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Rushi's budget
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Well that confirms it, Rushi has just proposed the UK become a business tax haven by offering free ports, business investment plan which means businesses who invest pay no tax for 2 years, with 3 years worth of deferring corp tax raising it in 2026.
His plan basically allows private businesses to come in and build every where some in green job projects
in essence tax haven for business, massive job drive and taxes are stagnant, he's expecting the working people to pay all the taxes whilst businesses will come in, profit & destroy the place (resources, derelict sites, massive job losses etc) then piss off in 2026 when corp tax rises.
its just gonna leave a massive hole in 2026!!
he's put nothing in for social reforms despite failings in the past year. |
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By (user no longer on site)
over a year ago
|
"Well that confirms it, Rushi has just proposed the UK become a business tax haven by offering free ports, business investment plan which means businesses who invest pay no tax for 2 years, with 3 years worth of deferring corp tax raising it in 2026.
His plan basically allows private businesses to come in and build every where some in green job projects
in essence tax haven for business, massive job drive and taxes are stagnant, he's expecting the working people to pay all the taxes whilst businesses will come in, profit & destroy the place (resources, derelict sites, massive job losses etc) then piss off in 2026 when corp tax rises.
its just gonna leave a massive hole in 2026!!
he's put nothing in for social reforms despite failings in the past year. "
It could have been worse but it’s basically a short term budget |
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"Well that confirms it, Rushi has just proposed the UK become a business tax haven by offering free ports, business investment plan which means businesses who invest pay no tax for 2 years, with 3 years worth of deferring corp tax raising it in 2026.
His plan basically allows private businesses to come in and build every where some in green job projects
in essence tax haven for business, massive job drive and taxes are stagnant, he's expecting the working people to pay all the taxes whilst businesses will come in, profit & destroy the place (resources, derelict sites, massive job losses etc) then piss off in 2026 when corp tax rises.
its just gonna leave a massive hole in 2026!!
he's put nothing in for social reforms despite failings in the past year.
It could have been worse but it’s basically a short term budget "
 |
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que sopresa .... the conservatives have always been the party of short term policy. it's why they keep running out of other peoples money and more recently public owned things to take then sell back to the public. |
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"Well that confirms it, Rushi has just proposed the UK become a business tax haven by offering free ports, business investment plan which means businesses who invest pay no tax for 2 years, with 3 years worth of deferring corp tax raising it in 2026.
His plan basically allows private businesses to come in and build every where some in green job projects
in essence tax haven for business, massive job drive and taxes are stagnant, he's expecting the working people to pay all the taxes whilst businesses will come in, profit & destroy the place (resources, derelict sites, massive job losses etc) then piss off in 2026 when corp tax rises.
its just gonna leave a massive hole in 2026!!
he's put nothing in for social reforms despite failings in the past year. "
free ports have been discussed for years he can’t take the credit for that |
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none mentioned...absolutely none!
only mention bout the average person was
UC uplift stays til sept
no increase in tax threseholds til 2026
increase in min wage to £8.91 from april 2021
no increase to personal tax thresholds.
so basically you'll earn more but have the same free tax allowance (12.5k)
8.91*40 hrs = £356.4
356.4 *52 = 18532.80 gross pay
18532.8 - 12500 = 6032.8
6032.8 *20% = 1206.56 income tax per annum
6032.8 *11% = 663.60 NI per annum
so in a year your take home per annum is £16662.64
compared to now:
8.72*40 = 348.8pw
348.8*52 = 18137.6pa
18137.6 - 12500 = 5637.6 taxable income
5637.6 *20% = £1127.52 income tax
5637.6 *11% = 620.13 NI
take home pay per annum = £16389.95
(missing pensions contributions that's more complex for tax)
so he's driving jobs and small income tax increases from everyone.
he basically saying i'm giving businesses a free ride, we'll give you a job short term but might not last beyond 2026 unless the business are moral and stay to pay back the corp tax they avoided whilst in early days. |
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"Well that confirms it, Rushi has just proposed the UK become a business tax haven by offering free ports, business investment plan which means businesses who invest pay no tax for 2 years, with 3 years worth of deferring corp tax raising it in 2026.
His plan basically allows private businesses to come in and build every where some in green job projects
in essence tax haven for business, massive job drive and taxes are stagnant, he's expecting the working people to pay all the taxes whilst businesses will come in, profit & destroy the place (resources, derelict sites, massive job losses etc) then piss off in 2026 when corp tax rises.
its just gonna leave a massive hole in 2026!!
he's put nothing in for social reforms despite failings in the past year. free ports have been discussed for years he can’t take the credit for that "
I'm not giving them credit for anything, I see issues in the wings, major ones...not sustainably driven at all far as I can see.
free ports drive storage facilities that have assets stored (arts etc) whilst avoiding capital gains taxes etc on such things.
There is nothing for the worst off nor even aimed at health/social care sectors despite the massive issues we had been warned about, failed in and still don't want to fix it. |
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By (user no longer on site)
over a year ago
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"What are his grand plans for the nhs and social care?..I'm all ears.social care is a sunarmi in the waiting shocking not a mention "
Tories don’t care about social care, |
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"What are his grand plans for the nhs and social care?..I'm all ears.social care is a sunarmi in the waiting shocking not a mention
Tories don’t care about social care, "
Name that quote
'We will fix social care once and for good'
Nov 2019 |
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By (user no longer on site)
over a year ago
|
"What are his grand plans for the nhs and social care?..I'm all ears.social care is a sunarmi in the waiting shocking not a mention
Tories don’t care about social care,
Name that quote
'We will fix social care once and for good'
Nov 2019"
They will now blame COVID, did Sunak mention anything about the benefits of Brexit during his budget speech |
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"What are his grand plans for the nhs and social care?..I'm all ears.social care is a sunarmi in the waiting shocking not a mention
Tories don’t care about social care,
Name that quote
'We will fix social care once and for good'
Nov 2019
They will now blame COVID, did Sunak mention anything about the benefits of Brexit during his budget speech "
In all fairness it's not like the nhs and social care have been an issue in the last 12 months. |
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By *ackal1Couple
over a year ago
Manchester |
The super investment tax right off sounds interesting but if you end up paying tax at 25% not sure how that will work long term. Good it’s there though.
Fixing tax thresholds draws in more people to pay tax at the lower income range so not good. No mention of tax haven status or non Domicile rules which were rumoured. So rich stay rich but poor pay more.
As for Freeports
The Freeport’s are talked up and it’s good if you are one but the reality is a company planning on investing will move to one rather than stay where they are. It’s like the old enterprise zones. I remember vividly the uproar when Findus the food people laid off 3000 workers in Grimsby and employed 1500 in the north east as they got a £60m handout from the government for investing in an enterprise zone.
It’s good for run down areas but other places will lose out.
I’m all for the Leeds bank thing but saying it will lead to an extra £28B from industry. Would like details on that as that initially sounds like the old labour public - private sector set up and that didn’t go well. I may be wrong as no detail showing.
