Cost of living crisis.

[Tommy G]

1 hour ago, Daggers said:

I think the point is addressing the fact that we have a situation where all major organisations have already done this, and thereby pay next to no tax in this operating market.

 

Even smaller companies, such as all of the local care homes, are registered in tax havens to avoid tax.

 

This situation is untenable now.

I don't think ''all major organisations'' have gone offshore, thats a major exaggeration.

[Tommy G]

1 hour ago, ozleicester said:

Yep...youre right, lets just leave it as it is...

Not saying leave as it is, but what you are suggesting as solutions just don't work economically. 

[Daggers]

5 minutes ago, Tommy G said:

I don't think ''all major organisations'' have gone offshore, thats a major exaggeration.

• Amazon
• eBay
• Adobe
• Google
• Cisco
• Facebook
• Microsoft
• Apple
• Starbucks
• Cafe Nero
• Gap
• Vodaphone
• Waterstones
• EE
• Arcadia
• Boots
• McDonalds
• Vision Express
• Thomas Cook
• etc.

And that's just retail.

 

Care homes are almost exclusively registered in tax havens, as are all major investment and wealth management companies. I cba to pull up all the other freely accessible lists from assorted sources that you can find yourself.

 

Suffice to say it's not a "major exaggeration".

 

It is a major problem.

 

Certainly no more than any unsupported claim that businesses would vanish from the UK market if they were made to pay a reasonable amount of tax on the profits they generate in the UK rather than use accounting procedures to relocate income to or route through other nations to havens.

[ozleicester]

8 minutes ago, Tommy G said:

Not saying leave as it is, but what you are suggesting as solutions just don't work economically. 

Well, to be fair, what we are doing is not working... seriously not working.

Tax rates at the top level have been cut from 90% to 45.

There is evidence that companies do NOT leave if taxes are increased. Tesco, Shell and the banks arent going to go anywhere even if their profits are limited.

Of course this will have a huge effect, but that is what is needed. We have people working 2 and 3 jobs and still needing foodbanks, we have billionaires going to space, we have corporations posting record profits while we have record homelessness.

CHANGE... real CHANGE is needed.

 

[Tommy G]

10 minutes ago, ozleicester said:

Well, to be fair, what we are doing is not working... seriously not working.

Tax rates at the top level have been cut from 90% to 45.

There is evidence that companies do NOT leave if taxes are increased. Tesco, Shell and the banks arent going to go anywhere even if their profits are limited.

Of course this will have a huge effect, but that is what is needed. We have people working 2 and 3 jobs and still needing foodbanks, we have billionaires going to space, we have corporations posting record profits while we have record homelessness.

CHANGE... real CHANGE is needed.

 

Have they, when did this happen?

[ozleicester]

6 minutes ago, Tommy G said:

Have they, when did this happen?

Throughout the 50's 60's and 70's the top tax rate peaked at 99%

Those rates plus the corporate tax rates have been consistently cut for the past 40 years

[foxes1988]

2 hours ago, Tommy G said:

There has already been a massive rise in tax rates?

 

How do you limit company profits? Companies will just move elsewhere, if they have to start handing over profits to the government, how does that affect shareholders, the FTSE etc

 

Nationalise banks? 

 

I don't know where to start with this.......

You limit them in taxes as you do with anything.  Although ideally company's profits should just be taking more of a hit from wage rises (and cost increases) rather then simply saying they cannot afford to give out pay rises.

Edited 9 August 2022 by foxes1988

[RoboFox]

Just to put the new price caps in percentage terms. Take your current monthly payment (presuming you're not on a fixed deal, and that your current DD is based on real usage) 

 

Multiply it by 1.81 (81%) for October.

Multiply that answer again by 1.19 (19%) for January. 

 

A 116% increase between now and January 2023. 

 

We pay about £280 for a two-up, two-down with no kids. Next year it could be over £600 p/m.

 

Yep, totally affordable for normal families. 

[Tommy G]

1 minute ago, ozleicester said:

Throughout the 50's 60's and 70's the top tax rate peaked at 99%

Those rates plus the corporate tax rates have been consistently cut for the past 40 years

I don't think we can blame the current crisis on lower tax rates than there was 50, 60 and 70 years ago. 

[ozleicester]

1 minute ago, Tommy G said:

I don't think we can blame the current crisis on lower tax rates than there was 50, 60 and 70 years ago. 

50 years of reduced tax revenue could have some impact?

[walkerleeds]

wesayenough.co.uk

 

100,000 sign ups in about 24 hours. 

