The Budget 2024.

[Notch7]

Jeremy Hunt's greatest legacy will be his contribution to Rhyming Slang

 

[Odds]

 

[festive]

Paying 60% tax ("trap")and double NI ie employers and employee tax due to being forced to use an umbrella company. Where is the tax incentive. Oh and I lose my 12570 tax allowance as I'm a 'lucky rich entitled person'. Tranlsated from the warped hmrc perception i earnt good money due to the sacrifices and lifetime commitment to my career. What's the incentive for me to stay uk resident.

 

[ellal]

Hunt has kick started the decline (and eventual removal) of National Insurance...

This of course is in line with his and the nasty party's ambition to accelerate the privatisation of the NHS...

Remove the link between what national insurance was brought in for and healthcare, and it'll be a free for all for private companies.
Mainly US based ones!

Pensions will go the same way - ask the miners about pension theft!

 

[Brigadier]

…have worked and paid into the system all their lives.

....and had the opportunity of free higher education; having a reasonable chance of "getting on the property ladder" without needing the RTB bung that was available; seeing a dentist or doctor within the week in many cases; driving down a road without having to dodge car-wrecking chasms...............all of which were paid for by those who went before you.

It;s called "decent society"

 

[Brigadier]

What's the incentive for me to stay uk resident.

That's for you to decide, not someone on here to speculate over.

Perhaps try it for a couple of years, then make an informed decision?

 

[blup]

Where’s the pension rise for the Speaker who couldn't be bothered to preside over one of the most important events in the HoC.

 

[Mottie]

It;s called "decent society"

I know, I’ve been paying into it for 50 years!

 

[denso13]

Where’s the pension rise for the Speaker who couldn't be bothered to preside over one of the most important events in the HoC.

That's traditionally how it works, the Speaker never does the Budget.

 

[Brigadier]

I know, I’ve been paying into it for 50 years!

Good job you've got a stash then, if you need something that used to be a given in that "decent society"

 

[ajohn]

national insurance was brought in for and healthcare,

It may have covered that a good while ago. Now it's for support aspects. NHS is funded from tax. All shortfalls in anything supported by debt.

An ex Tory chancellor end NI completely - he didn't think so but I suppose it could be covered by income tax,

The view of debt levels appears to have changed. The rules appear to look for a fall in 5years but it's related to GDP which will we hope will always be higher at that point even if just inflation. Were are we at - numerical levels of debt will continue to increase. Then another metric is thrown in. How much excess tax take to account for errors in the prediction. Some are suggesting this is now too low. It may be in £b but in % terms relates to ~£t. Some are saying fiscal rules of doom concerning the entire idea irrespective of numbers.

Then view the taxation take as a % of gdp.

 

[blup]

That's traditionally how it works, the Speaker never does the Budget.

Must have been a relief for him

 

[blup]

Id rather have seen him challenge convention by doing the budget than acting in a blatantly political manner over the opposition motion

 

[JohnD]

Blup is trying to shovel wet wood onto the cold ashes of a deliberately manufactured political squabble

 

[ajohn]

Paying 60% tax ("trap")and double NI ie employers and employee tax due to being forced to use an umbrella

60% on some of your income due to tapering of the allowance, The rate is still 45% if you earn at that level. The trap comes in at ~£100k. Applies to the employed too.

The umbrella company is charging you their employer NI contributions and some £ for the service. They would have to add NI to their charges if they didn't or go broke.

The most efficient way to set up is as a ltd company. My son did this a while ago and is also employed. The only catch is the need for accounts. He is an accountant so you can guess who does that and he will know how to set things up. Most recent change he made was setting his lady up as a secretary. He finally found one a couple of years ago. All NI still needs to be paid, not sure how his own figures. There may be no way around that but money can be taken out of ltd company in various ways. Your extra NI is avoids the complications. Pass but I believe pension payments can be used to reduce the 60% aspect but there are complications so would need an advisor.

Why did it get like this - many people starting to be contractors and companies employing them as such. I suspect one way or another you would have similar problems in most countries might just be the need to take out decent health insurance etc. I do know a millionaire that started his company this way yonks ago. No idea what he does now. It did allow his employees to pay less in total but I assume they paid just their own NI.