₦airaland Forum

justwise:
So when did you change?

JW, let's not encourage this here, even same is going on in the mortgage thread

Akorkor:
Conservative is there. Are they good? So many pot holes in the country . I just want these ones out

The SNP run Scotland

Akorkor:
Which party is the best to vote for as the parliamentary election is getting closer. Scottish Labor party or Scottish National Party(SNP) ? Question to my Scottish people

Scottish family party.

What happened to the conservatives, aren't they on the ballot?

justwise:
Thanks a lot, i have thousands of mentions.. yours included.

Thanks for your concerns

Welcome back.

We haven't been too naughty on this thread.

Zahra29:
I don't understand the correlation. How will the above measures impact tax revenue?

Cyberknight explained my thoughts: It's true that a huge chunk of the UK's economy is simply based on people selling houses to one another, with no real productive aspects, but that has huge societal downsides.

A lot of things need reform, if I buy a second home for BTL, I pay taxes compared to a FTB who might not have to pay anything. The status quo drives up house prices and as houses are been bought and sold govt makes money.

Cyberknight:
Stamp duty receipts will be replaced by less outgoings in the form of housing benefits, extra stamp duty on second homes receipts will be replaced by less outgoings in the form of housing benefits and tax on savings interest as erstwhile landlords save their capital in savings accounts or gilts, likewise for income tax on rent.

It's true that a huge chunk of the UK's economy is simply based on people selling houses to one another, with no real productive aspects, but that has huge societal downsides.

I want to say I love you right now, but do we have people who can make the hard decisions?

Zahra29:
Successive governments since Thatcher have failed to build enough housing.

The government needs to :

- Build more truly affordable houses

- Limit access of foreigners to buy housing stock and/or impose a significant tax on property owned by non doms especially in high demand areas like London.(They've already introduced an empty home tax but probably need to go a bit further).

- Periodically review council home eligibility so that those who no longer need them can give them up to families who are more in need

- look at reforms in the rental market so tenants have more protection and feel more secure renting longer term.
In many parts of Europe, renting is the norm by choice because they have fairer policies that do not disadvantage renters. It's mainly in the UK where renting carries some type of stigma

- consider introducing a rent cap in certain areas

Lol.

If they do this, stamp duty o ti lo, extra stamina duty on second home o ti lo, landlord tax- those ones you pay at the council o ti lo, income tax on rent o ti lo. Do you know how the billions of pounds as tax revenue we will lose?

[quote author=BouharryArtikou post=130430941]You are not a very nice somebody

Cyberknight:
Agreed.
The problem is determining what is reasonable and well-thought out in any situation.

In Scotland's case, I think the right-wing papers whipped up a lot of sentiment there, because the actual money forecast to be raised from the adding of an additional tax band isn't much in the wider scheme of things, affects a small percentage of the population and the differential between their tax bills in RUK as opposed to Scotland is up to £6k for the highest tax band £150k and above, and not many people, who are likely to be homeowners and established in their places of residence, will up and sell homes or otherwise leave. Perception is everything though, and it might deter some people from moving to Scotland, or make them ask for higher pay.

And I think the Scottish govt has one more tax band at the lower end of the scale which reduces things a little for those on that pay level.

It's to pander to the 'tax the rich' liberal crowd. Borne out of a sense of entitlement and jealousy.

Cyberknight:
Agreed.
The problem is determining what is reasonable and well-thought out in any situation.

In Scotland's case, I think the right-wing papers whipped up a lot of sentiment there, because the actual money forecast to be raised from the adding of an additional tax band isn't much in the wider scheme of things, affects a small percentage of the population and the differential between their tax bills in RUK as opposed to Scotland is up to £6k for the highest tax band £150k and above, and not many people, who are likely to be homeowners and established in their places of residence, will up and sell homes or otherwise leave. Perception is everything though, and it might deter some people from moving to Scotland, or make them ask for higher pay.

And I think the Scottish govt has one more tax band at the lower end of the scale which reduces things a little for those on that pay level.

True, those well established will stay and take the hit on the chin. But it doesn't help when a minister can expense £11000 as internet roaming fees (goodness knows what other things they expense that does not make public) and it is ok as well as a decline of public service. Who will lose, maybe the local restaurant, maybe less family trips/holidays, as subjects will have to adjust to new realities which in turn impacts the local economy.

