Budget
Comments
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Aah, so you're back from the Zoo with the rhino horn then?i_b_b_o_r_g said:Best van rental by far
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I used to be the publisher of the Budget paper.0
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all I know is that like every budget since about 1997 i'll be worse off..........
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I'm struggling and don't earn bad.
A cash cow for this government I suppose you could say.0 -
We have the 6th highest budget in our league :-)
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60% drop in tax allowance for those set up as a limited company. Rise in NIC contributions for self employed even though we don't get holiday or sick pay and can't claim benefits.
Absolute joke, self employed and small business owners another couple of groups on the long list of people the tories screw over.
Look who's untouched again? Ah yes, pensioners, the ones who got us into this mess.7 -
Fuck me, is this the case? I've been swept off my feet for the past two days arranging my tax affairs, office rent, and an odd meeting with potential people about marketing strategy etc.kentaddick said:60% drop in tax allowance for those set up as a limited company. Rise in NIC contributions for self employed even though we don't get holiday or sick pay and can't claim benefits.
Absolute joke, self employed and small business owners another couple of groups on the long list of people the tories screw over.
Look who's untouched again? Ah yes, pensioners, the ones who got us into this mess.
All this completely unpaid and whilst shitting myself about where work comes from next.
Even when I was contracting as a Ltd, I lost a couple of grand from common colds, tonsilitis and food poisoning. Or the money lost on time off to help family, or to take the occassional few days off to recharge.
I wouldve happily been PAYE most of the time..
Great.1 -
How did they?kentaddick said:60% drop in tax allowance for those set up as a limited company. Rise in NIC contributions for self employed even though we don't get holiday or sick pay and can't claim benefits.
Absolute joke, self employed and small business owners another couple of groups on the long list of people the tories screw over.
Look who's untouched again? Ah yes, pensioners, the ones who got us into this mess.3 -
Dividends tax threshold cut from 5k down to 2k... couple of years ago dividends tax didn't even exist..LuckyReds said:
Fuck me, is this the case? I've been swept off my feet for the past two days arranging my tax affairs, office rent, and an odd meeting with potential people about marketing strategy etc.kentaddick said:60% drop in tax allowance for those set up as a limited company. Rise in NIC contributions for self employed even though we don't get holiday or sick pay and can't claim benefits.
Absolute joke, self employed and small business owners another couple of groups on the long list of people the tories screw over.
Look who's untouched again? Ah yes, pensioners, the ones who got us into this mess.
All this completely unpaid and whilst shitting myself about where work comes from next.
Even when I was contracting as a Ltd, I lost a couple of grand from common colds, tonsilitis and food poisoning. Or the money lost on time off to help family, or to take the occassional few days off to recharge.
I wouldve happily been PAYE most of the time..
Great.0 -
self employed to pay more in NI contributions as they are "better off" than those who are employed - someone had better tell the chancellor that they don't have access to a work place pension (which by law an employer HAS to pay into),sick pay, paid maternity/paternity leave.....Just wonder what these "benefits" are worth ???
Apart from that a very bland & non-descript budget. No usual changes in allowances (I know some were already announced previously & will take effect in April) or duties and nothing at all re pension contributions or allowances.1 - Sponsored links:
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But not all of the time ;-)LuckyReds said:
Fuck me, is this the case? I've been swept off my feet for the past two days arranging my tax affairs, office rent, and an odd meeting with potential people about marketing strategy etc.kentaddick said:60% drop in tax allowance for those set up as a limited company. Rise in NIC contributions for self employed even though we don't get holiday or sick pay and can't claim benefits.
Absolute joke, self employed and small business owners another couple of groups on the long list of people the tories screw over.
Look who's untouched again? Ah yes, pensioners, the ones who got us into this mess.
All this completely unpaid and whilst shitting myself about where work comes from next.
Even when I was contracting as a Ltd, I lost a couple of grand from common colds, tonsilitis and food poisoning. Or the money lost on time off to help family, or to take the occassional few days off to recharge.
I wouldve happily been PAYE most of the time..
