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Cost of Living

Conversely there's a report out today suggesting 1 in 10 have no savings, & 10 million have difficulty accessing a bank branch.
 
lemonjelly said:
Conversely there's a report out today suggesting 1 in 10 have no savings, & 10 million have difficulty accessing a bank branch.
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I was surprised it was only 1 in 10 tbh.
I guess you only really consider your own position, certainly when our kids were young and we had a mortgage, there was no chance of saving money, it was hand to mouth for us for quite a long time, the pressure only really came off when I was in my mid 40s, even then it was tight. I suppose I thought it was the same for most.
The 10m struggling to get a bank account also surprises me, how the hell do you live in our society without a bank account?
 
Elephant Pyjamas said:
www.theguardian.com

Wealthy Britons avoiding more tax than previously thought, spending watchdog says

NAO says tax gap for rich individuals may be much more than £1.9bn and urges ministers to redouble efforts
www.theguardian.com www.theguardian.com
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We've reached a place where the vast majority of people, rich or poor, resent paying taxes and think of it as a thing to be avoided and which does not provide benefit to them. Not sure how we come back from this - governments will never be able to keep up with rich people avoiding tax without global agreements and that seems incredibly unlikely.
 
Tredman said:
We've reached a place where the vast majority of people, rich or poor, resent paying taxes and think of it as a thing to be avoided and which does not provide benefit to them. Not sure how we come back from this - governments will never be able to keep up with rich people avoiding tax without global agreements and that seems incredibly unlikely.
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But surely everyone’s trying to avoid paying taxes? I thought that was part of everyone’s financial planning, from say using an ISA, or deciding when to take a pension, or inheritance tax as obvious examples. The tax ramifications of all those are huge and I don’t think anyone in their right mind would deliberately choose to strategies to benefit the taxman at the expense of themselves. Pretty sure one of the first considerations of the ‘business user’ vehicle owners on here for example would be, which vehicle gives me the maximum tax benefit, and effectively reducing my contributions to good old HMRC. I don’t think anyone’s too quick to hand over a cheque to the Chancellor each month concerned at the loss of fuel duty revenue while they shoot up every night on cheap electricity. I just think it’s easy to be critical of tax avoidance but we’re probably all at it in various ways.

There probably is a culture of resentment to paying taxes, but I don’t think that’s unreasonable given the ever increasing burden and what feels like lower return. All that’s very different to tax evasion of course and there’s a separate debate around where avoidance thresholds should be set, but just squeezing people tighter and tighter whilst delivering what feels like fuck-all is not a way to get people on board either.
 
EpsomWolf said:
But surely everyone’s trying to avoid paying taxes? I thought that was part of everyone’s financial planning, from say using an ISA, or deciding when to take a pension, or inheritance tax as obvious examples. The tax ramifications of all those are huge and I don’t think anyone in their right mind would deliberately choose to strategies to benefit the taxman at the expense of themselves. Pretty sure one of the first considerations of the ‘business user’ vehicle owners on here for example would be, which vehicle gives me the maximum tax benefit, and effectively reducing my contributions to good old HMRC. I don’t think anyone’s too quick to hand over a cheque to the Chancellor each month concerned at the loss of fuel duty revenue while they shoot up every night on cheap electricity. I just think it’s easy to be critical of tax avoidance but we’re probably all at it in various ways.

There probably is a culture of resentment to paying taxes, but I don’t think that’s unreasonable given the ever increasing burden and what feels like lower return. All that’s very different to tax evasion of course and there’s a separate debate around where avoidance thresholds should be set, but just squeezing people tighter and tighter whilst delivering what feels like fuck-all is not a way to get people on board either.
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Whilst I agree with you, I was amused that it came straight after an article about people saying they themselves should pay more tax :)
 
They talk about non-compliance, so it's people who should be paying tax that aren't rather than people using legitimate(!) means to avoid paying tax.

And it's people earning over £200k or have over £2m.
 
I don't really understand this.

If millionaires who aren't willing to pay extra tax are leaving then what material difference does it make to the economy?

Genuine question.

moneyweek.com

‘I’m among the thousands of millionaires leaving the UK – the new rules don’t make sense’

MoneyWeek spoke to a serial entrepreneur who is leaving the UK following the abolition of the non-dom tax status.
moneyweek.com moneyweek.com

Their businesses if they have them will still be operating here? And if they don't then they wouldn't be paying high tax anyway?
 
Isn't because they aren't paying the personal tax they currently do if they leave? Non doms still pay UK tax, just not as much as they should
 
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