Maser Friday

Parisien

Parisien

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34,927
Lots of reasons......firstly, light touch regulation......secondly, lending then got out of control like...X100 times ....finally we all got used to cheap credit and borrowed stupidly.

Situation in Greece was very different....they were borrowing money as a country just to live on a daily basis.

Ireland.....since its inception was a poor country, then in the mid 90s found itself doing very well on the jobs/exporting front until the building sector took over, all went pear shaped in the end when the banks and developers colluded in their lending/building insanity

UK....their banks also guilty of poor lending and then poor control finacial from Labour.......too much money lent to other banks who equally lent foolishly....plus as we then had to spend a fortune baling out the banks.....we had to cut many budgets.....the country wasn't really living beyond its means then....but with cuts etc...............it soon was!


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Easyplan66

Easyplan66

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3,358
vulcan1208 said:
I know the feeling, I have £150k corporation tax to pay in June, had to pay just under £50k tax last month and now they want £22k payment on account and to think I paid the auditors £15k just to tell me this was all correct !!!!
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Vulcan, I think if I was in that league I would change my accountant to one who lives on switzerland
 
hodroyd

hodroyd

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14,150
I have heard tales such as these for years chaps. You need a very good accountant, our neighbours are just that, one of them being a personal tax specialist who takes the Inland Rev to Court and wins. Unfortunately most Government departments are staffed by people who are not in the main the best at their jobs, so many mistakes are made. They get away with these mistakes because most are content not to rock the boat and just pay up. I think most Government departments are run in the same way and not to the best standards.
We are fortunate that we deal mainly with exports and as such usually have to reclaim VAT, which I consider to be too high. The more Government charges in tax, the more people will try to evade paying it, some legally some not. Dependant on what you buy on a weekly basis, in theory some of us finish up paying on average around 60% of what we earn back to the Government in tax, which is a considerable amount and is doing nothing to boost the economy. Too much tax pressure on business will eventually cripple far too many who will close down.
 
Maser Sod

Maser Sod

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1,965
hodroyd said:
Too much tax pressure on business will eventually cripple far too many who will close down.
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Or they will go offshore. Most of my business is outside of the UK, I get paid by offshore entities, but I have registered the company in the UK an thus pay UK tax, VAT, etc. If it becomes even more uneconomic to do so than it currently is then I will just move back to the Channel Islands, or find a tax-efficient offshore scheme. And that will be 150K in tax that the UK loses, plus the potential for me to grow the business within the UK.
 
D

dem maser

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34,282
Very good if you can....some people ive met through property live "officially" in switzerland but are over here most of the time...
 
hodroyd

hodroyd

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14,150
I don't think I could stop working completely, I would be bored, I try and keep my hand in but don't do anywhere near the amount of travel I used to, or the hours. I am in agreement with everybody on here. I am forced to purchase outside of the UK more and more, which I don't enjoy, but if I purchase equipment for a million say, that means I have to find £200K for VAT so that I can export it. Now that's a joke, but current policy is that the Inland Revenue do not trust companies enough that are involved in exports, to zero rate the VAT, because they may not export the goods and sell them cheap in the UK, so everybody has to pay VAT. It's total bull, they have no idea how much business has gone out of the UK because of it. We can buy from any European country apart from the UK and any other country in the world and not pay tax, so who are the losers = UK manufacturers. NOW THAT''S BRIGHT IS IT NOT???
 
B

bigbob

Member
Messages
8,973
vulcan1208 said:
I know the feeling, I have £150k corporation tax to pay in June, had to pay just under £50k tax last month and now they want £22k payment on account and to think I paid the auditors £15k just to tell me this was all correct !!!!
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Single employee IT company?

Well done - make hay whilst you can. Sometimes you can have a good run for a decade or so and really bring home the bacon. Tuck it away for the future, buy a reasonable car (Maserati not Ferrari) and always have a nice winter holiday.
 
B

bigbob

Member
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8,973
...just an economy measure. Was talking new metal too. Nothing wrong with your fleet mind!
 
hodroyd

hodroyd

Member
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14,150
As a new Maser is now getting close to a £100K with your bits on, they are not chicken feed, below a F458 maybe, but still great quality.
 
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