Ed Balls calls for emergency tax cut

wotsthat

Isn't Ed Balls the shadow chancellor? I seem to remember that there was a, I think it was called, general election more than a year ago. Apparently there's this chap called George Osbourne and, I'm guessing again, that he's the real chancellor and will be in charge of tax decisions for at least a few years yet.

Doing quite a job too by all accounts. He had this brilliant 'rabbit from the hat' idea at the last budget that required anyone willing to invest in the North Sea to f**k off; knocked a whole penny of the price of a litre of petrol as well.

Loughton_Monkey

angrypirate wrote: »

....Its a shame he didnt win the Labour leadership - would have seem them out of power for a long long time

Not sure on this one.

Young Red Eddie is doing a perfectly good job of keeping Labour out of power for a long time - all on his own.

Mark Serwotka and Bob Crow will provide the 'cabaret' of entertainment over the coming months.

Ballsie is just an insignificant sideshow. He's a mere "John Prescott waiting to happen".

vax2002

Pete111 wrote: »

Really?

I'm quite well off but have been paying VAT for years - where do I apply for my rebate?

Then you may be, not as well off as you think, if you were you would already be aware of VAT avoidance loopholes.

Really2

vax2002 wrote: »

Then you may be, not as well off as you think, if you were you would already be aware of VAT avoidance loopholes.

How can a private individual avoid VAT?

You have to pay the specified VAT rate to any vat registered company at the correct rate for eligible items.

You can't reclaim it or offset it as a individual so how can you avoid it?

grizzly1911

Pete111 wrote: »

Really?

I'm quite well off but have been paying VAT for years - where do I apply for my rebate?

As you well know, it is a regressive tax that disproportionately affects the poor.

Funny how we switch to a consumption tax away from Income Tax just when income starts starting to go off a cliff.

Must be catch all those pensioners too, in our aging little Island, don't want them leaving without paying more tax once more.

Kennyboy66

Graham_Devon wrote: »

I'm not sure a tax cut would go down to well with the rating agencies!

Hmmm,

Only a week ago this is what the IMF

'the IMF also warned of “significant” risks that growth will remain feeble and unemployment “unacceptably high”.

..... the IMF said that in such a scenario, the economy should be stimulated with a combination of more “quantitative easing” from the Bank of England and “temporary tax cuts” for businesses and low-income households.

IMF not normally the voice of fiscal irresponsibility.

Where Balls is wrong is in comparisons with the early 1980's recession. Then manufacturing was hollowed out (by Thatchers macho strong pound idiocy, lets not forget) and never returned.

This time, if its retailers and most service sectors that suffer - they are highly likely to be replaced 5 years down the line.

Graham_Devon

grizzly1911 wrote: »

On the basis they didn't "warn" us with their foresight then why should their opinion rule what the Government do now...

Credit rating agencies opinions on our country, is quite important!

But I agree with you, and whoever else, to make life easier

StevieJ

grizzly1911 wrote: »

As you well know, it is a regressive tax that disproportionately affects the poor.

Funny how we switch to a consumption tax away from Income Tax just when income starts starting to go off a cliff.

Must be catch all those pensioners too, in our aging little Island, don't want them leaving without paying more tax once more.

One of the first things Maggie did as well.

grizzly1911

Really2 wrote: »

How can a private individual avoid VAT?

You have to pay the specified VAT rate to any vat registered company at the correct rate for eligible items.

You can't reclaim it or offset it as a individual so how can you avoid it?

Well if you own your own business, are VAT registered, you could of course buy your nice shiny 4X4 4 door hard cab and use it as your personal vehicle, whilst also claiming to use it for shifting that rubble too, maybe.;)

Kennyboy66

Really2 wrote: »

How can a private individual avoid VAT?

You have to pay the specified VAT rate to any vat registered company at the correct rate for eligible items.

You can't reclaim it or offset it as a individual so how can you avoid it?

pay your tradesman cash, buy your CD's etc from the internet, buy you fags & ale from white van man etc, etc.

The consumer pays the VAT, the seller collects it for HMRC.