.

missjekyll:
But what capital? They are using every loopholes to evade taxes. Money in offshore companies,factories in Asia.

What are we losing in real terms?

Well that's the reality for business. They are not charities and if the business environment does not favour them, they move, more people lose their jobs, no more tax revenues, towns go into decline, etc.

I am not anti-tax, I am pro reasonable and well thought out taxation. There is always a disadvantage or opportunity costs( effects of which are not always measurable) to these things. It might look like a win for govt revenues in the short term but it might hurt long term. A lot of these taxes don't even hurt the rich people you so much want to get money from, it's the working people it affects the most.

jedisco:
The relationship with higher taxes and what the govt eventually gets is a complex one.

Somethings are clear-
1. There is an elastic point above which a further increase in tax rates would not bring more income for the government. Some European nations like France found out the hard way.

2. Effective taxation is one of the very few basic measures to ensure redistribution of wealth in a society. Keyword: effective.

3. On a wider scale, most Europeans would choose the higher tax but better social safety and less inequality of Europe to the less tax, higher growth but less social nets of the U.S. On a personal note though, it's different. Reason why Nordic nations or Switzerland with higher tax rates are still sought after.

In GB, yes some folks may leave Scotland but if the Scottish govt is able to use the early rise in income from taxes effectively, (e.g higher education tuition fees e.t.c), many more would move in and they might turn our better overall.

I would agree that there are more effective ways of managing tax e.g reduced the steep effect around tax bands to encourage those around the bands to be more productive, reducing tax rates but making capital gains and PAYE equivalent. Taxing long-term wealth more effectively and a few others. But always remember that any tax change always comes with unforseen outcomes.

In summary, it's not as straightforward as it seems. Only time would tell.

Good submission.

My point is higher taxes increases risk of capital flights.

jedisco:
I see... all legit. Infact Bullying and unruly kids are major issues with many state schools.

On a wider scale, this is a very easy sell for labour. As inequality and 'poverty' rises, those being envious would only increase. It doesn't help that many of the state schools need lots of work.
Also, private schooling offers good advantages in this country. You only have to look at the increasing ratio of private schooled MPs. Its not like they're more intelligent but that education gave them a pedestal. Just like with 'unfair' additional rate taxes, the larger society wants a cut of your money.

In Scotland where income taxes are higher, I know of people who are planning on moving down south because they will pay significantly higher taxes in scotland compared to England. With everything considered, they don't have to stay because work is remote. In the end Scotland lose all the tax revenue.

Pearlyfaze:
I added £400 to my Monthly mortgage payment. When I put all the figures in my amortization chart, this additional payment reduced my tenor from 25 to 12.5 years Reducing my total interest from £92,216.86 to £41,298.35. I am wondering if this is the right decision.

I think that putting £400 monthly for 12 years in SNP500 will yield more money than this but I do not know much about Stock investment. E be like we go soon protest to open another trade for investing.

In investments, yesterday's result are not a guarantee for future success. Unless you have a crystal ball and can see into the future. It's all about risk and how rush averse you are. Good suggestion above splitting the funds and investing part in stock market and part in overpaying the mortgage. There are advantages to doing either or, depends on what you value or whatever your goals are.

Read the article below and comments, could help educate and guide your decision.

https://www.thisismoney.co.uk/money/mortgageshome/article-13438835/I-need-remortgage-year-just-inherited-100k-pay-invest-elsewhere.html

Peerielass:
This is exactly the same calculation we did and the reason why we agreed to send our daughter. 11 years ago when my daughter was in nursery I was paying circa £1,000 per month. Over a year that’s about £12,000 - private schools fees are within that range. We are by no means rich, just normal folk who want the best for their daughter in an environment where she can thrive and be the best she can.

Gbam!!!

Generally, the best public schools are in the wealthier or better sections of towns and cities. If the number of students enrolment in public schools increase from this section of the population due to catchment, less space for students from the other sections.

missjekyll:
And I daresay the state school your child will go to will be miles better than now because of the money that ll be raised.

Currently 8000 pounds is spent yearly on each child in a state school. 16000 is spent on a child in a private school. This encourages inequality and further disadvantages the child who is already at a disadvantage . That's not the way to build a meritocracy.

This will level the playing field a bit more for children. They can't choose their parents and shouldn't suffer as a result.

