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IAG: BA restructuring may cost 12,000 jobs

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IAG: BA restructuring may cost 12,000 jobs

Old 1st Jul 2020, 16:13
  #1161 (permalink)  
 
Join Date: May 1999
Location: Runcorn,Cheshire,England
Posts: 72
plus the loss of personal allowance Tax free band, so you now pay income tax on the first £15k or so too, as well as 38% on the rest. Trust me, it’s an eye watering amount of tax and fiscal drag pulls more and more into it each year.
3Greens is offline  
Old 1st Jul 2020, 16:59
  #1162 (permalink)  
 
Join Date: Jan 2007
Location: pluto
Posts: 179
The bottom line for taxation is does it raise more? If it's too high it doesn't, but it does satisfy the green-eyed.
In the UK the top 5% of earners (£80k+) pay 50% of the total income tax - that pays for hospitals, schools, pensions......

Back to the thread.
blimey is offline  
Old 1st Jul 2020, 17:54
  #1163 (permalink)  
 
Join Date: Jan 2008
Location: UK
Posts: 26
A few years ago I was on about £100k I paid something like £35k in tax and NI, which although it is a lot seems reasonable overall.

Going over the £100k mark, made me wonder whether I should drop some hours to go back under the £100k mark as the tax bill grows pretty quickly in comparison at that point

Biggest challenge in the UK is we tax income not wealth (but that's way off topic)
Andy D is offline  
Old 1st Jul 2020, 18:56
  #1164 (permalink)  
 
Join Date: Oct 2016
Location: North London at last
Posts: 141
Hey guys, yes the tax position in the UK is way off topic. Especially to those amongst us who probably will not have to worry about it for a long long time to come, if ever.
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Old 1st Jul 2020, 20:02
  #1165 (permalink)  
 
Join Date: Mar 2014
Location: UK
Posts: 122
Originally Posted by 3Greens View Post
plus the loss of personal allowance Tax free band, so you now pay income tax on the first £15k or so too, as well as 38% on the rest. Trust me, it’s an eye watering amount of tax and fiscal drag pulls more and more into it each year.
Exactly.
It’s a dis-incentive to work harder and do well.

For example, GPs and consultants: look at how they avoided busting into this band by refusing to do any overtime (not forgetting the punative pension taxes which ironically were paid by the govt to keep them working!).

The US for example, does not have such a punative system, and far more generous tax bands.

Off-topic for sure!
777JRM is offline  
Old 1st Jul 2020, 20:35
  #1166 (permalink)  
 
Join Date: Mar 2014
Location: UK
Posts: 122
I think it is too high.

For example, in the US earning this $150k equivalent, you would take home around $120k, so a tax rate close to 20%.
The taxes there are also on spending, so spend more, pay more tax that way.


Unfortunately in the UK, redundancy pay is taxed above £30k, which isn't a huge amount.
You lose your job, the govt might gain!
777JRM is offline  
Old 1st Jul 2020, 21:26
  #1167 (permalink)  
 
Join Date: Sep 2018
Location: Yorkshire
Posts: 130
Do you guys realise how you are coming across to the general population? And to many other pilots too? Don't expect huge amounts of sympathy with comments like several above!
NoelEvans is offline  
Old 1st Jul 2020, 21:31
  #1168 (permalink)  
 
Join Date: Nov 2010
Location: Denver
Age: 52
Posts: 70
Absolutely not true. Taxes are based on income, sales taxes (equivalent to VAT are low).
I live in the US, after tax, "pension", health insurance and other compulsory deductions my take home is 57% on average. Federal income tax is lower but by the time you add state tax and city tax and healthcare deductions it gets WAY higher than 20%. (and that is without taking into account a co-pay of $3000 for minor heel surgery, or $1500 for a breast biopsy, or $250.0000 for a college degree......)
hans brinker is offline  
Old 2nd Jul 2020, 01:51
  #1169 (permalink)  
 
Join Date: Mar 2014
Location: UK
Posts: 122
Ok, my apologies, I was calculating on married, joint-filing in Florida, having been resident, notwithstanding other costs of living.
And don’t forget, in the US you can offset way more than the UK allows.

