Author Topic: Cut benefits and increase cigarette tax.  (Read 895 times)

Goingtoseed

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Re: Cut benefits and increase cigarette tax.
« Reply #30 on: Jun 23, 2020, 03:46:26 PM »
I envy no one BL.GTS likes to post his affairs on here just to rub peoples noses in it.Talk about Pi$$ take.


Not really. What and why I post is to try to enlighten people of the opportunities that exist to protect what you have worked for in the whole of your life.
There are those that don't care as being dead is being dead and not your problem. There are others who have no knowledge of what can be done and maybe it will cause them to think and see a professional accountant to see what they can do to help them. As Biglouis has said taking the first step in asking can be a real eyeopener as to what is possible.

Cee Gee

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Re: Cut benefits and increase cigarette tax.
« Reply #31 on: Jun 23, 2020, 07:28:00 PM »
Reading a previous comment I just cannot get my head around this Quote "most MP's are in deep with avoidance schemes which as I say are completely legal and are not intentionally set up to avoid tax "[/size]

GrannyMac

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Re: Cut benefits and increase cigarette tax.
« Reply #32 on: Jun 23, 2020, 09:05:45 PM »

Not really. What and why I post is to try to enlighten people of the opportunities that exist to protect what you have worked for in the whole of your life.
There are those that don't care as being dead is being dead and not your problem. There are others who have no knowledge of what can be done and maybe it will cause them to think and see a professional accountant to see what they can do to help them. As Biglouis has said taking the first step in asking can be a real eyeopener as to what is possible.


But as Diasi pointed out some time ago, its because the majority take responsibility for our own welfare that the state (the rest of us) can afford to support people who genuinely need financial help.  You seem to suggest we should all squirrel away our assets into trusts and claim means tested benefits. 

'Man's inhumanity to man, makes countless thousands mourn!'

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mick607

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Re: Cut benefits and increase cigarette tax.
« Reply #33 on: Jun 23, 2020, 09:32:39 PM »

But as Diasi pointed out some time ago, its because the majority take responsibility for our own welfare that the state (the rest of us) can afford to support people who genuinely need financial help.  You seem to suggest we should all squirrel away our assets into trusts and claim means tested benefits.
Many others on here thinking the same GM.
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Goingtoseed

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Re: Cut benefits and increase cigarette tax.
« Reply #34 on: Jun 23, 2020, 11:49:21 PM »
Reading a previous comment I just cannot get my head around this Quote "most MP's are in deep with avoidance schemes which as I say are completely legal and are not intentionally set up to avoid tax "[/size]


Some if not most good schemes are for entirely genuine and important protections. If you just look at the tax system - Lord Clyde in 1929 stated that it is for the people to pay the least amount of tax that they are legally required and not accept that the government have the right to take the maximum that they can get hold of.


A simple and well used system - Directors/shareholders are not required to pay themselves a salary which could well be taxed at the highest rate along with both the employer and employee national insurance payments. Instead it is quite legal to only pay a dividend based on their shareholdings which attracts considerably less tax and no national insurance liability.


If you own two properties, one worth 500,000 and bought for 450,000 and the other 800,000 which was an inheritance. One of them will be liable to Capital Gains Tax if it was sold - which one would you want to protect? Obviously the one with the highest profit. You state that that one is your principal private residence and have the former treated as an investment. You decide which property to live in.
This no different to what MP's do when they own a couple of properties they decide which one they want to call their PPR. There is nothing stoppin you swapping that decision at any time if it suits.


Trusts especially Discretionary Trusts are a really good way of disposing of you capital legally.


As regards unintended effects. What is done to say protect or reduce a liability to Inheritance Tax (which is entirely a voluntary tax) may well have the added advantages of not having to pay for care fees or indeed it is possible that it may help to secure an extra or increased welfare benefit payment.
As regards taking a dividend instead of a salary may well be based on the reason of keeping the maximum remaining capital in the business for the future - why give it to the Treasury

« Last Edit: Jun 24, 2020, 12:03:24 AM by Goingtoseed »

Goingtoseed

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Re: Cut benefits and increase cigarette tax.
« Reply #35 on: Jun 23, 2020, 11:59:15 PM »

But as Diasi pointed out some time ago, its because the majority take responsibility for our own welfare that the state (the rest of us) can afford to support people who genuinely need financial help.  You seem to suggest we should all squirrel away our assets into trusts and claim means tested benefits.


Provided that you 'squirrel' it away in a legal way then why donate more money than you have to? The majority of wealthy business men, most MPs and most of the House of Lords would think it silly. You do what you want to and no doubt you are on the Treasury's Christmas card list.


However I applaud your opinion and accept that there are many that actually do want to pay the maximum that they are required to do so, so as to provide the funds for others to draw on. I am sure that the likes of David Cameron and Gordon Brown and not forgetting Arthur Scargill and Tony Benn's family are a little more savvy where money is concerned - David Cameron is in particular.