Last point- good no tax increase for beers etc and low vat for hospitality. But why oh why didn’t he increase tax on supermarket alcohol to help bars and restaurants.
The supermarkets have been creaming it in but the hospitality trade is failing daily.
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" But why oh why didn’t he increase tax on supermarket alcohol to help bars and restaurants.
The supermarkets have been creaming it in but the hospitality trade is failing daily. "
the strong financial intertwinement between the supermarkets and infosys perhaps |
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By *ackal1Couple
over a year ago
Manchester |
" But why oh why didn’t he increase tax on supermarket alcohol to help bars and restaurants.
The supermarkets have been creaming it in but the hospitality trade is failing daily.
the strong financial intertwinement between the supermarkets and infosys perhaps"
Conflict of interest. Surely not with this high moral government!!
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"The super investment tax right off sounds interesting but if you end up paying tax at 25% not sure how that will work long term. Good it’s there though.
Fixing tax thresholds draws in more people to pay tax at the lower income range so not good. No mention of tax haven status or non Domicile rules which were rumoured. So rich stay rich but poor pay more.
As for Freeports
The Freeport’s are talked up and it’s good if you are one but the reality is a company planning on investing will move to one rather than stay where they are. It’s like the old enterprise zones. I remember vividly the uproar when Findus the food people laid off 3000 workers in Grimsby and employed 1500 in the north east as they got a £60m handout from the government for investing in an enterprise zone.
It’s good for run down areas but other places will lose out.
I’m all for the Leeds bank thing but saying it will lead to an extra £28B from industry. Would like details on that as that initially sounds like the old labour public - private sector set up and that didn’t go well. I may be wrong as no detail showing.
Last point- good no tax increase for beers etc and low vat for hospitality. But why oh why didn’t he increase tax on supermarket alcohol to help bars and restaurants.
The supermarkets have been creaming it in but the hospitality trade is failing daily.
"
well according to the mayor jackal he said it could create upto 18000 jobs in Teesside so you won’t find any objections up here |
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By *abioMan
over a year ago
Newcastle and Gateshead |
"26% tax for some businesses but not for 2 years 
"
Yes and no...... corporation tax is a tax on the profits.....
So he is giving it away now to get it back at the end of potential 5 yr term.... which says to mean i thing... and you are going to hate the next 3 words....
Early..... general.... election
The tories hate the fix term parliament act.... and it will go in the next session! So look for the tories to call something in the middle of the Covid recovery, but before the backloaded tax increases hit |
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"26% tax for some businesses but not for 2 years
Yes and no...... corporation tax is a tax on the profits.....
So he is giving it away now to get it back at the end of potential 5 yr term.... which says to mean i thing... and you are going to hate the next 3 words....
Early..... general.... election
The tories hate the fix term parliament act.... and it will go in the next session! So look for the tories to call something in the middle of the Covid recovery, but before the backloaded tax increases hit"
insightful analysis |
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"none mentioned...absolutely none!
only mention bout the average person was
UC uplift stays til sept
no increase in tax threseholds til 2026
increase in min wage to £8.91 from april 2021
no increase to personal tax thresholds.
so basically you'll earn more but have the same free tax allowance (12.5k)
8.91*40 hrs = £356.4
356.4 *52 = 18532.80 gross pay
18532.8 - 12500 = 6032.8
6032.8 *20% = 1206.56 income tax per annum
6032.8 *11% = 663.60 NI per annum
so in a year your take home per annum is £16662.64
compared to now:
8.72*40 = 348.8pw
348.8*52 = 18137.6pa
18137.6 - 12500 = 5637.6 taxable income
5637.6 *20% = £1127.52 income tax
5637.6 *11% = 620.13 NI
take home pay per annum = £16389.95
(missing pensions contributions that's more complex for tax)
so he's driving jobs and small income tax increases from everyone.
he basically saying i'm giving businesses a free ride, we'll give you a job short term but might not last beyond 2026 unless the business are moral and stay to pay back the corp tax they avoided whilst in early days."
Had not yet done all the math but like what you have done but yes its a tax on the pore 
I think rasing basic threshold to £13000 then rasing income tax 1% or VAT 1 or 2 % would have been better.
So all that have worked through this and still are, are going to pay for it.
Even nurses and doctors will be hit in the pocket.
So less to spend and having an inpact on the econamy |
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"26% tax for some businesses but not for 2 years
Yes and no...... corporation tax is a tax on the profits.....
So he is giving it away now to get it back at the end of potential 5 yr term.... which says to mean i thing... and you are going to hate the next 3 words....
Early..... general.... election
The tories hate the fix term parliament act.... and it will go in the next session! So look for the tories to call something in the middle of the Covid recovery, but before the backloaded tax increases hit"
The early election shout has been mooted before
They can Ride the success of the vaccine(whilst brushing over the horrendous health toll)and we will have only just started the Brexit shit show. |
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"none mentioned...absolutely none!
only mention bout the average person was
UC uplift stays til sept
no increase in tax threseholds til 2026
increase in min wage to £8.91 from april 2021
no increase to personal tax thresholds.
so basically you'll earn more but have the same free tax allowance (12.5k)
8.91*40 hrs = £356.4
356.4 *52 = 18532.80 gross pay
18532.8 - 12500 = 6032.8
6032.8 *20% = 1206.56 income tax per annum
6032.8 *11% = 663.60 NI per annum
so in a year your take home per annum is £16662.64
compared to now:
8.72*40 = 348.8pw
348.8*52 = 18137.6pa
18137.6 - 12500 = 5637.6 taxable income
5637.6 *20% = £1127.52 income tax
5637.6 *11% = 620.13 NI
take home pay per annum = £16389.95
(missing pensions contributions that's more complex for tax)
so he's driving jobs and small income tax increases from everyone.
he basically saying i'm giving businesses a free ride, we'll give you a job short term but might not last beyond 2026 unless the business are moral and stay to pay back the corp tax they avoided whilst in early days.
Had not yet done all the math but like what you have done but yes its a tax on the pore
I think rasing basic threshold to £13000 then rasing income tax 1% or VAT 1 or 2 % would have been better.
So all that have worked through this and still are, are going to pay for it.
Even nurses and doctors will be hit in the pocket.
So less to spend and having an inpact on the econamy "
Was that in amy doubt?
