find keywords on
this domain
This free script provided by
JavaScript Kit
NAVIGATION
CATEGORIES
Fiction
Wide World - travel
Health / Wellbeing
Nature
Real Lives - biography
Past Perspectives
Philo & Sophia
Fools & Dreamers
Comment & Opinion
Faith And Spirituality
Books
The Best Of Boggart Blog vol1
Entertainment
Music
Arts & Crafts
Cleo Hart Gallery
Environment
Food
Science & Tech.
Bog of Blogs
Little Nicky Machiavelli
Boggart Network News
Greenboggart
Boggart Blog Central BOGGART BLOG ARCHIVES
BBselect002
BBselect003
BBselect004
BBselect005
BBselect006
Spoken Word
Video
Music
Graphic Art
Date Daily Stirrer writers have told you often what a bunch of hypocrites and self serving scumbags lefties are. More moderate souls may blanch at such language and tell us it is not the way to win an arguement. Well in our experience (and we all have a lot of experience) there is no more chance of persuading a leftie to let go of their certyainties and open their minds to other possibilities than of persuading a doorstep evangelist to convert to atheism. So let us tell you the story of a leftie (a former Labour Prime Minister) and his tax return. For most people, getting the sack is the start of a tsunami of financial troubles. Not for Tony Blair however. The former Prime Minister’s, traitor and war criminal's removal from Downing Street opened the door to great wealth, privilege and a lucrative career as felcher in chief to the rich and powerful. But a income of over £lthough his income was £12 million the last financial year, Mr Blair only paid £315,000 in tax or less than 5%. How is that possible? Two short words. Blair Inc. The former Labour (and remember Labour claims to be "The People's Party) leader's huge income derives from an almost impetestrable web off offshore shell companies unofficially known as Blair Inc. This complicated network not only allows the full extent of Blair’s earnings to remain hidden, it allows money to be kept on the move, always just ahead of tax deadlines. The £12 million income, up 42% on the previous year, was filed by Windrush Ventures, one of Mr Blair’s many companies, this particular one being registered in a Caribbean tax haven. However, almost £11 million of this income was written off as ‘administrative expenses’ and hence classed as tax allowable. This brought total profits for the company down to just over £1 million. Corporation tax was levied on this at 28%, resulting in a bill of just £315,000. City accountants have been scratching their heads at this large expenses figure. The accounts show that Mr Blair paid £2.3 million in wages to 26 staff in the last tax year. A further £300,000 went on office equipment, while £550,000 was spent on rent for Mr Blair’s Mayfair business base. Now in my heyday I had to set up a corporation, one of hundreds of Information Technology freelancers forced to do so by Her Majesty's Revenue and Customs. When I submitted my accounts showing 30% operating expenses the taxman queried every item. And go my expenses down to 28%. The Irony was though making freelancers operate limited companies was supposed to stamp on tax evasion all the specialists working in various fields were just that, specialists in our field and thus not well equipped to navigate the labyrinth of tax and corporate law that governs corporate entities. So we all hired accountants who were specialists in the field we freelancers were not. And those accountants earned their fees by ensuring of finances were arranged in such a way that the Revenue service ended up with much less than we would have been happy to pay had they left us alone. If any freelancing professionals had gone to their accountants and tried to say their operating expences were over ninety per cent of company revenue however, they would have been shown the door. So why not Blair? And why are the Revenue not crawling over his business affairs to find out what he has ben up to. As things stand almost £8 million of expenses completely unaccounted for in his company accounts. And that obly covers the earnings we know about, not including gratuities from various oli sheiks, unsavoury third world tyrants, Bilderbergers and New World Order shits in recognition of services rendered. Much of this figure may have gone towards footing the frequent overseas trips made by Mr Blair and his business entourage. Analysis by The Sunday Telegraph this week revealed that in just 12 months, the former PM made 61 trips abroad – totalling almost 224,000 miles of travel. Most of those trips involved public speaking engagements or "consultancy" (schmoozing) and of course the earnings from such activities would be paid to one of Blair's corporations operating out of a pigeon hole in a mail drop address in one of those little nations not known for the transparency of it's ompany laws and financial regulation. Blair's attitude to wealth and tax is typical of the lefties who form the new elite. One law for them, another for the rest of us.
How To Minimise Your Tax Bill (from Yahoo News)How to do it...Practically, setting up your own business will garner the largest tax advantages if your earnings are high enough to push you into the upper income tax brackets (as Mr Blair’s do). All business profits are subject to Corporation Tax. This is charged at 20% for profits under £300,000. A marginal (inclining) rate is charged if profits are between £300,000 and £1.5 million and the full rate of 26% (25% in the 2012/13 tax year) is levied on profits exceeding £1.5 million. However these profit boundaries apply after tax allowable expenses – including your own salary – have been deducted. The idea is to take a salary out of these takings that is taxed at the 20% income tax rate. An example... Say your business took £300,000 of income in the 2011/12 tax year. The first job is to write off any allowable expenses. For this example let’s peg this figure at £100,000 – made up of a £35,000 salary for yourself and £65,000 for other admin costs. These expenses can then be written off immediately, leaving profits of £200,000. Corporation tax at 20% is due on this, giving a bill of £40,000. Meanwhile your £35,000 salary is subject to 20% basic rate income tax, after you’ve had your personal allowance, which stands at £7,475 this year. So £27,525 of your salary is subject to a 20% levy, giving an income tax bill of £5,505 and a net pay packet for the year of £29,495, minus National Insurance of course. So your total tax bill for the year – with salary – would come to £45,505. That’s 15.16% of your original £300,000 income. And even when you take expenses out of the equation, you’re still not paying any more than 20% tax – equivalent to a basic rate earner – on any of your profits. In context, if you had earned £300,000 from a full time or self-employed job (after expenses), income tax at 50% would be levied. In addition, the remaining £160,000 sitting in the business account can be used to fund your pension (tax free), pay out dividends or finance director’s loans: three extremely tax-advantageous ways to make the most of your company cash.
RELATED POSTS:
The Tony Blair Faith Foundation
Skip RSS Feeds and go to Greenteeth Menu Panel
|
|
More From Around The Labyrinth