woodview Posted October 6, 2018 Share Posted October 6, 2018 my bold= When the minimum wage goes up so does the cost of everything else so the only winner is the govt through higher tax receipts and more national insurance contributions etc. Well, the person on minimum wage wins as well... The governent does get increased tax, and reduced benefits bill though too. I'd agree that it's paid for by the employer. Link to comment Share on other sites More sharing options...
El Cid Posted October 6, 2018 Share Posted October 6, 2018 Well, the person on minimum wage wins as well... The governent does get increased tax, and reduced benefits bill though too. I'd agree that it's paid for by the employer. Reducing corporation tax allows employers to pay the increased minimum wage, I believe Mrs May recently committed herself to another reduction. Link to comment Share on other sites More sharing options...
Anna B Posted October 6, 2018 Share Posted October 6, 2018 Reducing corporation tax allows employers to pay the increased minimum wage, I believe Mrs May recently committed herself to another reduction. That woman changes direction as often as the wind. Link to comment Share on other sites More sharing options...
woodview Posted October 6, 2018 Share Posted October 6, 2018 Reducing corporation tax allows employers to pay the increased minimum wage, I believe Mrs May recently committed herself to another reduction. Corporation tax has edged down for companies paying the legitimate uk rate of 19%.. That's what I pay. Amazon paid 2%.. Is that right? Link to comment Share on other sites More sharing options...
El Cid Posted October 7, 2018 Share Posted October 7, 2018 Corporation tax has edged down for companies paying the legitimate uk rate of 19%.. That's what I pay. Amazon paid 2%.. Is that right? Just like other international countries, they pay very little tax; I guess your company is not international. Link to comment Share on other sites More sharing options...
mafya Posted October 7, 2018 Share Posted October 7, 2018 (edited) Well, the person on minimum wage wins as well... The governent does get increased tax, and reduced benefits bill though too. I'd agree that it's paid for by the employer. My bold= No they don’t as they still struggle to afford a basic lifestyle= https://inews.co.uk/inews-lifestyle/money/minimum-wage-living-wage-cost-family/ Do the maths using the minimum wage increase this year for someone working 40 hours a week and then factor in all the various price increases for goods and services also due to the Minimum wage increase. It’s a big con..... Edited October 7, 2018 by mafya Link to comment Share on other sites More sharing options...
L00b Posted October 7, 2018 Share Posted October 7, 2018 I'm sure they pay the legally correct amount. Fact is they post their profits in luxembourg, which has a tiny corporation tax rate. I pay 20% corporation tax on my small company profits. They paid the equivalent of 2%. Good they pair a fair wage, I do too. They should be taxed at the uk rate on all their uk based profit. Or we can all pay slightly higher income tax to offset the shortfall. Take your pick. Corporation tax has edged down for companies paying the legitimate uk rate of 19%.. That's what I pay. Amazon paid 2%.. Is that right? The rate of corporation tax in Luxembourg is 21%, 2% higher than in the UK, 9% higher than the RoI. Don't confuse headline rate for effective rate. Particularly when the UK has given the same sweetheart tax deals to tons of multinationals. Link to comment Share on other sites More sharing options...
El Cid Posted October 7, 2018 Share Posted October 7, 2018 The rate of corporation tax in Luxembourg is 21%, 2% higher than in the UK, 9% higher than the RoI. Don't confuse headline rate for effective rate. Particularly when the UK has given the same sweetheart tax deals to tons of multinationals. The Corporate Tax Rate in Luxembourg stands at 27.08%. Corporate Tax Rate in Luxembourg averaged 32.50 percent from 1993 until 2018, reaching an all time high of 40.29 percent in 1995 and a record low of 27.08% in 2017 Many countries have reduced their corporation tax rates, including the UK. https://tradingeconomics.com/luxembourg/corporate-tax-rate Link to comment Share on other sites More sharing options...
woodview Posted October 7, 2018 Share Posted October 7, 2018 The Corporate Tax Rate in Luxembourg stands at 27.08%. Corporate Tax Rate in Luxembourg averaged 32.50 percent from 1993 until 2018, reaching an all time high of 40.29 percent in 1995 and a record low of 27.08% in 2017 Many countries have reduced their corporation tax rates, including the UK. https://tradingeconomics.com/luxembourg/corporate-tax-rate Ok, it's nicely going off-point. I pay 19% of all my profit to HMRC, which goes to fund the things we have collectively agreed on. Last year Amazon paid £1.7m on £74m profits, that's 2%. Do you seriously think that's ok? I'd say it's not. Can you make some suggestions where the corresponding missing £12m should come from, or which services should take that cut? Link to comment Share on other sites More sharing options...
El Cid Posted October 7, 2018 Share Posted October 7, 2018 I pay 19% of all my profit to HMRC, which goes to fund the things we have collectively agreed on. Last year Amazon paid £1.7m on £74m profits, that's 2%. Do you seriously think that's ok? I'd say it's not. Can you make some suggestions where the corresponding missing £12m should come from, or which services should take that cut? Amazon is a foreign company, taxes on companies are based on where the company has their headquarters. The UK has done well with international companies having their headquarters in the UK, because we are a low tax country. A number of companies, including McDonald’s and Starbucks, have moved headquarters or other parts of their operations to the UK. Do you have any sales outside of the UK? If you did you would pay UK taxes on the profit from selling abroad. Official public finance data, found the UK government had raised £56bn from corporation tax during the 2016-17 financial year, a 21 per cent increase from the previous year. Link to comment Share on other sites More sharing options...
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