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Budget 2017: Self-employed face hike in class 4 national insurance payments
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MSE_Luke
Posts: 295 MSE Staff
The Chancellor has announced in today's Budget that class 4 NI rates will increase to 10% (currently 9%) from April 2018...
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'Budget 2017: Self-employed face hike in class 4 national insurance payments'
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'Budget 2017: Self-employed face hike in class 4 national insurance payments'
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Well I'm guessing the Conservative's 2015 manifesto pledge not to raise VAT, National Insurance Contributions or income Tax has just been broken.0
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Yes I think they already broke that one last year when they ended "Contracting Out" which meant a bigger N.I bill for those employed from last April. At the top of the basic rate income tax band that would have meant around £500 a year extra N.I payment. This negated the increase in the personal allowance.0
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So what happens to those who earn less than £8,060 per year; no Class 2 or 4 to pay:)0
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If they are paid above the LEL level of £112 per week, (but less than £155), employees get NIC class 1 credits; maybe the self employed will get the same treatment?But no "credits" towards state benefits either. Basically, equal treatment with employees who don't get credits for state benefits if they earn less than £8k per job.0 -
I don't understand all the fuss. Everything I've heard about it today is talking about it costing an additional 60p per week. That'll break the bank!!0
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I don't understand all the fuss. Everything I've heard about it today is talking about it costing an additional 60p per week. That'll break the bank!!
It's not the 60p per week which bothers most SE people. It's the broken promises and the raising of rates with no added benefits.
It's ok for the average worker if they are off sick, they can get sick pay. Four/Six weeks paid holiday a year. Self-employed people do not get these benefits.
I'm self-employed and it feels like a real kick in the teeth. Very anti-entrepreneur. Sends out the wrong message to people who want to start their own businessRyan0 -
Yes but remember that both the employee and employer contribute to N.I. The employee at 12% and the employer at 13.8% over £156 per week. That is one very good reason why employees qualify for sick pay. Holidays apart from the statutory minimum vary by company and are earned each holiday year. There are pros and cons to being both employed or self employed and we all have to make that choice.0
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It's not the 60p per week which bothers most SE people. It's the broken promises and the raising of rates with no added benefits.
It's ok for the average worker if they are off sick, they can get sick pay. Four/Six weeks paid holiday a year. Self-employed people do not get these benefits.
I'm self-employed and it feels like a real kick in the teeth. Very anti-entrepreneur. Sends out the wrong message to people who want to start their own business
Anybody expecting any government to stick to all its promises is possibly too naive to survive for long in the world of self-employment! If 60 pence per week is going to put a person off from the s/e route I would again question whether they are suited to that working method.0 -
I don't understand all the fuss. Everything I've heard about it today is talking about it costing an additional 60p per week. That'll break the bank!!
Hear hear! Big Deal!
Taxes need to be raised across the board anyway to help fund the NHS, local authorities, social care, etc. All of which are in a right mess.0
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