You’ll want to let those cool…
Tomorrow is Tax Freedom Day – the first day of the calendar year that you stop working for the state and start working for yourself. One of the better received parts of the budget was the pledge of tax transparency – soon tax statements will come with a break down of how our money is spent.
If you can’t wait until then to see how your money is squandered, the Treasury have made a nifty app.
You can now keep a handy reminder in your pocket of how much of your hard earned cash is given to people who won’t work…
While mentioning his race-baiting, tax avoidance and warning that if he wins he will be on “probation”, the Guardian has held its snooty nose and endorsed Ken. In an attempt to give some lukewarm covering fire today they claim that Boris has been using campaign office space donated by Lycamobile who have not paid corporation tax – a brave line of attack given Ken’s voodoo accounting. Lycamobile did not pay tax because they haven’t made any profits yet. HRMC don’t tax companies on their losses. Which is lucky for the Guardian…
Guardian News & Media, which publishes the Guardian, doesn’t pay tax because it makes a loss every year. GNM is subsidised by its investment funds and its joint-ownership of AutoTrader. The joint-ownership is with, of course, a private equity firm. Some may consider the Guardian, on this basis, to be appalling hypocrites…
Labour’s second most famous backer Lord Winston has followed the lead of Alan Sugar and slammed Ken. Talking on the Daily Politics he questioned how the party had managed to select Livingstone. Just a week ago Lord Winston was the face of the Labour Party’s Election Broadcast. If he isn’t backing Ken, then why should any Labour supporter?
Meanwhile Ken has today promised to release all of his earnings, and those of Silveta, and the tax he has paid, signed off by an accountant. There are rumours of avian swine sightings too. At least he admits that his last figures were a load of…
Video via Liar Politicians
As Parliament returns after an extended Easter break, here’s a handy catch up guide to what you have missed in the race to become Mayor of London…
An over overenthusiastic ‘elf and safety advocate ensured that Guido was ejected from last night’s Evening Standard debate, but thankfully they have sent over the video so you won’t miss a balanced audience boo and shout “champagne socialist” as Ken squirms and tries to justify, to no avail, his tax avoidance hypocrisy. He claims he has given so much in tax that he could pay for an aircraft carrier. Despite earnings of close to quarter of a million, Ken paid just under £40,000 in tax last year. An aircraft carrier costs £2.5bn.
Last night Ken promised on Newsnight to publish his accounts. He further said this morning “I will set out income to my company over the last four years, how much my wife and I received and how much tax was paid.” Instead we got a partial view of what he decided to pay tax on. Ken also claims that an accountant has signed these figures off, yet provides no evidence for this unlike the other candidates. He has still not published his company accounts and the clock is ticking.
Guido’s been speaking to bean counters today who are slightly puzzled by what Ken has put out. One writes:
“a) no book-keeper, let alone an accountant, has been near this – you never date down the left hand side – you run left to right;
b) Corporation Tax is paid on profits, not dividends – massive f**k-up here – tells you all you need to know about the integrity of these accounts.”
The meta-data on the .PDF document shows that it was drawn up not by an accountant, but by Mark Watts- Ken’s old Climate Change Adviser at City Hall. He got one of the crony pay-offs in 2008.
Apart from the 14.5% effective income tax rate – which Matthew Hancock points out is less than a City Hall cleaner pays – the main take-away from the part-publication is that by paying himself in dividends he is avoiding paying National Insurance, which employees have to pay. If you are employed you pay it at 12%. If you are self employed you pay it at 9%. If you are Ken, you don’t pay it at all.
He cannot say he is paying his fair share when he is avoiding paying National Insurance, which is the tax that pays towards the NHS. The question for Ken is a simple one. Why are you paying yourself in dividends rather than salary? There is only one answer. To avoid tax.
Boris’ figures have the accountants signature on them and Paddick has put his actual returns, plus a few personal details, out. Why so dodgy Ken?
Ken has released information on the income that he decided to pay tax on, while simply choosing to ignore the rest. When Silveta Ltd’s numbers from all of his media earnings are included, the true picture of his company […]
When it emerged that Gordon Brown had made £1.4m since leaving office on the international speech circuit, his spinners were quick to point out claim that “not a single penny” had gone to Brown himself and instead it was all […]