Budget looks grim

BlackKnightMonty

Income tax increases (for pensioners and high rate tax payers)

Minimal salary sacrifice before Employer and Employee NI to kick in (from £2000 per year contributions).

On top of the Employer NI and VAT on schools these decisions will cost me well over £10k a year in increased tax!

SVaz

Nobody knows what’s happening with the budget yet.🙄
Maybe save the whinging for when we do know something eh? 

If it’s potentially going to cost you an extra £10k then you are obviously in a position to afford it. 

Cus

Grim for you, but better for others

BlackKnightMonty

SVaz said:

Nobody knows what’s happening with the budget yet.🙄
Maybe save the whinging for when we do know something eh? 

If it’s potentially going to cost you an extra £10k then you are obviously in a position to afford it. 

Yes why not make it 20k or 30k even

Those with the broadest shoulders must subsidise those content to live off the hard work of others.

the UK is screwed.

JoeCrystal

BlackKnightMonty said:

Income tax increases (for pensioners and high rate tax payers)

Minimal salary sacrifice before Employer and Employee NI to kick in (from £2000 per year contributions).

On top of the Employer NI and VAT on schools these decisions will cost me well over £10k a year in increased tax!

Rumours and speculations at the moment, although I do greatly approve as I understand, the Treasury is looking at increasing a basic rate of the income tax which is outstanding news. No point bemoaning about things that yet to happen, we can only react and make preparations just in case. I already cut back on spendings at the moment so I can work out how much more taxes and other costs of living increases that I can take into account. 

Dazed_and_C0nfused

JoeCrystal said:

BlackKnightMonty said:

Income tax increases (for pensioners and high rate tax payers)

Minimal salary sacrifice before Employer and Employee NI to kick in (from £2000 per year contributions).

On top of the Employer NI and VAT on schools these decisions will cost me well over £10k a year in increased tax!

Rumours and speculations at the moment, although I do greatly approve as I understand, the Treasury is looking at increasing a basic rate of the income tax which is outstanding news. No point bemoaning about things that yet to happen, we can only react and make preparations just in case. I already cut back on spendings at the moment so I can work out how much more taxes and other costs of living increases that I can take into account. 

If the +2%/-2% idea comes true I wonder how long it will take before a £2,808/£3,600 thread appears to replace the £2,880/£3600 one 🤔

SVaz

If the sal sac thing does come about,  at least it will stop Men getting out of paying child maintainance by using it to get their official earnings down to min wage. 

JoeCrystal

Dazed_and_C0nfused said:

If the +2%/-2% idea comes true I wonder how long it will take before a £2,808/£3,600 thread appears to replace the £2,880/£3600 one 🤔

To be fair, I understand that Torsten Bell is quite involved with the budget, so I am really hoping there will be significant reforms or something similar relating to pension elements such as tax relief, closing loopholes and so on. I got a day off on budget so I can be ready to read the background briefing notes and documents since they are great places to hide the stings rather than actual budget document! 

It has been confirmed (ha!) that they won't change the auto-enrolments contribution rates for the parliament until after general election, but the government got to do something to encourage retirement savings considering how miserable it is for employees who do not have access to actual good pension schemes or get high employer's contributions rates. I think it is more likely that they will make it compulsory or encourage the self-employed to do it, considering a pretty high percentage of self-employed do not bother to contribute into the pension scheme. I did see a figure such as much as 80% of the self employed does not contribute into a private pension scheme.

Keep_pedalling

There are a lot of well off pensioners who don’t really pay their fair share of taxes (including me) but there is alway such an outcry if anyone dares to target us, that political parties of all shades are scared of doing it (too many of us vote). 

I am also an EV driver so will probable see my driving costs go up by 3p a mile, but with the loss in fuel duties to the treasury this was going to be inevitable at some point.

Personally I would be happier to pay more if it means my children and other workers with families to support don’t get hit so much. 

itsthelittlethings

I don’t know how much you earn, I reckon I’m probably looking at £500 more a year. Obviously not ideal but if it goes to the NHS and schools then fair enough.

BlackKnightMonty

itsthelittlethings said:

I don’t know how much you earn, I reckon I’m probably looking at £500 more a year. Obviously not ideal but if it goes to the NHS and schools then fair enough.

Was on +£130k but taken a new role on much less but with big upside. Now on £90.

VAT is £2.5k a term, Employer NI was costing me £50 a week, and my fag packet calcs say and extra £800 a year for the income tax bump, and probably the same again for salary sacrifice.