Mark McKenna

Father of two. Tax. Trying to remain sane whilst we all inexorably slide Slowly Downward

[Mark McKenna @markmc_82]

@Sallyjo799 @RoperCarl From his original objection:

"Am I and the people Liverpool 18 being snobbish with our objection? If people want to eat junk food and not see what their children are eating that is up to them but, Allerton Road is not the right place."

- Richard NIMBY Kemp

[Mark McKenna @markmc_82]

@atjames88 @FraserNelson Nowhere near as rapidly as in the UK. Nor to as high a level relative to average incomes

[Mark McKenna @markmc_82]

@atjames88 @FraserNelson Linked. NMW rises reduce/remove the pot for other (above NMW) staff to get a rise. So the floor comes up, but the ceiling stays where it is leading to wage compression.

[Mark McKenna @markmc_82]

@aNorthernGarden @LoftusSteve Might want to read the bio for a quick second...

[Mark McKenna @markmc_82]

@aNorthernGarden @LoftusSteve A tradesman would surely be supply and fit to exceed £90k threshold. Unless you're paying £400-500 a day...

So they have VAT on materials (which they can't reclaim). Registering allows them to recover that

[Mark McKenna @markmc_82]

@abcdlights @LoftusSteve Absolutely spot on this.

The threshold currently allows one man bands to have a good living. Those looking to grow and employ people get hit by VAT making them look expensive.

Dropping the threshold would be a brilliant move

[Mark McKenna @markmc_82]

@aNorthernGarden @LoftusSteve The builder in this example would be able to recover the VAT incurred by them.

It wouldn't be necessary to add 20% to the total bill. A lot could be absorbed by them.

Most people are concerned by the traders who *aren't* registered. Not by having to charge VAT itself

[Mark McKenna @markmc_82]

@KirstieMAllsopp @thatsnotmine125 After that build up. Let's stop wasting roadsigns? What an amazing insight

[Mark McKenna @markmc_82]

@rcolvile Another area where we need a hard reset.

Remove green belt protections (within 10 mile of a major city), s106, affordable housing, the lot of it. Developers pay x% of the sales value to the LA. Anything not completed within 5yrs, they pay 2-3x. Let's build

[Mark McKenna @markmc_82]

@johnmcdonnellMP Things change John. Perhaps governing was never for you.

With this logic, you would have stopped reservoirs, military training sites and countless other developments that are now essential infrastructure.

[Mark McKenna @markmc_82]

@Beloved71478281 @alexburghart Did he say the walking class? I can't hear him

[Mark McKenna @markmc_82]

@pete_ar_fryn @MerryAlbright It is likely to be much more of an issue for high asset/low return businesses.

Also has a compounding effect for deaths within 5-10yrs (beyond QSR). Death one was still being paid for, then new owner dies and it's a fresh IHT charge. It's badly thought out imho.

[Mark McKenna @markmc_82]

@pete_ar_fryn @MerryAlbright Absolutely no effort to value. Purely illustrative, just like your own.

Do remember that extracting any real amount cash from a business typically brings dividend taxes circa 40%. Then from that net sum, the payment is made.

Also the retained earnings could be working cap.

[Mark McKenna @markmc_82]

@pete_ar_fryn @MerryAlbright Assume £11m value (for simple fig).

£1m BPR, leaves £10m chargeable.
So £2m IHT owed by the Estate.
Where does that cash come from in your mind?

[Mark McKenna @markmc_82]

@Chris472600 @McNolf @BazaritoDorito @faisalislam "But secure your future entitlement." Nope. Absolutely wrong.

Govt doesn't work people (except public sector).

Stop Govt waste. But keep paying £12k a year to people who don't need it. Amazing...

[Mark McKenna @markmc_82]

@EdConwaySky @OBR_UK Have they ever been right about anything?

Didn't the OBR sign off on every one of those debt projections at the time?

Didn't the also agree with the initial estimated cost for triple lock?

It's rule by spreadsheet... and the OBR isn't very good at them

[Mark McKenna @markmc_82]

@llinos_medi How about an extra 2% tax on second jobs of MPs.

Or abolishing subsidised lunches at Westminster?

There are plenty of fairer ways to raise money. Just not from you hey?

[Mark McKenna @markmc_82]

@PeterMcCormack @MarinaPurkiss Who values it? On what basis? At what cost to police by HMRC? It's a mess of a policy.

Mass of UK taxpayers haven't woken up. A little more, from everyone. The "someone else will pay" is getting a tad old

[Mark McKenna @markmc_82]

@mansfieldrv6 @supertanskiii Would you like someone to buy you a car?

Would you support taxes being paid by someone who isn't you?

An overwhelming majority presents itself!

[Mark McKenna @markmc_82]

@Chris472600 @McNolf @BazaritoDorito @faisalislam You pay in to pay out current pensioners. There is no pot of money.

Means test it.
Anyone over £50k income no go.
Assume 5% ROI on assets to prevent hoarding (asset rich cash poor guv...)

Oh and move the retirement age to 73.