leather and they might even be tempted to give out a “karate chop,” but when it comes down to it, they are way too cool.

Back to Dubai and during the court case the chief accountant said, “we had a heated argument and I pushed him but I didn’t injure him.”

His side of the story was thrown out by the judge, who instead, believed the co-workers version of events.

The crowd in the court room were left speechless when the judge slammed down his hammer and sentenced the chief to deportation.

That’s right. The punishment for accountants found guilty of fighting in Dubai…banished from the country!

Maybe this particular chief accountant will arrive in the UK to offer his services to contractors, although we just hope his own brand of justice be left for the boxing ring.

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Nearly £1 Billion in Revenue But Only £5 Million in Tax…


I’ve reported before on this blog about how large companies operating in the UK are making billions but paying barely any tax.

Now it is the turn of Facebook, who in the last year saw their UK revenue jump from £210 million to £850 million.

Now I’m no maths teacher, but that is nearly 1 billion pounds sterling that Facebook are making right here on British shores, and which you would expect to come with a hefty tax bill.

Take your average contractor for example. If they were bringing in over £800 million pounds a year then I’m sure they would expect to pay quite a significant amount of tax to the inland revenue, even if they had a good contractor accountant on their side.

However, that doesn’t appear to be true for Facebook, as reports are claiming they are only being hit up for £5 million in taxes, despite the fact they are pulling in close to a Billion from UK customers.

Why are Facebook doing so well anyway, because as we all know, it’s a free social media site? The answer is advertising, and my insider sources are saying that in the past year they have been selling ad space to big UK businesses who don’t mind paying out a lot of cash.

Not bad money if you can get it, and it seems like Facebook are getting plenty of it, with some pundits predicting they will join the ranks of Google, Apple, and Microsoft by earning over £1 billion pounds in the UK.

Just like those companies they also have a good accountant working for them no doubt. In fact, it wouldn’t surprise me if Facebook pay more for accountants than they do tax, but who knows for sure.

As far as I’m concerned the good people over at Facebook are doing everything legal and above board and will continue to do so, unless a court of law proves otherwise.

That hasn’t stopped some organisations flinging accusations at the UK branch of Facebook though, with the chief executive from the Tax Justice Network having this to say – “The UK approach to these tech companies doesn’t deliver the results the public expect. Parliament has already given the Treasury the power to require a different level of tax transparency. For reasons we do not understand the government has chosen not to do that.”

A spokesperson for Facebook has responded to the criticism by commenting that a “company restructure” has just been actioned and they hope it will “provide greater transparency on our operations in London and be easier for people to understand.”

Unfortunately, the mood among the general public is less than favourable, with one hard working tax payer saying, “let’s all hold our tax until Facebook pays 10 billion in back taxes.”

That isn’t going to happen of course, because if there is one thing the government expects from all workers, whether it is an employee, self employed business owner, freelancer, or contractor, well, they expect you to pay your taxes.

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BBC Stars Still Using Tax Dodge? It’s Possible…


Many of you will remember how I reported on BBC stars being accused of dodging tax. Well, some people are claiming it is still going on.

This comes at a time when the BBC has been making headlines of course, as they recently disclosed the salaries of their top earners which was met with almost universal outcry from the public.

At the end of the day, this is license payers money we are talking about here, and it goes towards paying people like Chris Evans a £2.25 million salary. It just isn’t on.

Not only that, but some financial experts are claiming that many of the BBC stars are using personal companies to get paid in order to avoid paying tax. This is something that was supposedly banned 5 years ago, but many suspect it is still going on.

For example, a lot of BBC stars earn over £100,000 a year, which means in normal circumstances they would pay around 45% in tax. However, if they set-up a personal company and get paid that way, then it’s possible to only pay 20% tax.

Despite these allegations by third party sources, the BBC have refused to comment on any of their employees using personal companies to only pay 20% tax, which means right now all anyone can do is speculate about the situation.

Maybe BBC stars do pay 45% tax? Until anything is proven in a court of law then as far as I’m concerned you are innocent.

Take Chris Evans for example, who is the BBC’s top earner with a cool £2.25 million a year. Some experts are saying that there is a personal company listed in his name on record with companies house, although it’s impossible to say if this is the same Chris Evans or a different Chris Evans.

The same goes for Claudia Winkleman and Jeremy Vine, as there are two companies also listed in that name, but so far the BBC have refused to say whether or not this is where their income goes.

Overall, it has been found that 96 BBC staff make over £150,000 a year, with one pundit commenting this is more then the prime minister.

My opinion is that if this was an independent TV channel that got income through advertising and other channels then I wouldn’t care how much they paid their staff, but, this is a channel funded by the UK public. This means we all have a right to know exactly what is going on.

I’m sure this isn’t the last we are going to be hearing about BBC stars in regards to salaries and tax. Maybe some of them are looking for good contractor accountants right now? Who knows for sure.