The 1st thing they announced was a pay freeze for key workers. |
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By *ercuryMan
over a year ago
Grantham |
"none mentioned...absolutely none!
only mention bout the average person was
UC uplift stays til sept
no increase in tax threseholds til 2026
increase in min wage to £8.91 from april 2021
no increase to personal tax thresholds.
so basically you'll earn more but have the same free tax allowance (12.5k)
8.91*40 hrs = £356.4
356.4 *52 = 18532.80 gross pay
18532.8 - 12500 = 6032.8
6032.8 *20% = 1206.56 income tax per annum
6032.8 *11% = 663.60 NI per annum
so in a year your take home per annum is £16662.64
compared to now:
8.72*40 = 348.8pw
348.8*52 = 18137.6pa
18137.6 - 12500 = 5637.6 taxable income
5637.6 *20% = £1127.52 income tax
5637.6 *11% = 620.13 NI
take home pay per annum = £16389.95
(missing pensions contributions that's more complex for tax)
so he's driving jobs and small income tax increases from everyone.
he basically saying i'm giving businesses a free ride, we'll give you a job short term but might not last beyond 2026 unless the business are moral and stay to pay back the corp tax they avoided whilst in early days.
Had not yet done all the math but like what you have done but yes its a tax on the pore
I think rasing basic threshold to £13000 then rasing income tax 1% or VAT 1 or 2 % would have been better.
So all that have worked through this and still are, are going to pay for it.
Even nurses and doctors will be hit in the pocket.
So less to spend and having an inpact on the econamy "
Don't the poor pay vat on their purchases then?
Increasing tax rates impacts everyone. Freezing thresholds is probably a little fairer, until fiscal creep kicks in |
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"For starters, his name is Rishi and not Rushi.
How do you see the "working people" paying all the taxes?
"
really don't care how his name is spelt, you knew who I meant.
erm by allowing the economy to be monopolizes by large private firms...give tax haven for a few years when conserve will line their personal pockets before the corp tax rise hits and they all bugger off elsewhere leaving areas destitute as in thatcher destitute.
his 95% mortgage has been tried and failed before (blair/camereon)
sure he's not raising taxes but freezing personal allowance so looks like a good thing from the outside.
there was nothing for social care, NHS, mental health, kids...nothing. |
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By *ercuryMan
over a year ago
Grantham |
"For starters, his name is Rishi and not Rushi.
How do you see the "working people" paying all the taxes?
really don't care how his name is spelt, you knew who I meant.
erm by allowing the economy to be monopolizes by large private firms...give tax haven for a few years when conserve will line their personal pockets before the corp tax rise hits and they all bugger off elsewhere leaving areas destitute as in thatcher destitute.
his 95% mortgage has been tried and failed before (blair/camereon)
sure he's not raising taxes but freezing personal allowance so looks like a good thing from the outside.
there was nothing for social care, NHS, mental health, kids...nothing. "
So no answer then, other than to just keep trotting out the "big business is bad" line?
|
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"none mentioned...absolutely none!
only mention bout the average person was
UC uplift stays til sept
no increase in tax threseholds til 2026
increase in min wage to £8.91 from april 2021
no increase to personal tax thresholds.
so basically you'll earn more but have the same free tax allowance (12.5k)
8.91*40 hrs = £356.4
356.4 *52 = 18532.80 gross pay
18532.8 - 12500 = 6032.8
6032.8 *20% = 1206.56 income tax per annum
6032.8 *11% = 663.60 NI per annum
so in a year your take home per annum is £16662.64
compared to now:
8.72*40 = 348.8pw
348.8*52 = 18137.6pa
18137.6 - 12500 = 5637.6 taxable income
5637.6 *20% = £1127.52 income tax
5637.6 *11% = 620.13 NI
take home pay per annum = £16389.95
(missing pensions contributions that's more complex for tax)
so he's driving jobs and small income tax increases from everyone.
he basically saying i'm giving businesses a free ride, we'll give you a job short term but might not last beyond 2026 unless the business are moral and stay to pay back the corp tax they avoided whilst in early days.
Had not yet done all the math but like what you have done but yes its a tax on the pore
I think rasing basic threshold to £13000 then rasing income tax 1% or VAT 1 or 2 % would have been better.
So all that have worked through this and still are, are going to pay for it.
Even nurses and doctors will be hit in the pocket.
So less to spend and having an inpact on the econamy "
well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then.
he also opened up pension funds to invest in areas they were previously banned from as they are often unproven/risky.
first thing he say was protect the poor and have those who can afford to pay, pay....think he's got who's who mixed up.
businesses in addition to basically a tax haven if they invest in certain areas (maily infrastructure/green i believe) will have 2 year corp tax free, 3 years to defer tax payments all before 2026, so they'll come profit and leave, leaving a huge job gaps hole afterwards.
knowing conserves they may use this as a last pocket lining period before they feck off and leave a greater mess behind, you know they wreck the house at a party & then leave your mate to clean up the mess.
I'm not quite sure what to make of the community buy scheme yet, need to find out more.
|
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"For starters, his name is Rishi and not Rushi.
How do you see the "working people" paying all the taxes?
really don't care how his name is spelt, you knew who I meant.
erm by allowing the economy to be monopolizes by large private firms...give tax haven for a few years when conserve will line their personal pockets before the corp tax rise hits and they all bugger off elsewhere leaving areas destitute as in thatcher destitute.
his 95% mortgage has been tried and failed before (blair/camereon)
sure he's not raising taxes but freezing personal allowance so looks like a good thing from the outside.
there was nothing for social care, NHS, mental health, kids...nothing.
So no answer then, other than to just keep trotting out the "big business is bad" line?
"
There won't be any sensible comments, even if he said I've got a money tree people would say why is it so small lol
Taxes and death... has it ever been different? Can it be? Lol |
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By *ackal1Couple
over a year ago
Manchester |
I forgot the pension investment relaxation.
That just sounds dodgy and a free range for corporations to raid pension funds for investment.
Maybe only applies for pension fund managers but why allow risky investments ? If it was bad before why is it safe now?
At least a third of the FTSE 100 companies have a pension deficit but half managed to pay dividends whilst having that deficit How is that allowed? |
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By *mmabluTV/TS
over a year ago
upton wirral |
"Well that confirms it, Rushi has just proposed the UK become a business tax haven by offering free ports, business investment plan which means businesses who invest pay no tax for 2 years, with 3 years worth of deferring corp tax raising it in 2026.
His plan basically allows private businesses to come in and build every where some in green job projects
in essence tax haven for business, massive job drive and taxes are stagnant, he's expecting the working people to pay all the taxes whilst businesses will come in, profit & destroy the place (resources, derelict sites, massive job losses etc) then piss off in 2026 when corp tax rises.
its just gonna leave a massive hole in 2026!!
he's put nothing in for social reforms despite failings in the past year. "
All this is good news he is not responsible for social reforms.He is doing a lot for people eg furlough continuing the £20 on universal credit etc still borrowing plenty.Jobs ae created by business growth |
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By *mmabluTV/TS
over a year ago
upton wirral |
"26% tax for some businesses but not for 2 years
Yes and no...... corporation tax is a tax on the profits.....
So he is giving it away now to get it back at the end of potential 5 yr term.... which says to mean i thing... and you are going to hate the next 3 words....
