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I’ll remind every person here that you are taxed on your revenue, not your profit. It’s worth thinking about because it’s not always been the case in the past t
by andy_ppp 8y ago
I’ll remind every person here that you are taxed on your revenue, not your profit. It’s worth thinking about because it’s not always been the case in the past that companies had more rights than individuals.
- sol_remmy 8y agoYou propose taxing a company on their revenue and also taxing individuals when they realize their capital gains? Such a high level of double taxation would kill all investment in this country overnight
- deleted 8y ago[deleted]
- djrogers 8y agoThat's actually not the case - expenses related to earning your income are usually (with a few notable exceptions) deductible. Also, capital gains are a real thing, and you are taxed on realized gains - not the full amount you sold for.
- philjohn 8y agoIf you're employed in the UK there's very little you can deduct - mostly it's salary sacrifice arrangements like pension, childcare vouchers etc. The only real deductible I can think of at the moment is mileage allowance, and since very few people do anything but commute to and from their place of work, they can't claim that. It's only if you're a salesperson or area manager driving your own car. If you're self employed however the picture is a little different.