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No Pay Francais – Google Beat The French Government


It seems that Google are in the news a lot recently, typically having to hand over a cheque to some country or another for back taxes.

Well, it looked like they were getting ready to write out another cheque to the French Government, for around 1 Billion pounds, until a court ruling decided they didn’t have to pay a penny.

This time it appears Google took on the French government…and won, but will that be the end of it? I don’t think so.

So what is this all about exactly? Quite simply, the French government claim that Google owe over a billion in tax for the year 2005 up to 2010, and they were determined to get it.

However, Google have had their day in court, and a top judge has ruled in their favour, although many pundits have commented that it is strange that the search engine giant paid so little in tax during those years.

Just what is going on here? Who knows exactly, but what I do is that this isn’t the last time we will be hearing about Google and the subject of tax in the news.

It was only last year of course when Google reached a settlement with the UK government for 130 million in back taxes. Maybe that is where the French government went wrong…they should have asked for less.

This was always going to be a tough one for the French government if you ask me, because although Google did have an online presence in France during those years, they didn’t have any “permanent establishment” within the country, instead trading as Google Ireland Limited from their base in the Republic of Ireland, which is a subsidiary of their main company based in America.

Some experts argue that Google should have to pay taxes for those years, even if they didn’t have a physical address or place of business in France, while others argue that internet companies are different than traditional based businesses and the normal tax rules don’t always apply.

One thing I do know is that other big companies such as Apple and Amazon will have been watching this whole thing carefully, as they are also being investigated by the French authorities for back taxes.

Over the next few years I reckon that many of these tax matters are going to be a lot more straight forward, mainly because the European Parliament are about to pass new rules in regards to multi national companies and where they make their profits.

In other words, a company such as Google would have to give a detailed breakdown of exactly where every penny comes from, which would make it easier for countries such as France to know how much has been earned within their borders from internet customers.

Will the French government ever see any money for those back taxes? Something tells me they won’t, and if they do, then it will only be a small settlement, similar to what the UK government got last year.

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Tax War – Britain Against The World!


Ever wonder if you get taxed more than people in Europe and North America? A new report just published gives us more information.

What the report appears to have done is looked more closely at exactly how much tax people pay in different income brackets…£25,000, £40,000 and £100,000. It has then compared the numbers against countries such as Germany, France, Sweden, and the United States of America.

Interesting if you ask me, although there is one place we don’t need to compare of course…Monte Carlo, where many of the UK super rich go to enjoy a “tax free” lifestyle while still enjoying all of the benefits of being a British citizen and running businesses within the country.

So let’s start with those high earners, and this includes high earning contractors remember. Right here in the UK someone earning £100,000 gets taxed around 35% of their income. This is roughly about one-third of their pay.

The USA, Spain and Australia are pretty similar to the UK for this income bracket. However, in Germany you have to pay a bit more to the tax man or woman with 38%, and in Ireland you are expected to give up 41% of your pay packet.

That is nothing compared to France though, where people earning £100,000 a year are expected to hand over 59% in tax. This does include a large amount of pension contributions I’m told, and I’ve also heard that many French workers have good contractor accountants.

There has been talk in the past of bringing the European Union together in a single tax policy, although Britain would no longer be part of that. I’m sure that many French people would like to join up with the likes of Spain and only pay 35%, but then they might not have as much money for retirement.

Workers in France are also taxed significantly more when it comes to the lower income brackets, with someone earning £25,000 a year paying 31% in tax and £40,000 a year 41% in tax.

Compare this to the UK where a £25,000 income means you pay 18% and a £40,000 income is 25%, and you can see why not many Brits decide to relocate to France.

Ireland are also easier on their lower income workers, with a £25,000 salary meaning you have to pay 15% tax and £40,000 worth of income giving you a 25% tax bill.

What the report shows is that the tax rate is quite similar between most European countries in the £25,000 and £40,000 income range, although Sweden do tax 22% for a £25,000 income, while in North America, the USA comes in at 20%.

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Robot Workers Should Pay Tax Says Bill Gates


Bill Gates has demanded that robot workers be taxed just like any other worker, contractor, or business owner, but is this is a good idea? Probably not.

There has been many reports about how umbrella contractors are looking nervously over their shoulder and wondering if a robot is about to steal their job.

In some news stories, I’ve read that robotic machines could take 15 million jobs within the contracting world in the next few years, and if this really does happen then surely they should be taxed just like humans? That is what Bill Gates, founder of Microsoft thinks anyway.

However, not everybody is convinced that robots should be filling in a tax return and sending it into HMRC 4 times a year.

Some experts have actually noticed that in many industries where robots are becoming more common, workers are not losing their jobs, and in fact, more jobs are becoming available..mainly due to the fact that robots help generate extra profit for the company.

