Covid 19 and non-tax payers

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steve the grease
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Re: Covid 19 and non-tax payers

Post by steve the grease » Fri Mar 27, 2020 6:48 pm

Peirre wrote:
Fri Mar 27, 2020 6:26 pm
It seems the new scheme to support the self employed is based on profit declared on the 2018-19 tax year, but how many self employed deliberately try to spend as much as possible on new tools and vehicles before the end of the tax year so they don’t show a profit & have to pay tax on said profit? So if they intentionally declared a small profit they will only get 80% of that value under the scheme
Yeah well that is the trade off, same applies when you apply for a mortgage. What else could they base it on?
They are using average of last 3 years income for those who submitted a tax return for 18-19, I think it's generous. They are even giving those who are late submitting their tax return a month to get them sent in!

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Re: Covid 19 and non-tax payers

Post by steve the grease » Fri Mar 27, 2020 7:03 pm

Andi_Archer wrote:
Fri Mar 27, 2020 3:17 pm
Yes but VAT is on "luxury goods" and Tax on alcohol is dependent on the percentage alcoholic content of the drink.
Vat isn't a tax on Luxury goods , it's a tax on virtually all goods and services*. There was a time when it was at a higher rate for " luxury goods" , that is not the case now. There is also additional duty on alcohol and petroleum products like RUG and DERV.
Tell you whats odd though.... In France there is VAT on food and it's still cheaper than over here.


*If you are interested (from Wikipedia).

A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution or sale to the end consumer, except where a business is the end consumer which will reclaim this input value. It is similar to and is often compared to a sales tax.

VAT essentially compensates for the shared service and infrastructure provided in a certain locality by a state and funded by its taxpayers that were used in the elaboration of that product or service. Not all localities require VAT to be charged and exports are often exempt. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price. The terms VAT, GST, and the more general and consumption tax are sometimes used interchangeably. VAT raises about a fifth of total tax revenues both worldwide and among the members of the Organisation for Economic Co-operation and Development (OECD).[1]:14 As of 2018, 166 of the 193 countries with full UN membership employ a VAT, including all OECD members except the United States,[1]:14 where many states use a sales tax system instead.

There are two main methods of calculating VAT: the credit-invoice or invoice-based method, and the subtraction or accounts-based method. Using the credit-invoice method, sales transactions are taxed, with the customer informed of the VAT on the transaction, and businesses may receive a credit for VAT paid on input materials and services. The credit-invoice method is the most widely employed method, used by all national VATs except for Japan. Using the subtraction method, at the end of a reporting period, a business calculates the value of all taxable sales then subtracts the sum of all taxable purchases and the VAT rate is applied to the difference. The subtraction method VAT is currently only used by Japan, although subtraction method VATs, often using the name "flat tax", have been part of many recent tax reform proposals by US politicians.[2][3][4] With both methods, there are exceptions in the calculation method for certain goods and transactions, created for either pragmatic collection reasons or to counter tax fraud and evasion.
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Re: Covid 19 and non-tax payers

Post by Asgard » Sun Mar 29, 2020 8:20 am

Alan your numbers are only for hospital admissions and other know tested cases so the true figure is probably lower.
BUT it is still catastrophic, from here on the world is a different place

Sorry this has ended up in the wrong thread
What use is being well adjusted to a sick society?.

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