 

5 aims:

1- A real pay rise

2- Slash energy bills

3- End food poverty

4- Decent homes for all

5- Tax the rich

 

Interested to see where it goes/ if it continues to gain major traction (over 1m sign ups).

[Zear0]

British Gas kindly updated my direct debit to £438p/m. Was slightly underpaying and owe them £300 but that's still quite a hike. Electric car owner so a bit skewed, but still an arse clenching moment. 

[Leicester_Loyal]

Christ, these figures make my £84 a month look like peanuts.

[SemperEadem]

1 hour ago, RoboFox said:

Just to put the new price caps in percentage terms. Take your current monthly payment (presuming you're not on a fixed deal, and that your current DD is based on real usage) 

 

Multiply it by 1.81 (81%) for October.

Multiply that answer again by 1.19 (19%) for January. 

 

A 116% increase between now and January 2023. 

 

We pay about £280 for a two-up, two-down with no kids. Next year it could be over £600 p/m.

 

Yep, totally affordable for normal families. 

Utterly terrifying

[Tommy G]

39 minutes ago, Zear0 said:

British Gas kindly updated my direct debit to £438p/m. Was slightly underpaying and owe them £300 but that's still quite a hike. Electric car owner so a bit skewed, but still an arse clenching moment. 

Can you charge it at work? We've just put in 6 charge points for us and the employees and we are charging a small and heavily reduced flat fee per day for access and charge, as a bit of a perk. 

[yorkie1999]

Since the begining of the year i've overpaid with my energy bills and consequently i'm 800 quid in credit. What i'm annoyed at is as a result of that my energy company is basically getting interest free credit from me. Not Fair.

[Lako42]

Some people's energy bills are going to be bigger than their mortgages. 

[fox_up_north]

9 minutes ago, Lako42 said:

Some people's energy bills are going to be bigger than their mortgages. 

Absolutely. That is simply untenable. 

[Zear0]

40 minutes ago, Tommy G said:

Can you charge it at work? We've just put in 6 charge points for us and the employees and we are charging a small and heavily reduced flat fee per day for access and charge, as a bit of a perk. 

Sacked off my offices recently and made everyone remote so no dice. 

 

Highcross car park was the goldmine as was free for a few months. Need to hunt down the remaining free chargers. 

[yorkie1999]

I think the energy companies are milking it for as much as they can until the government steps in, which they will eventually have to, leaving millions in debt. It’s the great levelling up the government are harping on about. Win the next election by being our saviours.

[Fazzer 7]

1 hour ago, Zear0 said:

British Gas kindly updated my direct debit to £438p/m. Was slightly underpaying and owe them £300 but that's still quite a hike. Electric car owner so a bit skewed, but still an arse clenching moment. 

Ch rist 😳

[Fazzer 7]

So, if you’re on a fixed price deal as we are, Ends Dec this year. Can you decline/cancel the monthly dd and instead pay for what you use monthly instead? 
ps we have a smart meter. 

Edited 9 August 2022 by Fazzer 7

[Trumpet]

8 minutes ago, Fazzer 7 said:

So, if you’re on a fixed price deal as we are, Ends Dec this year. Can you decline/cancel the monthly dd and instead pay for what you use monthly instead? 
ps we have a smart meter. 

I thought you’re always better off paying direct debit as it includes a small discount. Could be wrong. I’d have thought a direct debit should be fairly accurate if the energy company has enough usage history for you. 

[yorkie1999]

7 minutes ago, Fazzer 7 said:

So, if you’re on a fixed price deal as we are, Ends Dec this year. Can you decline/cancel the monthly dd and instead pay for what you use monthly instead? 
ps we have a smart meter. 

This is something I’ve been wondering. The advantage of a direct debit is that you get a bit of a discount because of the admin costs , but you can go to paying quarterly. I’ve got a smart meter and I thought the whole point was so you knew, and the supplier knew, exactly what you were using. Surely it’s in everyone’s interest to pay for what you use and not, as I previously suggested, effectively give the supplier an interest free loan to run their business with.

[FoxesDeb]

12 minutes ago, Fazzer 7 said:

So, if you’re on a fixed price deal as we are, Ends Dec this year. Can you decline/cancel the monthly dd and instead pay for what you use monthly instead? 
ps we have a smart meter. 

You can, just be aware that you might be getting a discount for paying by DD, and that your monthly payments are designed to build up credit over the summer to cover the higher usage months in the winter.

 

Lots and lots of people are cancelling DD's with their energy companies, and reclaiming their credit, but they may well struggle when the higher bills come in over the winter.