Early..... general.... election
The tories hate the fix term parliament act.... and it will go in the next session! So look for the tories to call something in the middle of the Covid recovery, but before the backloaded tax increases hit"
Your funny get real they will not call an election 100% sure |
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By *ackal1Couple
over a year ago
Manchester |
"Well that confirms it, Rushi has just proposed the UK become a business tax haven by offering free ports, business investment plan which means businesses who invest pay no tax for 2 years, with 3 years worth of deferring corp tax raising it in 2026.
His plan basically allows private businesses to come in and build every where some in green job projects
in essence tax haven for business, massive job drive and taxes are stagnant, he's expecting the working people to pay all the taxes whilst businesses will come in, profit & destroy the place (resources, derelict sites, massive job losses etc) then piss off in 2026 when corp tax rises.
its just gonna leave a massive hole in 2026!!
he's put nothing in for social reforms despite failings in the past year. All this is good news he is not responsible for social reforms.He is doing a lot for people eg furlough continuing the £20 on universal credit etc still borrowing plenty.Jobs ae created by business growth"
So you say he’s extending the social payment of £20 per week but social payments are nothing to do with him?  |
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By *mmabluTV/TS
over a year ago
upton wirral |
"Well that confirms it, Rushi has just proposed the UK become a business tax haven by offering free ports, business investment plan which means businesses who invest pay no tax for 2 years, with 3 years worth of deferring corp tax raising it in 2026.
His plan basically allows private businesses to come in and build every where some in green job projects
in essence tax haven for business, massive job drive and taxes are stagnant, he's expecting the working people to pay all the taxes whilst businesses will come in, profit & destroy the place (resources, derelict sites, massive job losses etc) then piss off in 2026 when corp tax rises.
its just gonna leave a massive hole in 2026!!
he's put nothing in for social reforms despite failings in the past year. All this is good news he is not responsible for social reforms.He is doing a lot for people eg furlough continuing the £20 on universal credit etc still borrowing plenty.Jobs ae created by business growth
So you say he’s extending the social payment of £20 per week but social payments are nothing to do with him? "
Not what I said read again |
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By (user no longer on site)
over a year ago
|
" well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then. "
an increase in minimum wage even with a freeze on the threshold is still an increase - its money in peoples pockets that was not there before.
paying your pension on the increased wage does not make you worse off that you were before because pensions are percentage based , deducted before tax (at least at the low end of the scale you are talking about) and if you are paying pension now you were paying it before ... it all moves proportionally
yes over time because the tax free threshold is frozen the extra in your pocket will be eroded by inflation , but that isn’t the tax man seeing that difference, i cant be the only one that remembers it never used to move at all and since wage rises wont be much more than inflation if even that , the people that it brings into the tax system from 2022 onwards will be literally paying pennies
granted its not a huge handout of cash but after covid it was never going to be another giveaway, and to suggest that the tax man is getting his money back from the working man and nurses etc is just utter garbage
also corp tax increases kick in 2023 not 2026
small business wont feel this tax hike because it kicks in for profits over £50k which is good news for self employed that have a years worth of business to catch up on , and grants have been widened to a further 600,000 eligible people
working tax credit claimants will get £500 tax free
tbh im not seeing why you think this is a tax the poor and pander to the rich budget - its targeted at bringing in big business sure but you won’t spend the money investing in the UK to pull out 2 years later to avoid a tax increase - the tax breaks are all investment based and to piss off again so soon just makes it not worth it
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By *abioMan
over a year ago
Newcastle and Gateshead |
" well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then.
an increase in minimum wage even with a freeze on the threshold is still an increase - its money in peoples pockets that was not there before.
paying your pension on the increased wage does not make you worse off that you were before because pensions are percentage based , deducted before tax (at least at the low end of the scale you are talking about) and if you are paying pension now you were paying it before ... it all moves proportionally
yes over time because the tax free threshold is frozen the extra in your pocket will be eroded by inflation , but that isn’t the tax man seeing that difference, i cant be the only one that remembers it never used to move at all and since wage rises wont be much more than inflation if even that , the people that it brings into the tax system from 2022 onwards will be literally paying pennies
granted its not a huge handout of cash but after covid it was never going to be another giveaway, and to suggest that the tax man is getting his money back from the working man and nurses etc is just utter garbage
also corp tax increases kick in 2023 not 2026
small business wont feel this tax hike because it kicks in for profits over £50k which is good news for self employed that have a years worth of business to catch up on , and grants have been widened to a further 600,000 eligible people
working tax credit claimants will get £500 tax free
tbh im not seeing why you think this is a tax the poor and pander to the rich budget - its targeted at bringing in big business sure but you won’t spend the money investing in the UK to pull out 2 years later to avoid a tax increase - the tax breaks are all investment based and to piss off again so soon just makes it not worth it
"
The 500 pound working tax credit claim isn’t quite true...
What is happening is in effect is they are getting the “20 pound universal credit emergency” payment extended from April when it was due to end, till september..... because at this stage it can’t be done as part of the tax codings for 21/22... in effect they are getting the 25 week extension in this as a one off payment.... which is 500 pound.... |
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Counci taxes are going up by around 5%..which along with pay freezes are going to see people struggle even more.
No big attacks on non doms and no attempt whatsoever to close any tax loopholes.
Saying all that he is a cert to succeed johnson.
|
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By *ackal1Couple
over a year ago
Manchester |
" well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then.
an increase in minimum wage even with a freeze on the threshold is still an increase - its money in peoples pockets that was not there before.
paying your pension on the increased wage does not make you worse off that you were before because pensions are percentage based , deducted before tax (at least at the low end of the scale you are talking about) and if you are paying pension now you were paying it before ... it all moves proportionally
yes over time because the tax free threshold is frozen the extra in your pocket will be eroded by inflation , but that isn’t the tax man seeing that difference, i cant be the only one that remembers it never used to move at all and since wage rises wont be much more than inflation if even that , the people that it brings into the tax system from 2022 onwards will be literally paying pennies
granted its not a huge handout of cash but after covid it was never going to be another giveaway, and to suggest that the tax man is getting his money back from the working man and nurses etc is just utter garbage
also corp tax increases kick in 2023 not 2026
small business wont feel this tax hike because it kicks in for profits over £50k which is good news for self employed that have a years worth of business to catch up on , and grants have been widened to a further 600,000 eligible people
working tax credit claimants will get £500 tax free
tbh im not seeing why you think this is a tax the poor and pander to the rich budget - its targeted at bringing in big business sure but you won’t spend the money investing in the UK to pull out 2 years later to avoid a tax increase - the tax breaks are all investment based and to piss off again so soon just makes it not worth it
"
By freezing civil servants pay is that not keeping money that would otherwise be in their pockets? How is that garbage?
Pennies for the poor but not one single penny for a rich individual!
Pushing tax to 25% is very risky given that we can transfer profits freely still to another country. So invest for a tax break and when you are nearing the tax payment level send an invoice for admin from another country which has a lower corporation rate. It’s not difficult. You never pay tax that way.
