Thursday Music Link
The reason why interest payments are a deductible expense is that if they were not, you would get situations in which an otherwise solvent company was made bankrupt by its corporation tax bill. I've never understood why so many otherwise intelligent people don't understand why the politics of putting the taxman in that situation are impossibly toxic.
Money's Too Tight To Mention. Did you really think I would get through a whole year without at least one Simply Red track? The video is a peach.
True (and irritating) fact. The Simply Red version is much better than the original.
ReplyDeleteTrue tax nerdery fact: A colleague's client was effectively made bankrupt when they abolished industrial buildings allowances a few years back.
Boring tax nerdery fact: Germany introduced a massive restriction on interest deductibility a few years back. (IIRC, if you had an interest bill of more than €1m pa you couldn't deduct more than 30% of a company's EBITDA in interest.) I don't think it's bankrupted anybody. Though the consequences of making the €1m pa de minimis test a per entity one (vs. a group test) are lest to the reader.
http://www.guardian.co.uk/music/2010/dec/02/mick-hucknall-apologies-to-1000-women?CMP=twt_gu
ReplyDeleteMay we assume you won't be writing about the Mervyn King Wikileaks because it's boring and pointless?
ReplyDeleteSeriously? Simply Red? The pug-faced whiner who thinks extending copyright timespans is socialist?
ReplyDeleteA new low, even for this blog. Is it just a shared love of smugness?
What was the Merv wikileaks? Just the one about him thinking Osborne's a nob or was there something else.
ReplyDeletehttp://www.guardian.co.uk/politics/2010/dec/02/labour-suspicious-mervyn-king-coalition
ReplyDeleteshorter wikileaks: King briefed Clegg that Paris is burning and we'd be selling the National Gallery in a week. Clegg shit himself and gave the shop away to the Tories. Hence current predicament.
ReplyDelete