Great.
(been there, done it - some disadvantages but very many advantages of being self-employed)1 -
I don't know.. something like being around and voting for governments for the last 50+ years that have put us in such an unbalanced position.Greenie said:
How did they?kentaddick said:60% drop in tax allowance for those set up as a limited company. Rise in NIC contributions for self employed even though we don't get holiday or sick pay and can't claim benefits.
Absolute joke, self employed and small business owners another couple of groups on the long list of people the tories screw over.
Look who's untouched again? Ah yes, pensioners, the ones who got us into this mess.2 -
Not everyone voted for the same governments, so how can you say that all pensioners got us into this 'mess'?kentaddick said:
I don't know.. something like being around and voting for governments for the last 50+ years that have put us in such an unbalanced position.Greenie said:
How did they?kentaddick said:60% drop in tax allowance for those set up as a limited company. Rise in NIC contributions for self employed even though we don't get holiday or sick pay and can't claim benefits.
Absolute joke, self employed and small business owners another couple of groups on the long list of people the tories screw over.
Look who's untouched again? Ah yes, pensioners, the ones who got us into this mess.0 -
Yeah but the self-employed seem to be conveniently forgetting that employers have to pay NI contributions as well as employees. I believe that's 13.8% on anything above £156 earnings per week? It is these NICs that pay for the sick pay, etc on top of the employees contributions which are 12%.golfaddick said:self employed to pay more in NI contributions as they are "better off" than those who are employed - someone had better tell the chancellor that they don't have access to a work place pension (which by law an employer HAS to pay into),sick pay, paid maternity/paternity leave.....Just wonder what these "benefits" are worth ???
Apart from that a very bland & non-descript budget. No usual changes in allowances (I know some were already announced previously & will take effect in April) or duties and nothing at all re pension contributions or allowances.
Currently the self-employed are paying less than the employees contribution alone. That's not fair. Especially after all the other little tax wheezes they can benefit from.
If they don't like the regime for being self-employed the answer is simple: set up a limited company and become an employee of that. Sorted.5 -
Oh dear oh dear, unbalanced you say.........hmmm.kentaddick said:
I don't know.. something like being around and voting for governments for the last 50+ years that have put us in such an unbalanced position.Greenie said:
How did they?kentaddick said:60% drop in tax allowance for those set up as a limited company. Rise in NIC contributions for self employed even though we don't get holiday or sick pay and can't claim benefits.
Absolute joke, self employed and small business owners another couple of groups on the long list of people the tories screw over.
Look who's untouched again? Ah yes, pensioners, the ones who got us into this mess.1 -
Just my opinion, but it's a tricky one and not that all clear-cut.
In my experience, contractors get a decent amount more money a lot of the time even after you include paying for their own benefits (e.g. health)/pension/leave etc.
This is quite right as the 'delta' needs to be worth it to compensate for less job security in many cases, gaps between contracts and (short-term) periods where you're too sick to work.
However, as a consultant myself (i.e. permanent member of staff 'rented out' to another company) - it seems that if you've got the skills/experience, or even better a specialism, being a contractor is a hell of a lot more lucrative if you take the plunge.
No one likes being targeted by tax hikes, but I think the contracting market (where you can set up as a Ltd. company and do things like pay yourself in dividends etc. to avoid tax) has had a target on it's head for a while now and I'm not altogether surprised. Not saying it's 'right/good'... but I'm not surprised.
Interested what others (particularly @LuckyReds ) think?4 -
Ignorance ?stonemuse said:
Not everyone voted for the same governments, so how can you say that all pensioners got us into this 'mess'?kentaddick said:
I don't know.. something like being around and voting for governments for the last 50+ years that have put us in such an unbalanced position.Greenie said:
How did they?kentaddick said:60% drop in tax allowance for those set up as a limited company. Rise in NIC contributions for self employed even though we don't get holiday or sick pay and can't claim benefits.
Absolute joke, self employed and small business owners another couple of groups on the long list of people the tories screw over.
