this 10p tax issue.....

Nomad25

10p Tax band gone - the domino effect

What a shambles. So now Gordy wants business to pick up the slack by upping the minimum wage - what a twonk!

I own a small business and pay my part timers above min wage - come revew time this year I gave them just under 5% increase [to try and keep their money in line + a bit with RPI]. My business is not as buoyant as last year, but I want to keep and look out for my staff, because they are loyal.

Their pay is now subject to more tax. I doubt if after further consumer/food costs go up they will have any more in their pocket, so they will spend a little less. Price increases I have made are voided as all my costs have increased, I'll spend less, so we all lose out.

Now if this is happening across the board with companies of varying sizes, it doesn't take a genius to see what will happen .... hours will be cut, jobs will be cut, perks will be rationed. Many companies will have no choice/won't care and staff will be dumped... and so the spiral begins.

So the hidden effect of the abolition of 10p band hasn't even begun yet.

Errata

Brown has done what no tyrant has been able to do since the days of the Norman Conquest, namely, single-handedly to threaten the security of the entire country.

donnalove

wearside wrote: »

Well done! I hope that you will not go mad and spend it all at once:rotfl:

already spent :rotfl:

RayWolfe

Errata wrote: »

Brown has done what no tyrant has been able to do since the days of the Norman Conquest, namely, single-handedly to threaten the security of the entire country.

Wow! I hadn't realised it was that bad. I must get the Daily Mail tomorrow to check out that what you say is true.
Dear, oh dear, whatever shall we do?

m277

nooksky wrote: »

I run my own business and earn about £12k a year, and I will with my partner who also works part time.. we are due to get married in May.
At the moment I pay 10p tax rate, will I have to pay 20p from next year??

cosyc wrote: »

No April 2008.

Your partner will be subject to the 20p tax rate from April 2008 because I assume she pays her tax through PAYE.

Your business' profits (assuming you're a sole trader) for this fiscal year 2008/2009 will be taxed at the new 20p rate. Your trading profits from the last fiscal year 2007/2008 will be taxed at the old rate of 10/22%.

newcastlebelle

my 19 yr old son is an apprentice on £4.50 ph[ the min wage does not apply to apprentices] and I'm a barmaid on £6000 per year, claiming no beneifits................yet again we are penalised by this government.

beer_tins

Errata wrote: »

Brown has done what no tyrant has been able to do since the days of the Norman Conquest, namely, single-handedly to threaten the security of the entire country.

A little perspective needed I think? He's hardly been great, but a "Tyrant"?! And "threaten the security of the entire country"? How? The country's security has been more threatened for the vast majority of the period since the Norman Conquest!

Yes, low earners have less money in their pocket and I don't agree with that, as it also has wider implications, but he's hardly Pol Pot!

red_bertie

he's hardly Pol Pot!

not yet, but he's working on it!

RB

Meltdown_2

Errata wrote: »

Brown has done what no tyrant has been able to do since the days of the Norman Conquest, namely, single-handedly to threaten the security of the entire country.

King Philip II of Spain,
Oliver Cromwell & King Charles I (OK, not single-handedly ...),
Napoleon Bonaparte,
Adolf Hitler,
Josef Stalin,
John F. Kennedy & Nikita Khruschev (as above),
Ted Heath,
Margaret Thatcher,
Tony Blair.

Ian_W

Meltdown wrote: »

King Philip II of Spain,
Oliver Cromwell & King Charles I (OK, not single-handedly ...),
Napoleon Bonaparte,
Adolf Hitler,
Josef Stalin,
John F. Kennedy & Nikita Khruschev (as above),
Ted Heath,
Margaret Thatcher,
Tony Blair.

Yer missed out Kaiser Bill!

Getting to be a bit like that "what have the Romans ever done for us" scene from Life of Brian.

So apart from
Oliver Cromwell, King Charles I, Napoleon Bonaparte, Adolf Hitler, Josef Stalin, John F. Kennedy, Nikita Khruschev, Ted Heath, Margaret Thatcher, Tony Blair.
and Kaiser Bill ...

what other tyrant has single handedly threatened the security of our entire nation?