Possible Tax Cuts on the way

HammersFan

!!!!!!? wrote: »

.... and don't forget that there are emerging signs that the government will have complications raising the cash they need to borrow by issuing bonds in the future.


But don't expect our hardcore resident MSE 'bulls', who seem to be singularly determined to let reality wash right over them, to take any of this on board.

"la la la, everything will be all right..... la la la". Sounds just like what people were saying about house prices last August.

Reality for me !!!!!! is that since the IR cut I have a few more hundred pounds a month to overpay on my mortgage, and any tax cuts will go the same way too. This means I will be finished with my mortgage much sooner. If I ever have to find another job I will find it. I find it hard to be depressed about that situation.

mitchaa

neverdespairgirl wrote: »

NOT IF YOU ARE SELF-EMPLOYED.

Sorry to shout, but I have said this before.....

Yes but you never explained yourself.

Are you telling me that your net pay is less than 60% of your gross?

If so, you really do need an accountant.

There are many ''loopholes'' in the SE industry that are there to be exploited to minimise tax, i would be surprised if anyone was paying anymore than 40% of their gross on taxation (ANYWHERE)

You dont need to shout NDG but you can explain on why you believe there is a 40%+ tax burden (In the world of self employment and its tax dodging benefits)

Figure A= Gross Salary
Figure B = Gross Salary -''Expenses''

You may well pay more than 40% tax on figure B even taking into account the 20% B.R and the personal allowance aspect but it's never going to be more than 40% of figure A (Or it shouldn't be, otherwise the real need of an accountant)

Or perhaps you can give a few facts and figures where being S.E would pay 40+% of figure A? (I am happy to being proven wrong)

neverdespairgirl

mitchaa wrote: »

Figure A= Gross Salary
Figure B = Gross Salary -''Expenses''

You may well pay more than 40% tax on figure B even taking into account the 20% B.R and the personal allowance aspect but it's never going to be more than 40% of figure A (Or it shouldn't be, otherwise the real need of an accountant)

Or perhaps you can give a few facts and figures where being S.E would pay 40+% of figure A? (I am happy to being proven wrong)

That's not what I am disputing. It's the max 41% on higher-rate income that I dispute (correctly).

And I don't dodge taxes, myself.

WTF?_2

HammersFan wrote: »

Reality for me !!!!!! is that since the IR cut I have a few more hundred pounds a month to overpay on my mortgage, and any tax cuts will go the same way too. This means I will be finished with my mortgage much sooner. If I ever have to find another job I will find it. I find it hard to be depressed about that situation.

Good for you but I can't seem to find the part of my post where I was telling people to be depressed.

Get it into your head, rational discussion does not mean doom and depression mongering.

HammersFan

!!!!!!? wrote: »

Good for you but I can't seem to find the part of my post where I was telling people to be depressed.

Get it into your head, rational discussion does not mean doom and depression mongering.

Why the agressive posting ("get it into your head"). Do you really talk to people like that, face-to-face?

You do post a lot of negative news and consistently post over-the-top responses to people who suggest things aren't that bad for them. I think that you will find many people on here perceive you as a doom and depression monger....if that isnt your intention, it might be due to the way you phrase your postings.

mitchaa

neverdespairgirl wrote: »

That's not what I am disputing. It's the max 41% on higher-rate income that I dispute (correctly).

And I don't dodge taxes, myself.

Dodge and minimise dont mean the same thing;)

I know my workings are 110% in respects to the normal PAYE system, and im 90% sure that no-one in the SE industry will be paying more than 41% but happy to be proven wrong as i am not an expert in accounts and wouldn't put my house on my suspicion.

I would be very surprised though due to the nature of self employment and its expense structure. Anyway, i'll leave it at that as unless you are earning ITRO £600k pa on PAYE you do not pay 40% of your income in taxation.

Something i think the government should do in order to generate the funding for an I-T cut to the majorities lower down. Anyway, going off topic here so i wont pursue my point any further. It was only a suggestion

WTF?_2

HammersFan wrote: »

Why the agressive posting ("get it into your head"). Do you really talk to people like that, face-to-face?

Because you've repeatedly accused me of spreading doom and gloom. I have said many times that discussion of facts does not equal such. Hence 'get it into your head'. Here, "Get it into your head please?" Any better?


And you're getting offended at phrases like "get it into your head"? Puh-lease. And have you seen some of the disgusting personal abuse that the likes of Chucky and Dithering Dad regularly post here???

I've not seen you take offence with any of that vile and nasty stuff which has no place on any sort of board.

You do post a lot of negative news and consistently post over-the-top responses to people who suggest things aren't that bad for them. I think that you will find many people on here perceive you as a doom and depression monger....if that isnt your intention, it might be due to the way you phrase your postings.

There is a lot of negative news about, so I discuss it.

And if people insist on trying to post some sort of 'la-la everything is alright' response then expect me to respond in a robust way if I feel it is wrong/misguided. That's what happens when people debate issues.

HammersFan

!!!!!! you have excelled yourself here. That is a totally patronising response. If this is how you conduct yourself with people face-to-face, I really worry for you.

chucky

fortunately the face to face thing is something he is not good at - that's why he resides on this board.

this is the part that !!!!!! runs around claiming that he is the victim of everyone picking on him...

the next part is where his multiple user names appear to totally take this discussion off topic...

this usually happens when he self-humiliates himself when he rambles on about something that he is wrong.

leviathan

PasturesNew wrote: »

When contracting I pay:
- an umbrella company to sort out the tax/paye
- B&B/hotels for 4 nights a week closer to the job
- the tax at whatever rate
- employee's NI, which drops to 1%
- employer's NI, which does NOT drop to 1% but stays at 10%
- my own holiday pay (10%?)

Your umbrella company isn't doing a good job or you haven't thought about it enough then.
Having been a contracter at various rates, happily working short term at 13/hr when there wasn't anything interesting going on, you are paying way too much tax.
If 15% of my salary was taxed on a monthly basis I'd think it was a bad month. Some months it was a negative percentage!!

For starters, don't leave holiday pay in. It's not MSE.
Instead, take it out as wages and stick a portion of those into a regular savings account. Then when you take a holiday you can use the money, but you wont take as many as you'll think of it as not being paid.

All travel from your home to place of work is claimable at 40p/mile. Obviously, the further you travel the more you save. As are subsistance expenses and obviously accomodation. Claim it all, you can so why on earth not???

Depending on your location to the job, you may choose to claim for travelling everyday to the job or the costs of staying near the site. Do which ever saves the most in tax.
Remember, the longer you spend on your working day, the more subsistence you can claim.
If you can work on your phone whilst travelling, it's a no brainer.