As for the wealthy tax dodgers, they are not paying taxes anyway while using our services and enjoying our social life .so will not be missed.
We ll be waving a hearty goodbye to them.
( they won't leave ,you will see,they love london and the british education system).

Money does not always solve all problems, sometimes you just need to reform (not a skinhead o and not voting reform). You cant tax your way to prosperity.

A Chinese diplomat once said the UK is not competitive, it is just a country that you just have to get along with. Why? because of its history, pomp and pageantry. The world has changed, other countries are stepping up, there are alternatives in Asia, ME and technology has made things easier. I can get Oxford education sitting in my apartment in the UAE (i wish). Times have changed since Labour was in govt and since I started following British politics they seemed to me like most of their policies are always in hindsight (advantage of being in opposition). Their manifesto seems to be vote for us because the torries are bad, haven't seen any proper manifesto. We will do this and that without the how.

I don't believe what we need now is more taxes. More reform and efficiency is needed like getting people who don't want to work back to work. Efficiency with public service, cut down the cost of government, etc.

kwakudtraveller:
Miss Jekyll I don’t want to believe that you are as ignorant as you sound. I’m not even a woman, but I understand the dangers of having transgender people share the same toilet as my wife. Transgender people have been known to sexually assault women. Do you even read any news at all? 

It is very ignorant to assume that only the wealthy take their children to public schools. Only recently, a young Nigerian boy who went to private school was killed with a sword. His parents are not wealthy, they are just an average family that wanted the best for their child. You have also been in the UK long enough to know that making private schools pay a 20% VAT would mean more expensive fees and parents being forced to move their children to already strained public schools. What are Labour's plans to fund public schools? To use the VAT to pay for 6,500 more teachers? And when the demand increases, increase the VAT again or increase people’s income tax? Our loyalty should be to the cause, not a blind following. Your so-called Labour Party has said more against immigration, but many pages ago, you said they were pro-migration. Think logically please.

I share your sentiments about the vat on private schools. Not only the rich send their children to private school like you mentioned. Madam and I calculated how much it is to send a child to private school and that is about how much we pay for childcare in a year full time for nursery without tax free childcare or the free govt hours. We could send a child to private school, it won't affect our current lifestyle. Are we rich, I won't say we are; options for childcare are limited. If we valued private education, we could continue on this path but if it becomes more expensive as a result of this vat, we pull out and go public like you mentioned.

It's always easy to tax the 'rich' pay their fair share etc but there are disadvantages. Answers are not always black or white, a workable balance is always best. They are taxing energy companies on their profits, these companies are majorly investing outside the UK these days where all these excessive taxes and 'wokism' don't apply. In the longer term the UK loses.

Santa2:
Come and adopt me abeg .. Nice one Baba Lexus, you & madam have done well for your selves, Keep being a guiding light to those of us coming behind. Just like Jedisco I have also been wondering about BTL. Can I open a company strictly for BTL and get mortgage on the newly opened company(assuming I have the 25% deposit usually requested). Or is BTL usually best as an indiviual/couple. Could you give a rough overview of BTL best practise. Best way to set up, pitfalls to look out for etc.

Consider tax implications of you setup BTL in personal names because you are liable for tax on your btl income. Assuming your are in the higher tax band say 40% you will pay tax 40% on the the entire rental income before mortgage payment. Mortgage used to be tax deductable until a few years ago.

You will usually be advised to set up BTL under a company then you can remove cost before before tax, corporation tax in this case. But you will still be liable for tax for whatever you pay yourself, I think the first 500£ is tax free.

Disclaimer: Consult a financial advisor for proper advise.

Resurgent2016:
honestly childcare cost is choking.

Even the people with 30 free hours weekly, tax free account, child care voucher are complaining.

We that pay 100% out of pocket with no assistance, na die we dey

My brother, madam and I did calculation on how much childcare cost us this evening. Amount we paid in the last year for but half a house along lekki expressway. We still dey try look or options, e remain for me to suggest make we repatriate pikin go naija for one year but I no want marital problem or person to collapse from heart attack over here. I have friends whose children will be starting school this August, then they go holiday for two weeks, something wet never happen before, then soon try well deserved.

profemebee:
i will be lying if i said i understood this lol

pls can you explain with an example (even if it is with dummy data)

thanks.

