Upcoming UK Budget

[HKOwen]

Headline of something like Labour Ministers revolt on budget send letter to Reeves and Starmer.

Problem is the ministers are Rayner and Haigh, the intellectual midgets of the front bench.

Reeves is touted as an economist yet she has policies with headline savings or revenue that will never be achieved, primarily because they are ideology based.

The schools VAT policy is an ill thought out farce designed to appeal to the " working class "

 

[Badger11]

Headline of something like Labour Ministers revolt on budget send letter to Reeves and Starmer.

Problem is the ministers are Rayner and Haigh, the intellectual midgets of the front bench.

Reeves is touted as an economist yet she has policies with headline savings or revenue that will never be achieved, primarily because they are ideology based.

The schools VAT policy is an ill thought out farce designed to appeal to the " working class "

Reeves employs an accountant to do her own tax returns. I find that a bit worrying if she doesn't understand how are the rest of us suppose to.

I don't know if this is true but I thought I saw a story that as private schools now have to register to pay VAT, their accountants have told them that they can claim back VAT on capital projects e.g. school buildings from up to 10 years ago. Apparently the taxpayer will be shelling out a few hundred millions, well done Labour, if true .

 

[becky]

Headline of something like Labour Ministers revolt on budget send letter to Reeves and Starmer.

Problem is the ministers are Rayner and Haigh, the intellectual midgets of the front bench.

Reeves is touted as an economist yet she has policies with headline savings or revenue that will never be achieved, primarily because they are ideology based.

The schools VAT policy is an ill thought out farce designed to appeal to the " working class "

That's going to hit a few Labour MPs hard in their pockets though.

 

[NMPalace]

Reeves employs an accountant to do her own tax returns. I find that a bit worrying if she doesn't understand how are the rest of us suppose to.

I don't know if this is true but I thought I saw a story that as private schools now have to register to pay VAT, their accountants have told them that they can claim back VAT on capital projects e.g. school buildings from up to 10 years ago. Apparently the taxpayer will be shelling out a few hundred millions, well done Labour, if true .

you can't reclaim VAT for a period when you weren't VAT registered however, clearly you can reclaim VAT you pay against what you owe - so a simple example is a pub that buys beer at X and sells at Y. The VAT on x is taken off the VAT collected so only the net VAT (c10%) is actually paid to HMRC.

Therefore all the assumptions that bills will go up by 20% is misleading - or schools are overcharging - as some VAT will be claimed back.

 

[HKOwen]

Reeves employs an accountant to do her own tax returns. I find that a bit worrying if she doesn't understand how are the rest of us suppose to.

I don't know if this is true but I thought I saw a story that as private schools now have to register to pay VAT, their accountants have told them that they can claim back VAT on capital projects e.g. school buildings from up to 10 years ago. Apparently the taxpayer will be shelling out a few hundred millions, well done Labour, if true .

Basically, yes. The ideological attempt to punish has backfired spectacularly

Eton among elite private schools set to cash in on windfall from new VAT rules

VAT-registered schools will be able to claim refunds for tax paid on capital projects over past 10 years

www.theguardian.com