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Tax fiascos

14 August 2012
Issue: 4366 / Categories: Forum & Feedback
'Cash accounting will dwarf six-times earnings mortgages'

The child benefit tax charge fiasco will – as Mike Truman says in Slow-motion car crash – be huge.

But it will be nothing compared to the cash accounting fiasco that has been constructed on the Whitehall slipway.

I would bet that, in the years to come, cash accounting will dwarf both 125% and six-times earnings mortgages and the meltdown of all private sector pensions in the list of crazy, but totally avoidable, things that ‘they’ have done.

The government thinks its ideas are about cutting tax deductable business overhead expenses – actually, small businesses will go on a tax avoidance and benefits harvesting binge, which – just as with the £10,000 nil-rate corporation tax fiasco – will come at a price and will end in tears.

Chris Try, Try Lunn & Co


Issue: 4366 / Categories: Forum & Feedback
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