Here you go, play and enjoy. The app will shop you how overpaying monthly or lump sum overpayment will affect your mortgage.

https://www.natwest.com/mortgages/mortgage-calculators/mortgage-overpayment-tool.html?q=mortgage+calculator&brand=NATWEST&section=personal&enginekey=wYnTjXmfABgYKBU6GMG3.

jedisco:
Congrats @ Santa2.

I'm wondering if anyone here is involved in BTLs. Mention if you have. I'm in the south and running some numbers but things are look steep with the current mortgage rates. I'm not keen at fixing for 5 years at this rate. Want to get some nuance and see what the average margin is.

I remember someone (deept I think) once mentioned a Nigerian in UK investment thread or something similar. It would be worth knowing what proper investment/income generating opportunities there are in both our homes (9ja and UK) moreso ones that are also suited to our demography. I've heard of folks who buy written off cars and fix and sell for a profit, also Nigerian stores e.t.c.

Guess this thread can fulfill that purpose

dustydee:
Paywall, paywall, paywall. Do know any app to bypass it?

Here you go

https://uk.news.yahoo.com/five-members-benefit-fraud-gang-172800045.html

directonpc:
To reply to Tech Nation, Graduate visa and the engineers you talk about.

I know a few rising tech stars from Naija wey don japa come dey live slightly quieter here.

Many graduates MSc. and PhD that won't be employed in professional roles because of the graduate visa.

Engineers, even person wey been dey work with shell for Naija dey manage warehouse work for here now. Omo, from my small experience here so far, so much more can be gotten from talented immigrants if anyone is willing to take a chance on them.

not just talented immigrants, there are lots of talented locals and immigrants already here, but the opportunities are not there like they used to be. someone a few pages back was asking about prince2. I remember a few years back, have prince 2 certification and say you have primavera P6 experience, you will almost always get an interview every other week/month but now nothing.

missjekyll:
I would link immigration to the manpower needs of the country. I won't block immigration even when it's as clear as the nose on my face that I need them.

thanks for the reply. Is @ the bolded not what the shortage occupations list, global talent visa and related visas are there for? I havent seen or heard anyone who met the criteria denied visas.

Has the present government blocked immigration of any sorts?

missjekyll:
I disagree with Starmer on that one. We need even more immigrants now than before. We do not have enough homegrown talent for national growth. The asylum seekers are usually what the racists point to when talking about immigration.

I agree that it probably doesn't come up because there's an immigrant in the doorknocking party. I also avoid skinhead houses. Let the tories take the beating and verbal abuse. I m keeping safe

Hi missjekyll,

If it were up to you, what will your policy on immigration be? Open the gates and let everyone in? Immigration is good, but too much immigration can be a problem.

ehizario2012:
What if the application is being handled by a supposed professional?? A lawyer for example or a doctor.

You are still responsible for whatever information or evidence in the application, even if the application was handled by the home secretary himself

Lexusgs430:
Make I try ......

Ogede bajẹ won lo pon .......😁🤣

O n la ti pon to make dodo ikire

Lexusgs430:
This your last question, I cannot pretend to answer, for fear of been accused of been insensitive.........😁🤣

Lol, you dey fear?

Until we make the hard decisions and people take responsibility, these problems will persist.

Lexusgs430:
The only solution is to go private or introduce a funding element ........ But i dare any politician........

Do you know how many #NOF operations are conducted in a month + #TKR........ Let's only pick on this 2 orthopedic operations........ This is part of what that consultant is joking about.........

I had to Google what nof and tkr are.

What about those who cannot afford to go private? Did we get sicker as humans or what? Or because the care is 'free' we do not take care of ourselves?

What about the people who cannot afford to go private? Did we get sicker as humans?

Lexusgs430:
A very detailed about the NHS ...... If I had my thinking cap on, i would say this was a letter from the government to it's citizenry.......


Britain’s NHS Black Hole Is Devouring the Whole Country https://www.bloomberg.com/news/features/2023-01-24/britain-s-nhs-crisis-could-devour-the-entire-country

"In the face of endlessly escalating funding demands, one orthopedic consultant joked darkly that the UK would soon turn into a small economy with a big health service attached."

What to do? Bring out our checkbooks with the incoming labour govt? Is there a solution to this NHS crisis?

alongetayo:
The renovation costs were way overhead your bugdet right?

Not all old builds require renovation.