Examples Amazon, Google, JCB. The list goes on. But 25% is high so it may now encourage others. |
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or View forums list | |
|
By (user no longer on site)
over a year ago
|
" well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then.
an increase in minimum wage even with a freeze on the threshold is still an increase - its money in peoples pockets that was not there before.
paying your pension on the increased wage does not make you worse off that you were before because pensions are percentage based , deducted before tax (at least at the low end of the scale you are talking about) and if you are paying pension now you were paying it before ... it all moves proportionally
yes over time because the tax free threshold is frozen the extra in your pocket will be eroded by inflation , but that isn’t the tax man seeing that difference, i cant be the only one that remembers it never used to move at all and since wage rises wont be much more than inflation if even that , the people that it brings into the tax system from 2022 onwards will be literally paying pennies
granted its not a huge handout of cash but after covid it was never going to be another giveaway, and to suggest that the tax man is getting his money back from the working man and nurses etc is just utter garbage
also corp tax increases kick in 2023 not 2026
small business wont feel this tax hike because it kicks in for profits over £50k which is good news for self employed that have a years worth of business to catch up on , and grants have been widened to a further 600,000 eligible people
working tax credit claimants will get £500 tax free
tbh im not seeing why you think this is a tax the poor and pander to the rich budget - its targeted at bringing in big business sure but you won’t spend the money investing in the UK to pull out 2 years later to avoid a tax increase - the tax breaks are all investment based and to piss off again so soon just makes it not worth it
The 500 pound working tax credit claim isn’t quite true...
What is happening is in effect is they are getting the “20 pound universal credit emergency” payment extended from April when it was due to end, till september..... because at this stage it can’t be done as part of the tax codings for 21/22... in effect they are getting the 25 week extension in this as a one off payment.... which is 500 pound...."
how does explaining how the 500 one off payment is calculated make the fact they are getting the cash not quite true? - will they or wont they get a one off payment of 500 ? |
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" well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then.
an increase in minimum wage even with a freeze on the threshold is still an increase - its money in peoples pockets that was not there before.
paying your pension on the increased wage does not make you worse off that you were before because pensions are percentage based , deducted before tax (at least at the low end of the scale you are talking about) and if you are paying pension now you were paying it before ... it all moves proportionally
yes over time because the tax free threshold is frozen the extra in your pocket will be eroded by inflation , but that isn’t the tax man seeing that difference, i cant be the only one that remembers it never used to move at all and since wage rises wont be much more than inflation if even that , the people that it brings into the tax system from 2022 onwards will be literally paying pennies
granted its not a huge handout of cash but after covid it was never going to be another giveaway, and to suggest that the tax man is getting his money back from the working man and nurses etc is just utter garbage
also corp tax increases kick in 2023 not 2026
small business wont feel this tax hike because it kicks in for profits over £50k which is good news for self employed that have a years worth of business to catch up on , and grants have been widened to a further 600,000 eligible people
working tax credit claimants will get £500 tax free
tbh im not seeing why you think this is a tax the poor and pander to the rich budget - its targeted at bringing in big business sure but you won’t spend the money investing in the UK to pull out 2 years later to avoid a tax increase - the tax breaks are all investment based and to piss off again so soon just makes it not worth it
By freezing civil servants pay is that not keeping money that would otherwise be in their pockets? How is that garbage?
Pennies for the poor but not one single penny for a rich individual!
Pushing tax to 25% is very risky given that we can transfer profits freely still to another country. So invest for a tax break and when you are nearing the tax payment level send an invoice for admin from another country which has a lower corporation rate. It’s not difficult. You never pay tax that way.
Examples Amazon, Google, JCB. The list goes on. But 25% is high so it may now encourage others. "
Yep I was wondering how a pay freeze ,amounting to the tax man getting his money back was 'garbage 'exactly? |
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|
By (user no longer on site)
over a year ago
|
" well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then.
an increase in minimum wage even with a freeze on the threshold is still an increase - its money in peoples pockets that was not there before.
paying your pension on the increased wage does not make you worse off that you were before because pensions are percentage based , deducted before tax (at least at the low end of the scale you are talking about) and if you are paying pension now you were paying it before ... it all moves proportionally
yes over time because the tax free threshold is frozen the extra in your pocket will be eroded by inflation , but that isn’t the tax man seeing that difference, i cant be the only one that remembers it never used to move at all and since wage rises wont be much more than inflation if even that , the people that it brings into the tax system from 2022 onwards will be literally paying pennies
granted its not a huge handout of cash but after covid it was never going to be another giveaway, and to suggest that the tax man is getting his money back from the working man and nurses etc is just utter garbage
also corp tax increases kick in 2023 not 2026
small business wont feel this tax hike because it kicks in for profits over £50k which is good news for self employed that have a years worth of business to catch up on , and grants have been widened to a further 600,000 eligible people
working tax credit claimants will get £500 tax free
tbh im not seeing why you think this is a tax the poor and pander to the rich budget - its targeted at bringing in big business sure but you won’t spend the money investing in the UK to pull out 2 years later to avoid a tax increase - the tax breaks are all investment based and to piss off again so soon just makes it not worth it
By freezing civil servants pay is that not keeping money that would otherwise be in their pockets? How is that garbage?
Pennies for the poor but not one single penny for a rich individual!
Pushing tax to 25% is very risky given that we can transfer profits freely still to another country. So invest for a tax break and when you are nearing the tax payment level send an invoice for admin from another country which has a lower corporation rate. It’s not difficult. You never pay tax that way.
Examples Amazon, Google, JCB. The list goes on. But 25% is high so it may now encourage others. "
how much of the private sector do you think are getting pay rises this year? i certainly never, or a bonus , and the board gave up their bonuses and sacrificed some of their well base salary
a pay freeze for public sector workers is only going to be in line with the whole market and its for very obvious reasons - we just had a year of an entirely stagnant economy |
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|
By *abioMan
over a year ago
Newcastle and Gateshead |
" well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then.
an increase in minimum wage even with a freeze on the threshold is still an increase - its money in peoples pockets that was not there before.
paying your pension on the increased wage does not make you worse off that you were before because pensions are percentage based , deducted before tax (at least at the low end of the scale you are talking about) and if you are paying pension now you were paying it before ... it all moves proportionally
yes over time because the tax free threshold is frozen the extra in your pocket will be eroded by inflation , but that isn’t the tax man seeing that difference, i cant be the only one that remembers it never used to move at all and since wage rises wont be much more than inflation if even that , the people that it brings into the tax system from 2022 onwards will be literally paying pennies
granted its not a huge handout of cash but after covid it was never going to be another giveaway, and to suggest that the tax man is getting his money back from the working man and nurses etc is just utter garbage
also corp tax increases kick in 2023 not 2026
small business wont feel this tax hike because it kicks in for profits over £50k which is good news for self employed that have a years worth of business to catch up on , and grants have been widened to a further 600,000 eligible people
working tax credit claimants will get £500 tax free
tbh im not seeing why you think this is a tax the poor and pander to the rich budget - its targeted at bringing in big business sure but you won’t spend the money investing in the UK to pull out 2 years later to avoid a tax increase - the tax breaks are all investment based and to piss off again so soon just makes it not worth it
The 500 pound working tax credit claim isn’t quite true...