GrannyMac

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Re: Cut benefits and increase cigarette tax.
« Reply #36 on: Jun 24, 2020, 07:20:44 AM »
I understand about paying oneself dividends instead of a salary, especially when reinvesting is needed to keep a business going.  I understand about putting a property in trust rather than have it all go on care fees.  Those seem reasonable. Reducing one's savings and income to the level of penury that qualifies for benefits, but still being able to access those funds, doesn't.

Arthur Scargill was always savvy, sad how many who blindly followed him couldn't see his personal greed.
'Man's inhumanity to man, makes countless thousands mourn!'

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biglouis

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Re: Cut benefits and increase cigarette tax.
« Reply #37 on: Jun 24, 2020, 01:14:09 PM »
One thing I saw when I lived among the underclass on one of the toughest estates in Manchester was how very feckless many of those people are. Get their hands on a bit of money and they spend it on smoking/booze/drugs/a new phone etc. And these are the people you are supporting with your tax dollars. Not to mention the money squandered on boat people, overseas aid, and madcap schemes.


If I can keep a pound in my pocket rather than allow it to fall into the grubby hands of the tax man then great. I dont work to keep the lower orders in luxuries.
Rules are for the guidance of wise men and the blind obedience of fools.

katkin11

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Re: Cut benefits and increase cigarette tax.
« Reply #38 on: Jun 24, 2020, 05:06:00 PM »
Brian 54 has said this before i will reply as i have done before increase prices of aclohol,ban sweets,close all fast foods outlets

Goingtoseed

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Re: Cut benefits and increase cigarette tax.
« Reply #39 on: Jun 24, 2020, 05:53:49 PM »
I understand about paying oneself dividends instead of a salary, especially when reinvesting is needed to keep a business going.  I understand about putting a property in trust rather than have it all go on care fees.  Those seem reasonable. Reducing one's savings and income to the level of penury that qualifies for benefits, but still being able to access those funds, doesn't.

Arthur Scargill was always savvy, sad how many who blindly followed him couldn't see his personal greed.


I never said anything about putting us in penury. Our income that we receive is more than we could possibly want or need. It's the capital that we don't want not the income. If someone has to rely on capital/savings to make up a level of income that they need to live on then that isn't going to last forever.

Goingtoseed

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Re: Cut benefits and increase cigarette tax.
« Reply #40 on: Jun 24, 2020, 05:57:57 PM »
One thing I saw when I lived among the underclass on one of the toughest estates in Manchester was how very feckless many of those people are. Get their hands on a bit of money and they spend it on smoking/booze/drugs/a new phone etc. And these are the people you are supporting with your tax dollars. Not to mention the money squandered on boat people, overseas aid, and madcap schemes.


If I can keep a pound in my pocket rather than allow it to fall into the grubby hands of the tax man then great. I dont work to keep the lower orders in luxuries.


I agree. What I earned and saved is mine to do what I want with. The profits made on buying and selling our homes, the inheritances that I have received from my parents is also mine to do as I want with.
I object strongly if anyone wants to get hold of it so as to support those unfortunates.

GrannyMac

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Re: Cut benefits and increase cigarette tax.
« Reply #41 on: Jun 24, 2020, 06:03:23 PM »

I never said anything about putting us in penury. Our income that we receive is more than we could possibly want or need. It's the capital that we don't want not the income. If someone has to rely on capital/savings to make up a level of income that they need to live on then that isn't going to last forever.


Now I am confused.  You've told us on numerous occasions that you get pension credit.  I've looked at the level of pension income that qualifies for pension credit and it doesn't suggest a life of luxury. 
'Man's inhumanity to man, makes countless thousands mourn!'

Burns

klondike

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Re: Cut benefits and increase cigarette tax.
« Reply #42 on: Jun 24, 2020, 07:59:55 PM »
Have you ever considered that the whole lot is a figment of the fertile imagination  of someone with far too much time on their hands and an evil streak posted purely to wind people up? It could all be true I suppose as we know that benefit fraud is rife but other comments point to GTS being nothing more than a wind up artist or as they are more frequently known...


« Last Edit: Jun 24, 2020, 08:12:43 PM by klondike »

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mick607

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Re: Cut benefits and increase cigarette tax.
« Reply #43 on: Jun 24, 2020, 08:04:41 PM »
I'm inclined to agree with you.
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Raven

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Re: Cut benefits and increase cigarette tax.
« Reply #44 on: Jun 24, 2020, 09:08:45 PM »
I really don't understand how he managed to be successful at claiming Pension Credit with all he has coming in. A friend of mine now has it and the DHSS went through everything of hers very throughly before they made a decision..