A Lesson

[Unlucky4Sum]

Look it's a simple fact that a business profit is revenue minus costs that include taxable salaries.  So you can't pay 40% income tax + NIC on the profits (that can be taxed at 25% over 250k +dividends can be taxed at 39.4%)

And we haven't even got to your bizarre supposition that all that 70% goes to pay people for doing nothing.

You got your maths wrong Nick and have reacted as usual to false assertions being pointed out and pointed out far more politely than you challenge others.

 

[Nick]

Next up you can't be paying 40% income tax + NIC on profits taxed as Corporation Tax.  One or the other.

What a load of rubbish, it's not even worth debating it with you. 

[Unlucky4Sum]

Even at 2% I am still paying over 70% in tax, something you argued doesn't happen. So proving my OP is correct.

You need to get a new accountant then.  That is if you're really paying 70% tax for the cleaning cars example of your OP

Next up you can't be paying 40% income tax + NIC on profits taxed as Corporation Tax.  One or the other.

[Nick]

How charmless Cromwell

Maybe you should be asking Nick why he thinks he is paying 10% NIC and 40% tax at same time when the personal NIC rate falls to 2% for the income that 40% tax rate applies to.

Even at 2% I am still paying over 70% in tax, something you argued doesn't happen. So proving my OP is correct.

[Unlucky4Sum]

Well as has been pointed out your reputation goes before you and when given the benefit of the doubt do what you do best as you always do.

If showing up blatantly false stories for what they are is a bad thing in your book, maybe you should get another book.

The OP is obviously false, why shouldn't I point that out?

[cromwell]

How charmless Cromwell

Maybe you should be asking Nick why he thinks he is paying 10% NIC and 40% tax at same time when the personal NIC rate falls to 2% for the income that 40% tax rate applies to.

Well as has been pointed out your reputation goes before you and when given the benefit of the doubt do what you do best as you always do.

[Unlucky4Sum]

How charmless Cromwell

Maybe you should be asking Nick why he thinks he is paying 10% NIC and 40% tax at same time when the personal NIC rate falls to 2% for the income that 40% tax rate applies to.

[cromwell]

That 70% is actually what's called a marginal rate and while it's very wrong IMHO those paying it are not paying 70% on their overall earnings.  And while Nick isn't saying he's based it on tax he has replied listing a whole load of taxes he falsely supposes can be added linearly.

We still await Nick's maths to justify his OP.  I won't hold my breath.

That 70% is actually what's called a marginal rate and while it's very wrong IMHO those paying it are not paying 70% on their overall earnings.  And while Nick isn't saying he's based it on tax he has replied listing a whole load of taxes he falsely supposes can be added linearly.

We still await Nick's maths to justify his OP. I won't hold my breath.

Really ? We can but hope.

[Unlucky4Sum]

And you wonder why you have the reputation you have.

Oh the irony

But hey ho thanks for admitting you are never going to be able to back up that OP

[Nick]

That 70% is actually what's called a marginal rate and while it's very wrong IMHO those paying it are not paying 70% on their overall earnings.  And while Nick isn't saying he's based it on tax he has replied listing a whole load of taxes he falsely supposes can be added linearly.

We still await Nick's maths to justify his OP.  I won't hold my breath.

And you wonder why you have the reputation you have.

[Borg Refinery]

He has justified his OP.

[Unlucky4Sum]

There is a 70% 'effective' tax in at least one instance

https://taxpolicy.org.uk/2024/06/06/tories_accidental_70_percent/

Also, Nick never said anything about this being analogous to taxation, it was a general point

I disagree with it, as Labour are doing the best they can to turn the country around and pledged no new taxes

That 70% is actually what's called a marginal rate and while it's very wrong IMHO those paying it are not paying 70% on their overall earnings.  And while Nick isn't saying he's based it on tax he has replied listing a whole load of taxes he falsely supposes can be added linearly.

We still await Nick's maths to justify his OP.  I won't hold my breath.

[Unlucky4Sum]

You said the maths is wrong, nothing to do with tax rates, and now you're squirming cause you cant prove THE MATHS wrong.

Also, on the tax side, I pay 25% Corporation tax, 20% VAT, 13.2% Employers NIC, then I pay 10% NIC and 40% income tax. That's before we get onto the indirect tax of food, fuel, clothes etc.

Still think I don't pay 70% tax?

So you pay all that while washing cars for £10 (see your OP)  I don't think so.

[papasmurf]

And who started this thread? Me.
Maybe for you, but I work away all the time so I eat in restaurants and the food is always taxed.

But you are not representative of the majority.

[Nick]

Nick you not most people. (Most food is not taxed.)

And who started this thread? Me.
Maybe for you, but I work away all the time so I eat in restaurants and the food is always taxed.