What is happening is in effect is they are getting the “20 pound universal credit emergency” payment extended from April when it was due to end, till september..... because at this stage it can’t be done as part of the tax codings for 21/22... in effect they are getting the 25 week extension in this as a one off payment.... which is 500 pound....
how does explaining how the 500 one off payment is calculated make the fact they are getting the cash not quite true? - will they or wont they get a one off payment of 500 ? "
They are getting it as a one off figure.... people on universal credit getting the same payment are getting as part of that over the 25 week extra period! Because people on UC wouldn’t be paying tax, that what is happening.... the way you are describing it is misleading at best |
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" well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then.
an increase in minimum wage even with a freeze on the threshold is still an increase - its money in peoples pockets that was not there before.
paying your pension on the increased wage does not make you worse off that you were before because pensions are percentage based , deducted before tax (at least at the low end of the scale you are talking about) and if you are paying pension now you were paying it before ... it all moves proportionally
yes over time because the tax free threshold is frozen the extra in your pocket will be eroded by inflation , but that isn’t the tax man seeing that difference, i cant be the only one that remembers it never used to move at all and since wage rises wont be much more than inflation if even that , the people that it brings into the tax system from 2022 onwards will be literally paying pennies
granted its not a huge handout of cash but after covid it was never going to be another giveaway, and to suggest that the tax man is getting his money back from the working man and nurses etc is just utter garbage
also corp tax increases kick in 2023 not 2026
small business wont feel this tax hike because it kicks in for profits over £50k which is good news for self employed that have a years worth of business to catch up on , and grants have been widened to a further 600,000 eligible people
working tax credit claimants will get £500 tax free
tbh im not seeing why you think this is a tax the poor and pander to the rich budget - its targeted at bringing in big business sure but you won’t spend the money investing in the UK to pull out 2 years later to avoid a tax increase - the tax breaks are all investment based and to piss off again so soon just makes it not worth it
By freezing civil servants pay is that not keeping money that would otherwise be in their pockets? How is that garbage?
Pennies for the poor but not one single penny for a rich individual!
Pushing tax to 25% is very risky given that we can transfer profits freely still to another country. So invest for a tax break and when you are nearing the tax payment level send an invoice for admin from another country which has a lower corporation rate. It’s not difficult. You never pay tax that way.
Examples Amazon, Google, JCB. The list goes on. But 25% is high so it may now encourage others.
how much of the private sector do you think are getting pay rises this year? i certainly never, or a bonus , and the board gave up their bonuses and sacrificed some of their well base salary
a pay freeze for public sector workers is only going to be in line with the whole market and its for very obvious reasons - we just had a year of an entirely stagnant economy "
What is the private sector exactly?
The private sector includes everything from milk men to CEOs
It's a completely unfeasible comparison. |
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By (user no longer on site)
over a year ago
|
" well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then.
an increase in minimum wage even with a freeze on the threshold is still an increase - its money in peoples pockets that was not there before.
paying your pension on the increased wage does not make you worse off that you were before because pensions are percentage based , deducted before tax (at least at the low end of the scale you are talking about) and if you are paying pension now you were paying it before ... it all moves proportionally
yes over time because the tax free threshold is frozen the extra in your pocket will be eroded by inflation , but that isn’t the tax man seeing that difference, i cant be the only one that remembers it never used to move at all and since wage rises wont be much more than inflation if even that , the people that it brings into the tax system from 2022 onwards will be literally paying pennies
granted its not a huge handout of cash but after covid it was never going to be another giveaway, and to suggest that the tax man is getting his money back from the working man and nurses etc is just utter garbage
also corp tax increases kick in 2023 not 2026
small business wont feel this tax hike because it kicks in for profits over £50k which is good news for self employed that have a years worth of business to catch up on , and grants have been widened to a further 600,000 eligible people
working tax credit claimants will get £500 tax free
tbh im not seeing why you think this is a tax the poor and pander to the rich budget - its targeted at bringing in big business sure but you won’t spend the money investing in the UK to pull out 2 years later to avoid a tax increase - the tax breaks are all investment based and to piss off again so soon just makes it not worth it
By freezing civil servants pay is that not keeping money that would otherwise be in their pockets? How is that garbage?
Pennies for the poor but not one single penny for a rich individual!
Pushing tax to 25% is very risky given that we can transfer profits freely still to another country. So invest for a tax break and when you are nearing the tax payment level send an invoice for admin from another country which has a lower corporation rate. It’s not difficult. You never pay tax that way.
Examples Amazon, Google, JCB. The list goes on. But 25% is high so it may now encourage others.
Yep I was wondering how a pay freeze ,amounting to the tax man getting his money back was 'garbage 'exactly?"
well if you read my post it wasn’t about the pay freeze it was about the increase in minimum wage and the tax threshold freeze
but the reality is pay freezes will be the norm across the private sector too - where are the outcries of that’s employers taking money back ? there are none because a freeze is not a charge
if they put your wages up 2% and your tax up 2% you end up in the same boat, meanwhile all the private sector employees who didn’t get a pay rise are 2% worse off - is that what you were hoping for? bearing in mind that includes plenty social care , retail, hospitality workers
freeze tax and freeze wages is the fairest way to do it |
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By (user no longer on site)
over a year ago
|
" well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then.
an increase in minimum wage even with a freeze on the threshold is still an increase - its money in peoples pockets that was not there before.
paying your pension on the increased wage does not make you worse off that you were before because pensions are percentage based , deducted before tax (at least at the low end of the scale you are talking about) and if you are paying pension now you were paying it before ... it all moves proportionally
yes over time because the tax free threshold is frozen the extra in your pocket will be eroded by inflation , but that isn’t the tax man seeing that difference, i cant be the only one that remembers it never used to move at all and since wage rises wont be much more than inflation if even that , the people that it brings into the tax system from 2022 onwards will be literally paying pennies
granted its not a huge handout of cash but after covid it was never going to be another giveaway, and to suggest that the tax man is getting his money back from the working man and nurses etc is just utter garbage
also corp tax increases kick in 2023 not 2026
small business wont feel this tax hike because it kicks in for profits over £50k which is good news for self employed that have a years worth of business to catch up on , and grants have been widened to a further 600,000 eligible people
working tax credit claimants will get £500 tax free
tbh im not seeing why you think this is a tax the poor and pander to the rich budget - its targeted at bringing in big business sure but you won’t spend the money investing in the UK to pull out 2 years later to avoid a tax increase - the tax breaks are all investment based and to piss off again so soon just makes it not worth it
The 500 pound working tax credit claim isn’t quite true...
