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By (user no longer on site) OP
over a year ago
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Super-rich call for higher taxes on wealthy to pay for Covid-19 recovery.
Ahead of the G20 Finance Ministers summit this group of the super rich have demanded to pay higher taxes.
Article here
https://www.theguardian.com/news/2020/jul/13/super-rich-call-for-higher-taxes-on-wealthy-to-pay-for-covid-19-recovery
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By (user no longer on site)
over a year ago
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I’m a chartered accountant - only ever worked in business.
Worked for 2 director owned businesses (100% ownership for 1 individual)
1st) £100M turnover - paying himself through 3 different companies to dilute taxes essentially.
2nd) £650M turnover - 1 guy owning it, paying himself through about 50 different entities. Again to dilute taxes.
The real fix is hitting Corporation Tax & ensuring it’s paid - because a company may be based in guernsey - it’s effectively tax free.
How’s it make you feel - A company could earn £1Bn in sales in the UK & pay 1% tax. |
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By (user no longer on site) OP
over a year ago
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"I’m a chartered accountant - only ever worked in business.
Worked for 2 director owned businesses (100% ownership for 1 individual)
1st) £100M turnover - paying himself through 3 different companies to dilute taxes essentially.
2nd) £650M turnover - 1 guy owning it, paying himself through about 50 different entities. Again to dilute taxes.
The real fix is hitting Corporation Tax & ensuring it’s paid - because a company may be based in guernsey - it’s effectively tax free.
How’s it make you feel - A company could earn £1Bn in sales in the UK & pay 1% tax. "
I agree that Corporation Tax laws definitely need to change. It would be helpful if global collaboration were possible in closing the loopholes. |
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