Look who's untouched again? Ah yes, pensioners, the ones who got us into this mess.
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http://www.dailymail.co.uk/news/article-2055497/JEREMY-PAXMAN-Baby-Boomers-selfish-generation-history.htmlGreenie said:
How did they?kentaddick said:60% drop in tax allowance for those set up as a limited company. Rise in NIC contributions for self employed even though we don't get holiday or sick pay and can't claim benefits.
Absolute joke, self employed and small business owners another couple of groups on the long list of people the tories screw over.
Look who's untouched again? Ah yes, pensioners, the ones who got us into this mess.
https://www.theguardian.com/world/2016/mar/07/generation-y-pay-price-baby-boomer-pensions
http://www.independent.co.uk/voices/baby-boomers-you-have-already-robbed-your-children-of-their-future-dont-make-it-worse-by-voting-for-a7095141.html
http://www.telegraph.co.uk/finance/economics/10171591/10-Baby-Boomer-entitlements-todays-youth-wont-have.html
http://www.telegraph.co.uk/men/thinking-man/11231796/If-youre-under-30-bad-luck.-Youre-screwed.html
On the other hand, they are the biggest voting population. So why shouldn't governments bend over backwards for them while shafting the young.8 -
@LuckyReds I actually thought of you today pal. I know you often post on here about all the frustrations of being a contractor1
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So, I get to take all the risk, no work = no pay, any time off = no pay, have to pay for an accountant and liability insurance so generating income for others. Not forgetting the income generated for HMRC on corporation tax and VAT plus personal income tax and that is still not enough for the blood sucking fucking tax man, unbelievable !.2
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Overall the government know they have to raise taxes to keep the country afloat. They don't dare do the obvious thing and put a penny on income tax.5
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So high earning self employed have to pay an extra 60p per week NI contributions?
And they're still complaining.4 -
I am speaking from a position of ignorance to some extent but also have a recent experience of this.Addickted said:So high earning self employed have to pay an extra 60p per week NI contributions?
And they're still complaining.
I effectively took a temp/contract role in my new role for a perfume company and I was told by the recruiters I could be paid through their payroll as a PAYE, or I could be paid through a ltd company which has "good tax incentives" and they quoted about 10% extra takehome.
Would I have any less or more job security? No
Would I be earning more for doing the same job, explicitly at the expense of the taxpayer? Yes
I'm not your average charltonlifer politically, but in THAT scenario at least, it can not be right that I could shaft the taxpayer like that.
I actually agree with Phillip Hammond as it stands on this one but I know I could have my mind changed by some of the people on here.0 -
Agreed but they can't/won't for a number of reasons not least of all Osborne introduced a law prohibiting any rise in Income Tax (and employees NI) until 2021(?). It's a stupid, populist policy designed to win votes rather than benefit the country.Wheresmeticket? said:Overall the government know they have to raise taxes to keep the country afloat. They don't dare do the obvious thing and put a penny on income tax.
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Euthanasia is the only solution. Putting an age on it is tricky but I'd say most people are on the slide and a burden by the time they're 60.kentaddick said:60% drop in tax allowance for those set up as a limited company. Rise in NIC contributions for self employed even though we don't get holiday or sick pay and can't claim benefits.
Absolute joke, self employed and small business owners another couple of groups on the long list of people the tories screw over.
Look who's untouched again? Ah yes, pensioners, the ones who got us into this mess.
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But they've put the squeeze on limited companies with this dividend tax and the upcoming plummet down to just 2k tax free, I thought profits were already being taxed with business rates, so much for not being able to tax the same money twice.cafcfan said:
Yeah but the self-employed seem to be conveniently forgetting that employers have to pay NI contributions as well as employees. I believe that's 13.8% on anything above £156 earnings per week? It is these NICs that pay for the sick pay, etc on top of the employees contributions which are 12%.golfaddick said:self employed to pay more in NI contributions as they are "better off" than those who are employed - someone had better tell the chancellor that they don't have access to a work place pension (which by law an employer HAS to pay into),sick pay, paid maternity/paternity leave.....Just wonder what these "benefits" are worth ???
