Bank suggest a tax on people working from home

end of the road

Fred Cryton wrote: »

We should tax all welfare payments at a flat 20% rate. This would bring in €4bn from the €20bn annual welfare budget. Then use that €4bn to give substantial tax cuts to the wealth generators, innovators and risk takers of this nation.

would be unviable as it would bring undue hardship upon the vulnerable and least well off in society, and tax cuts are unviable due to cost and less money into the economy to spend on all of the things we need.

Iscreamkone

Interesting that nobody has yet suggested that rents should be increased for those working from home - with increased wear and tear etc.

suicide_circus

Targeting WFH folk with extra tax, probably not but i'd imagine general tax increases arent too far away to pay for all the lockdown damage and borrowing

blanch152

Eric Cartman wrote: »

We’re already at the full limit for taxes, its incredibly unfair to expect almost any country in western europe to increase taxes.

We are not.

Taxes on average incomes and below average incomes are the lowest in Europe.

Taxes on homes are the lowest in Europe.

Taxes on inheritance and capital gains are full of loopholes that should be closed.


Plenty of taxes to increase.

daheff

gerrybbadd wrote: »

Yes. You can do this currently.

not quite

you get a tax benefit @ standard rate on a portion of the costs.

A company would get 100% relief on costs against profits.




the suggestion from the bank to increase taxes on wfh folks is insane. It seems to be a self serving suggestion.

Recently Barclays in UK did an about turn on the WFH idea too. They realised that London city workers indirectly kept 1.7 extra service people inside the city employed (coffee shops, laundrettes, rail & bus staff). Barclays have a lot to lose if those staff & their companies shut down as Barclays have lent a lot of money to their companies and provide banking services to these people. And that the bank provide lending facilities to office block/retail unit owners. So they've a lot of skin in the game.


I would hazard a guess that Deutsche Bank are thinking along these lines too

Eric Cartman

blanch152 wrote: »

We are not.

Taxes on average incomes and below average incomes are the lowest in Europe.

Taxes on homes are the lowest in Europe.

Taxes on inheritance and capital gains are full of loopholes that should be closed.


Plenty of taxes to increase.

Perhaps but middle and high income earners are the most shafted in the world here

_Kaiser_

thomas 123 wrote: »

As someone working from home, no you cant.

You can try claim 10% percent back - https://www.citizensinformation.ie/en/money_and_tax/tax/income_tax_credits_and_reliefs/eworking_and_tax_relief.html

Just wanted to clarify for anyone who is not working from home and is thinking they are hard done by.

Maybe you are looking at it from the perspective of a self employed person?

I had a look at that (thanks for the link) and looking at their example...

Example

Mary works from home for 6 months while her office is closed due to the COVID-19 emergency. During that 6 months her household bills for heating and electricity come to €1000 and her broadband comes to €300. At the end of the year she can claim tax back on expenses of:

€100 for heating and electricity (10% of €1000)
€90 for broadband (30% of €300)
€190 in total
The amount she gets back depends on her rate of tax. If she pays tax at the higher tax rate of 40% she will get €76 back from her taxes (40% of €190). If she pays tax at the lower rate of 20%, she will receive €38 back (20% of €190).

So if you pay tax at 40% as many office workers (myself included) would, out of your €1300 expense, you get €76??

Hardly worth the hassle!

thomas 123

_Kaiser_ wrote: »

I had a look at that (thanks for the link) and looking at their example...



So if you pay tax at 40% as many office workers (myself included) would, out of your €1300 expense, you get €76??

Hardly worth the hassle!

Yup, dont spend it all in the one shop.

Its certainly not a "write off" that 10 people thanked.

In fact id imagine its probably less than most sectors get as tax credits for flat rate expenses.

biko

"Is there anything to be said for another tax?"
DB

bewareofthedog

Banks looking for more money, who woulda thunk it.