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The Budget - 3 March 2021 - Taxes Practical

including Budgets
dealtn
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Re: The Budget - 3 March 2021 - Taxes Practical

#392153

Postby dealtn » March 4th, 2021, 10:20 am

chas49 wrote:
Arborbridge wrote:
Gengulphus wrote:You didn't actually need to chase down the link - just looking at it properly reveals:

https://www.gov.uk/government/collections/budget-2021-tax-related-documents#tax-information-and-impact-notes

I do realise of course that actual link text is often uninformative - but it does prove useful often enough that I find it worth at least casting a quick eye over it.

Gengulphus


OK I didn't notice amongst the address of the link that there was concealed the answer to my question. I'm stupid, lazy, dumb, however you want to characterise it: maybe just human?
......


Moderator Message:
Guys - this discussion isn't really on-topic for the Taxes board. I think you've made your points, so perhaps it's best dropped now? Thanks (chas49)


This isn't the Taxes board (anymore) though - although you are probably right about dropping it.

chas49
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Re: The Budget - 3 March 2021 - Taxes Practical

#392197

Postby chas49 » March 4th, 2021, 11:36 am

dealtn wrote:This isn't the Taxes board (anymore) though - although you are probably right about dropping it.


Ah, so it isn't.... the subject heading fooled me :) - as you say, my point stands though.

Lootman
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Re: The Budget - 3 March 2021 - Taxes Practical

#392243

Postby Lootman » March 4th, 2021, 1:32 pm

NeilW wrote:
Lootman wrote:I don't know if anyone else mentioned in but the creation of eight Freeport zones is exciting. One of them is even far from the sea!

About as far as you can get since East Midlands Airport is near Derby.

Yes, perhaps that was deliberate. EMA airport is actually in Leicestershire and serves Derby, Nottingham and Leicester equally. It was actually called Nottingham East Midlands Airport for a while, but I guess Derby and Leicester complained and the "Nottingham" was dropped.

It is an under-utilised airport with a 3 km runway, which might be part of the argument for giving it, and the area, a boost. DHL and UPS both use it as a base, and it is right by the M1, and not far from the M42 and the M6.

A good choice, in my view.

zico
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Re: The Budget - 3 March 2021 - Taxes Practical

#392352

Postby zico » March 4th, 2021, 4:12 pm

Back to practical tax implications of the budget, and the new 130% tax relief idea, might it now be worthwhile private individuals setting themselves up as a company, then buying a new conservatory (for use as a business office) and a couple of new cars (for travel for the business)?
So a spend of £80k could result in the government giving them £104k to do this.

Obviously this sounds an awful lot like a completely fraudulent scheme, but would it be if I honestly intended to start a business, made all these business-related spending decisions, and then decided I didn't have time to run the business properly. Who's to say I never intended to run a business?
In practice, what would be the checks and balances for this?

It seems like it only costs £12 to set up a limited company.

Charlottesquare
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Re: The Budget - 3 March 2021 - Taxes Practical

#392356

Postby Charlottesquare » March 4th, 2021, 4:25 pm

zico wrote:Back to practical tax implications of the budget, and the new 130% tax relief idea, might it now be worthwhile private individuals setting themselves up as a company, then buying a new conservatory (for use as a business office) and a couple of new cars (for travel for the business)?
So a spend of £80k could result in the government giving them £104k to do this.

Obviously this sounds an awful lot like a completely fraudulent scheme, but would it be if I honestly intended to start a business, made all these business-related spending decisions, and then decided I didn't have time to run the business properly. Who's to say I never intended to run a business?
In practice, what would be the checks and balances for this?

It seems like it only costs £12 to set up a limited company.


I have a sneaky feeling cars may be excluded, I have not read it all in detail yet, they would also anyway likely trip BIKs. (Benefits in kind)
The main abusive avenue to me seems to be taking things you might have expensed and treating them as capital items, under £50 power drills, hole punches, staplers etc.

https://assets.publishing.service.gov.u ... uction.pdf

scrumpyjack
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Re: The Budget - 3 March 2021 - Taxes Practical

#392360

Postby scrumpyjack » March 4th, 2021, 4:29 pm

zico wrote:Back to practical tax implications of the budget, and the new 130% tax relief idea, might it now be worthwhile private individuals setting themselves up as a company, then buying a new conservatory (for use as a business office) and a couple of new cars (for travel for the business)?
So a spend of £80k could result in the government giving them £104k to do this.

Obviously this sounds an awful lot like a completely fraudulent scheme, but would it be if I honestly intended to start a business, made all these business-related spending decisions, and then decided I didn't have time to run the business properly. Who's to say I never intended to run a business?
In practice, what would be the checks and balances for this?

It seems like it only costs £12 to set up a limited company.


That's not how it works. The 130% is the tax deduction - so you get 19% of £104k off your tax bill (or whatever your corporation tax rate is)

Charlottesquare
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Re: The Budget - 3 March 2021 - Taxes Practical

#392367

Postby Charlottesquare » March 4th, 2021, 4:45 pm

https://www.gov.uk/government/publicati ... april-2021

Has some of the basics but needs read in conjunction with CA2001

This is the draft legislation:-

https://assets.publishing.service.gov.u ... uction.pdf

And CAA2001 (may not be up to date) for those who like this sort of thing (I will await a commentary by PWC/similar)

https://www.legislation.gov.uk/ukpga/2001/2/contents

gryffron
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Re: The Budget - 3 March 2021 - Taxes Practical

#392400

Postby gryffron » March 4th, 2021, 5:47 pm

Lootman wrote:[East Midlands Airport] is an under-utilised airport with a 3 km runway, which might be part of the argument for giving it, and the area, a boost. DHL and UPS both use it as a base, and it is right by the M1, and not far from the M42 and the M6.
A good choice, in my view.

The airport is a busy air-freight handler.
AND it has just opened a large rail container freight depot https://www.business-live.co.uk/ports-l ... g-17536758
AND it will be a station on HS3 ;)
About as good a "levelling up" option as HMG are likely to find.
Good choice IMO too.

Gryff


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