But it still shows that the phrase ‘rip-off Britain’, whoever coined it, may have been close to the truth.
777JRM is offline  
Old 2nd Jul 2020, 04:42
  #1170 (permalink)  
 
Join Date: Nov 2010
Location: Denver
Age: 52
Posts: 70
Yeah, no state income tax definitely helps. Living in Denver, CO, with a spouse who makes as much as I do doesn't!
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Old 2nd Jul 2020, 09:58
  #1171 (permalink)  
 
Join Date: Oct 2005
Location: uk
Posts: 87
In BAís 2018 Full year figures and Financial Statement there is a section on threats to the business including cyber attacks,climate issues,LOCOs and lastly pandemic.Does this imply that BA have an element of insurance to mitigate their losses??
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Old 2nd Jul 2020, 11:02
  #1172 (permalink)  
 
Join Date: Jan 2012
Location: Uk
Age: 38
Posts: 464
If they did why let that little detail stop them from “letting a good crisis go to waste”

It seems our biggest threat is the UK government and the devolved parliaments
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Old 2nd Jul 2020, 12:05
  #1173 (permalink)  
 
Join Date: Oct 2002
Location: sussex
Posts: 603
The biggest threat is the lack of interest in the Public travelling - now or in the future.
stormin norman is offline  
Old 2nd Jul 2020, 18:10
  #1174 (permalink)  
 
Join Date: Jan 2009
Location: London
Posts: 18
I wonder if we might cease discussing taxes and incomes and get back to the issue of BA restructuring and the potential impact on future employment and conditions.
bornfree is offline  
Old 2nd Jul 2020, 20:45
  #1175 (permalink)  
 
Join Date: Jan 2007
Location: London
Posts: 10
Originally Posted by stormin norman View Post
The biggest threat is the lack of interest in the Public travelling - now or in the future.
I think this is what we need to be concentrating on. Not our tax bills or living in denial that this is somehow exactly what BA wanted !
Not my job mate is offline  
Old 3rd Jul 2020, 07:48
  #1176 (permalink)  
 
Join Date: Oct 2006
Location: jersey
Age: 70
Posts: 1,239
Things are beginning to look up - first BAW arrival in Jersey for about four months ; & three of the latest EA32 NEOs just flown over.
kcockayne is offline  
Old 4th Jul 2020, 09:38
  #1177 (permalink)  
 
Join Date: Apr 2010
Location: Under a Rock
Age: 51
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Originally Posted by Phantom4 View Post
In BAís 2018 Full year figures and Financial Statement there is a section on threats to the business including cyber attacks,climate issues,LOCOs and lastly pandemic.Does this imply that BA have an element of insurance to mitigate their losses??
No it doesn't it's a statement of risk assessment required under the regulations for publishing accounts of Limited Liability Companies in the UK. It does not imply insurance cover, nor do they have any Business Interruption cover for losses due to pandemic.
Wickerbill is offline  
Old 4th Jul 2020, 10:00
  #1178 (permalink)  
 
Join Date: Jul 2010
Location: Asia
Posts: 930
In the UK the top 5% of earners (£80k+) pay 50% of the total income tax
Not really, top earners pad out their fees and packages to give them what they want in hand. Professionals such as solicitors charge hundreds of pounds an hour to account for the tax man's grab, their clients pay extortionate rates from their after tax earnings in order to pay the service provider's tax bill. The top 5% then want to be recognised for the amount of tax they have contributed when they have simply charged it to someone else and passed it on.

The middle class bear the burden as they support the lower class with taxpayer funded welfare benefits and pay the upper class tax for them.
krismiler is offline  
Old 4th Jul 2020, 13:15
  #1179 (permalink)  
 
Join Date: Mar 2014
Location: UK
Posts: 122
The top 1%.

HMRC data shows that over one-quarter of income tax is paid by the top 1%.



777JRM is offline  
Old 4th Jul 2020, 13:45
  #1180 (permalink)  
 
Join Date: Jun 2018
Location: London
Posts: 79
Wow, Surely the BA pilots (So as EZY, Jet2, TUI, RYR) who are looking at becoming unemployed soon, arenít overwhelmingly worried about their taxes right now.....😏

Seriously, who cares? Back to topic, when does the consultation period is supposed to expire and is there any updates?
Raph737 is offline  

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