What is happening is in effect is they are getting the “20 pound universal credit emergency” payment extended from April when it was due to end, till september..... because at this stage it can’t be done as part of the tax codings for 21/22... in effect they are getting the 25 week extension in this as a one off payment.... which is 500 pound....
how does explaining how the 500 one off payment is calculated make the fact they are getting the cash not quite true? - will they or wont they get a one off payment of 500 ?
They are getting it as a one off figure.... people on universal credit getting the same payment are getting as part of that over the 25 week extra period! Because people on UC wouldn’t be paying tax, that what is happening.... the way you are describing it is misleading at best"
how can people are getting a one off 500 payment if they are on working tax credit be misleading when its an exact description of what is happening? |
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" well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then.
an increase in minimum wage even with a freeze on the threshold is still an increase - its money in peoples pockets that was not there before.
paying your pension on the increased wage does not make you worse off that you were before because pensions are percentage based , deducted before tax (at least at the low end of the scale you are talking about) and if you are paying pension now you were paying it before ... it all moves proportionally
yes over time because the tax free threshold is frozen the extra in your pocket will be eroded by inflation , but that isn’t the tax man seeing that difference, i cant be the only one that remembers it never used to move at all and since wage rises wont be much more than inflation if even that , the people that it brings into the tax system from 2022 onwards will be literally paying pennies
granted its not a huge handout of cash but after covid it was never going to be another giveaway, and to suggest that the tax man is getting his money back from the working man and nurses etc is just utter garbage
also corp tax increases kick in 2023 not 2026
small business wont feel this tax hike because it kicks in for profits over £50k which is good news for self employed that have a years worth of business to catch up on , and grants have been widened to a further 600,000 eligible people
working tax credit claimants will get £500 tax free
tbh im not seeing why you think this is a tax the poor and pander to the rich budget - its targeted at bringing in big business sure but you won’t spend the money investing in the UK to pull out 2 years later to avoid a tax increase - the tax breaks are all investment based and to piss off again so soon just makes it not worth it
By freezing civil servants pay is that not keeping money that would otherwise be in their pockets? How is that garbage?
Pennies for the poor but not one single penny for a rich individual!
Pushing tax to 25% is very risky given that we can transfer profits freely still to another country. So invest for a tax break and when you are nearing the tax payment level send an invoice for admin from another country which has a lower corporation rate. It’s not difficult. You never pay tax that way.
Examples Amazon, Google, JCB. The list goes on. But 25% is high so it may now encourage others.
Yep I was wondering how a pay freeze ,amounting to the tax man getting his money back was 'garbage 'exactly?
well if you read my post it wasn’t about the pay freeze it was about the increase in minimum wage and the tax threshold freeze
but the reality is pay freezes will be the norm across the private sector too - where are the outcries of that’s employers taking money back ? there are none because a freeze is not a charge
if they put your wages up 2% and your tax up 2% you end up in the same boat, meanwhile all the private sector employees who didn’t get a pay rise are 2% worse off - is that what you were hoping for? bearing in mind that includes plenty social care , retail, hospitality workers
freeze tax and freeze wages is the fairest way to do it "
Like I just said the private sector is about a million different types of jobs.
Some will stagnate,some will go up.
It's impossible to make that comparison.
And when you bear in mind ,the public sector had a 6 year pay freeze, worked through the pandemic and are the 1st to bear the brunt.it hardly seems fair.
Like I said previously council tax is going up by 5% so people will struggle. |
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By *abioMan
over a year ago
Newcastle and Gateshead |
" well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then.
an increase in minimum wage even with a freeze on the threshold is still an increase - its money in peoples pockets that was not there before.
paying your pension on the increased wage does not make you worse off that you were before because pensions are percentage based , deducted before tax (at least at the low end of the scale you are talking about) and if you are paying pension now you were paying it before ... it all moves proportionally
yes over time because the tax free threshold is frozen the extra in your pocket will be eroded by inflation , but that isn’t the tax man seeing that difference, i cant be the only one that remembers it never used to move at all and since wage rises wont be much more than inflation if even that , the people that it brings into the tax system from 2022 onwards will be literally paying pennies
granted its not a huge handout of cash but after covid it was never going to be another giveaway, and to suggest that the tax man is getting his money back from the working man and nurses etc is just utter garbage
also corp tax increases kick in 2023 not 2026
small business wont feel this tax hike because it kicks in for profits over £50k which is good news for self employed that have a years worth of business to catch up on , and grants have been widened to a further 600,000 eligible people
working tax credit claimants will get £500 tax free
tbh im not seeing why you think this is a tax the poor and pander to the rich budget - its targeted at bringing in big business sure but you won’t spend the money investing in the UK to pull out 2 years later to avoid a tax increase - the tax breaks are all investment based and to piss off again so soon just makes it not worth it
The 500 pound working tax credit claim isn’t quite true...
What is happening is in effect is they are getting the “20 pound universal credit emergency” payment extended from April when it was due to end, till september..... because at this stage it can’t be done as part of the tax codings for 21/22... in effect they are getting the 25 week extension in this as a one off payment.... which is 500 pound....
how does explaining how the 500 one off payment is calculated make the fact they are getting the cash not quite true? - will they or wont they get a one off payment of 500 ?
They are getting it as a one off figure.... people on universal credit getting the same payment are getting as part of that over the 25 week extra period! Because people on UC wouldn’t be paying tax, that what is happening.... the way you are describing it is misleading at best
how can people are getting a one off 500 payment if they are on working tax credit be misleading when its an exact description of what is happening? "
Because it is exactly the same extra payment that people on Universal Credit are currently getting.... except because they are already in the 21/22 tax system.. they are getting the payment as 25 weeks of 20 pound payments!!!
I am not sure what part of “people on working tax credits are not special cases” in this instance you are not quite getting..... unless you are trying to be deliberately obtuse |
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By *ackal1Couple
over a year ago
Manchester |
" well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then.
an increase in minimum wage even with a freeze on the threshold is still an increase - its money in peoples pockets that was not there before.
paying your pension on the increased wage does not make you worse off that you were before because pensions are percentage based , deducted before tax (at least at the low end of the scale you are talking about) and if you are paying pension now you were paying it before ... it all moves proportionally
yes over time because the tax free threshold is frozen the extra in your pocket will be eroded by inflation , but that isn’t the tax man seeing that difference, i cant be the only one that remembers it never used to move at all and since wage rises wont be much more than inflation if even that , the people that it brings into the tax system from 2022 onwards will be literally paying pennies
granted its not a huge handout of cash but after covid it was never going to be another giveaway, and to suggest that the tax man is getting his money back from the working man and nurses etc is just utter garbage
also corp tax increases kick in 2023 not 2026
small business wont feel this tax hike because it kicks in for profits over £50k which is good news for self employed that have a years worth of business to catch up on , and grants have been widened to a further 600,000 eligible people
working tax credit claimants will get £500 tax free
tbh im not seeing why you think this is a tax the poor and pander to the rich budget - its targeted at bringing in big business sure but you won’t spend the money investing in the UK to pull out 2 years later to avoid a tax increase - the tax breaks are all investment based and to piss off again so soon just makes it not worth it
By freezing civil servants pay is that not keeping money that would otherwise be in their pockets? How is that garbage?