Apart from that a very bland & non-descript budget. No usual changes in allowances (I know some were already announced previously & will take effect in April) or duties and nothing at all re pension contributions or allowances.
Currently the self-employed are paying less than the employees contribution alone. That's not fair. Especially after all the other little tax wheezes they can benefit from.
If they don't like the regime for being self-employed the answer is simple: set up a limited company and become an employee of that. Sorted.
As for paying less NIC I think it's perfectly fair, the self employed create their own wealth, cost basically nothing for the government to administer and have all the risk of going through periods of no work.0 -
If this trend of constantly kowtowing to baby-boomers continues, there will be a point within the next 30 years that all the wealth held in the estates and trusts of the dead waiting to be inherited will be worth more than the personal wealth of all those born after 1990. At some point the living must be given the tax breaks and not those who cannot take their wealth with them.2
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there is an awful lot of "false contracting" in the contracting market and successive governments have ignored it for a very longtime ...I dont think Hammond is targeting this specifically but it might helpOh_Yoni_Boy said:Just my opinion, but it's a tricky one and not that all clear-cut.
In my experience, contractors get a decent amount more money a lot of the time even after you include paying for their own benefits (e.g. health)/pension/leave etc.
This is quite right as the 'delta' needs to be worth it to compensate for less job security in many cases, gaps between contracts and (short-term) periods where you're too sick to work.
However, as a consultant myself (i.e. permanent member of staff 'rented out' to another company) - it seems that if you've got the skills/experience, or even better a specialism, being a contractor is a hell of a lot more lucrative if you take the plunge.
No one likes being targeted by tax hikes, but I think the contracting market (where you can set up as a Ltd. company and do things like pay yourself in dividends etc. to avoid tax) has had a target on it's head for a while now and I'm not altogether surprised. Not saying it's 'right/good'... but I'm not surprised.
Interested what others (particularly @LuckyReds ) think?
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I'm currently having my Pyramid being built. Nothing ostentatious but with enough blank corridors and false rooms to make it hard to rob. Do you actually know the cost of granite these days ?Fiiish said:If this trend of constantly kowtowing to baby-boomers continues, there will be a point within the next 30 years that all the wealth held in the estates and trusts of the dead waiting to be inherited will be worth more than the personal wealth of all those born after 1990. At some point the living must be given the tax breaks and not those who cannot take their wealth with them.
Once completed I'm taking all my wealth inside. Quite frankly bollocks to anyone born after 1990.
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Clearly not all pensioners are millionaires but the amounts of wealth being ferreted away by anyone fortunate enough to be born in the decades following 1945 is ludicrous and is being concentrated into a smaller and smaller number of people.ShootersHillGuru said:
I'm currently having my Pyramid being built. Nothing ostentatious but with enough blank corridors and false rooms to make it hard to rob. Do you actually know the cost of granite these days ?Fiiish said:If this trend of constantly kowtowing to baby-boomers continues, there will be a point within the next 30 years that all the wealth held in the estates and trusts of the dead waiting to be inherited will be worth more than the personal wealth of all those born after 1990. At some point the living must be given the tax breaks and not those who cannot take their wealth with them.
Once completed I'm taking all my wealth inside. Quite frankly bollocks to anyone born after 1990.
But no, let's get rid of housing benefit and cut funding for the under 25s, most of whom were not even born when the banks started these Ponzi schemes that ended up with them losing billions and needing the Government to bail them out. Who were the direct beneficiaries of saving these banks? Largely the baby boomers and everyone else who thinks there is a minimum fund requirement to get into heaven. Glory to this Tory government and the walking corpses who keep them in power.
We're fast approaching the twin crises of an ageing population whose care is severely underfunded and a generation of young people who are so poorly paid they cannot even afford food or a roof over their head, let alone the taxes needed to pay for the care needed for those who cannot or do not work any longer. The poor, young, disabled and lonely are being hammered by this government, and the people who are directly benefiting do not give two shits.12