To give you an example, the car industry of America had approximately 60,000 new robots working for them between 2010 and 2015. During that same time, they also hired an extra 230,000 human workers. Coincidence? I think not. In fact, similar things have happened in both Europe and Asia.

Maybe things will change in the future as robots become the dominant force in the workplace and millions of employees and contractors find themselves down the local job centre? Perhaps, and it could just be that Bill Gates knows something we don’t.

He probably didn’t read the research published last year though, about how robots and automation results in more tax for HMRC and other government agencies around the world.

Well, I have quickly browsed the report, and I must say that it left me impressed, to the point where I have decided that “robots should NOT be taxed.”

Leave them alone and let them get on with what they do best…automation, repetition, and doing the job they are hired to do.

It is better for the UK economy if robots don’t have to fill in a tax return if you ask me. Let’s make it easier for British companies to invest in automation, which in turn should make them more profitable.

Not all contractors will agree with me though, especially those in professions where robots are expected to take over.

I’m sure they will side with Bill Gates and hope that robots have to pay tax just like everybody else, which means it might not be as easy for companies to replace humans with robots.

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Google Pay £37m in Tax for Last Year


It’s that time of year again…the time where Google release their annual accounts, and as expected their tax bill isn’t quite what you would expect.

I’ve talked before about Google and their tax payments of course, and how many financial experts have criticised the company for maybe not paying enough.

Now, you must understand this is just all speculation and Google may very well be operating completely within UK law and doing everything above board.

It’s just that many people have unanswered questions about how a company that does billions of pounds in revenue, only pays a fraction of that in tax.

With that being said, the £37 million they have just paid to HMRC is more than they have paid in the past, with some years only seeing a small payment from Google that barely totalled a few million.

According to the most recent statement, Google did £1.03 Billion in sales last year, and this resulted in a pre-tax profit of £149 million. They have since paid £37 million in tax.

Much of their expenses came from hiring around 3000 workers in the UK last year, compared to only 600 workers the year before.

However, some experts have claimed, that in their opinion, this doesn’t actually show the full story, and it could very well be that Google have got very clever in how they do their accounts.

For example, the official accounts published in America for Google shows that the company had revenue of £6 Billion pounds in the UK last year. Many financial writers have noticed this discrepancy, with some calling for the government to take a closer look at exactly how Google runs their ship.

Maybe they just have really good contractor accountants? I really don’t know, and everything they are doing could be completely above board and on the level.

I suppose it does become more difficult to accurately look into a major company such as Google from the outside, especially when you consider they have many different brands.

For example, Google own the popular website YouTube, as well as many other sites that get millions of visitors a day. Good luck trying to work out all that. You couldn’t do it in a notebook that’s for sure.

Google had to pay some back taxes last year if you remember…£130 million worth. Even with that kind of payment there was many critics, as some financial commenters believed it was nowhere near enough, and that Google should be paying back taxes in the Billions, not the Millions.

A spokesperson for Google recently commented that “As an international business we pay the majority of our taxes in our home country, as well as all the taxes due in the UK.”

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77% Say – “Tax the Wealthy!”


A recent survey of the UK public gave us some interesting insights, with the average man and woman making their thoughts clear…”tax the wealthy!”

In the survey, which took place on the streets around our nation, the public were asked if they thought a return to the 50% income tax rate for people earning over £150,000 a year was something they would like to happen.

Well, 77% said “yes,” which just goes to show you that not everybody is in favour of less tax for all.

Many believe that by taxing higher earners 50% of their wages, it would go a long way in balancing the books and helping the government get their finances in order.

I agree that many in the government need to do more to sort out the financial state of this country, especially with Brexit just around the corner, but is more tax really the way to do this? In my opinion, no.

It was only recently of course that Philip Hammond announced his plans about more tax for the self employed in his budget speech, only to then back track a few days later after public outrage.

I think there is people out there who should be taxed more, such as those Billionaires who get out of paying tax altogether while relaxing on their luxury yachts, but I don’t think that hard working people who just happen to earn more should be punished.

Many people seem to believe that there is some kind of balancing act when it comes to tax, and that if those who are wealthier are taxed more, then workers on lower wages will pay less. This isn’t the way it works though.

The problem is quite simple…the government are not very good at using the tax they get. The solution is not to tax more, it is to better manage what is already going through the system.

Taxing 50% to workers who earn £150,000 a year or more isn’t going to make any difference at all, and although it makes a good headline it doesn’t really change anything.

I don’t think we are going to hearing about any tax changes for the wealthy in the near future, as I reckon the Chancellor is going to stay away from that subject for a while.

If you are a contractor who earns £150,000 or more a year, then my best advice is to invest in a contractor accountant.

Don’t listen to the general public and their surveys and think you are obliged to pay more tax for the good of the nation. No way. Instead, get a contractor accountant and see what they can do for you.

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