Pennies for the poor but not one single penny for a rich individual!
Pushing tax to 25% is very risky given that we can transfer profits freely still to another country. So invest for a tax break and when you are nearing the tax payment level send an invoice for admin from another country which has a lower corporation rate. It’s not difficult. You never pay tax that way.
Examples Amazon, Google, JCB. The list goes on. But 25% is high so it may now encourage others.
how much of the private sector do you think are getting pay rises this year? i certainly never, or a bonus , and the board gave up their bonuses and sacrificed some of their well base salary
a pay freeze for public sector workers is only going to be in line with the whole market and its for very obvious reasons - we just had a year of an entirely stagnant economy "
Indeed and being heavily involved in the private sector my business is affected too, however council tax affects poorer earners far more proportionately than higher earners.
Your comment was that it was garbage to say that poorer incomes weren’t paying. They obviously are.
There is no increase in the tax on dividends for the next two years, no tax at all on non domiciles and no tax on U.K. controlled offshore tax havens. So whilst you claiming we’re all in the same boat it’s definitely a much nicer boat the richer you are.
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" well yes between his personal tax threshold and the new min wage there is only £272.69 difference in wages from now & that is WITHOUT pension contributions being added in, you'll be worse off then.
an increase in minimum wage even with a freeze on the threshold is still an increase - its money in peoples pockets that was not there before.
paying your pension on the increased wage does not make you worse off that you were before because pensions are percentage based , deducted before tax (at least at the low end of the scale you are talking about) and if you are paying pension now you were paying it before ... it all moves proportionally
yes over time because the tax free threshold is frozen the extra in your pocket will be eroded by inflation , but that isn’t the tax man seeing that difference, i cant be the only one that remembers it never used to move at all and since wage rises wont be much more than inflation if even that , the people that it brings into the tax system from 2022 onwards will be literally paying pennies
granted its not a huge handout of cash but after covid it was never going to be another giveaway, and to suggest that the tax man is getting his money back from the working man and nurses etc is just utter garbage
also corp tax increases kick in 2023 not 2026
small business wont feel this tax hike because it kicks in for profits over £50k which is good news for self employed that have a years worth of business to catch up on , and grants have been widened to a further 600,000 eligible people
working tax credit claimants will get £500 tax free
tbh im not seeing why you think this is a tax the poor and pander to the rich budget - its targeted at bringing in big business sure but you won’t spend the money investing in the UK to pull out 2 years later to avoid a tax increase - the tax breaks are all investment based and to piss off again so soon just makes it not worth it
By freezing civil servants pay is that not keeping money that would otherwise be in their pockets? How is that garbage?
Pennies for the poor but not one single penny for a rich individual!
Pushing tax to 25% is very risky given that we can transfer profits freely still to another country. So invest for a tax break and when you are nearing the tax payment level send an invoice for admin from another country which has a lower corporation rate. It’s not difficult. You never pay tax that way.
Examples Amazon, Google, JCB. The list goes on. But 25% is high so it may now encourage others. "
I take it first poster quoted didn't realize that the increase equates to £272.69 without pensions & yes I am aware how pensions work for tax as I can calculate it along with compound interest and a lot of other accounting areas.
I missed pension payments out deliberately because of the additional complexity but remember that difference is for a whole year! its not an increase at all really, its only pence.
couple that with people's debt level which could not be helped due to covid restrictions, lack of help etc. and you've got real issues and a working population who will struggle to have excess cash to spend in the economy.
therefore the knock on effect in his plans is that the likes of VAT is less than expected due to less ability to spend, he didn't adjust the vat threshold.
and yes while the super deduction is only for 2 years they also have additional years and limits on defering tax (which is where they don't pay the full tax amount due for the year, it just sits on the books as owed, no cash moves) if companies go bust, change names the tax deficit can go into the abis & never be paid or as direct above suggested they just move HQ to another tax haven & hey presto they've avoided the 25% increase.
another bit regarding machine investment which essentially allowing businesses to reduce tax even further than they usually can.
the £500 quid is to cover april - sept for working tax claimants (working peoples over 25 hrs pw too) because that is easier than adjusting the monthly payments (since they are all due to be reviewed in apr-jun as per every year).
it is the equivalent amount of the £20 UC uplift over the same period.
so I ask where exactly is the deficit being recovered from cos I can't see it unless he's selling NHS on the quiet to pay for some of it....don't really have many public services left to sell after 10 years of cuts which he was very proud of btw! |
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By *oo hotCouple
over a year ago
North West |
It will all be bollocks if interest rates rise.
We will be knocking on the door of the IMF again if rates rise. Just a 1% rise will cost £25 billion according to Tory Andrew Pierce. That is 50% more than the total tax generation measures announced today.
Coronavirus, Brexit and interest rate rises might just the gamble that didn’t pay off. |
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By *ackal1Couple
over a year ago
Manchester |
"It will all be bollocks if interest rates rise.
We will be knocking on the door of the IMF again if rates rise. Just a 1% rise will cost £25 billion according to Tory Andrew Pierce. That is 50% more than the total tax generation measures announced today.
Coronavirus, Brexit and interest rate rises might just the gamble that didn’t pay off."
It’s numbers like that which regardless of Covid this government haven’t addressed for years.
We are one of the most indebted nations on the planet and they just sweep it under the carpet!
Our children will be worse off than us due to our reluctance to get a grip.
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As always the devil is in the detail
A £30b cut to the dept of health and social care is buried says starmer
Jeremy hunt saying social care has been completely ignored
Even the levelling up scheme..40 of the 45 towns which will benefit are tory seats including Richmond (sunaks seat) |
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high risk anus appears to have announced a budget that is favourable to the conservative and unionist party in the upcomming local elections and he has bought himself a bit of time to see how the pandemic affects the economy before the autumn budget, which may well be very different to yesterdays. |
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"high risk anus appears to have announced a budget that is favourable to the conservative and unionist party in the upcomming local elections and he has bought himself a bit of time to see how the pandemic affects the economy before the autumn budget, which may well be very different to yesterdays."
High risk anus........... |
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"i have a good anagram generator for a brother
I was thinking it was predictive text which would be amazing. "
funny you should say that .... i typed 'nigel lawson' into an old mobile phone with predictive text and it came out with 'we all sign on'  |
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"I know what I found funniest was he announced 1000 hmrc jobs to fight tax avoidance *homer doh
I might apply, I'm very good at finding things others try to hide."
Isnt that to chase up the money falsely claimed in furlough? |
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