How’s Rachael from accounts getting on…..

[diy_fun_uk]

I've read that as well. But I've forgotten why they want it that way.

Because they don't want individuals to better themselves and plan for their financial futures. It'll be sold as being a better approach for tenants, which it won't be.

I have 3 x BTLs. I class myself as a good LL. Keep the properties in good order and, because I'm local to them all, I can (and do) react quickly if something needs addressing.

Good luck getting things dealt with quickly as a tenant if the property is owned by a bank and/or huge organisation.

 

[gas112]

Rachael hitting new records borrowing at a 27 year high

 

[Munroast]

I am no fan of reeves or this gov - but our economy has been going down the pan for a very long time, too generous a benefits system, ludicrous pay awards within our useless public sector, too many cabbages staring at their mobile pones for half of the day, too many waste of space migrants to look after - still paying for the year long holiday that we had with covid, and then to cap it all there was the utterly stupid decision to leave the EU

 

[aveatry]

Rachael hitting new records borrowing at a 27 year high

That even surpasses the lettuce

 

[Charlie George]

Rachael hitting new records borrowing at a 27 year high

Wonder who was in power then

 

[Justin Passing]

I've heard a lot about the UK's predicament from them wot are good with money on a country level.
It' usually in relation to the French economy or some other basket case.
Universally, they say the UK has an impossible situation. Borrowing too high, can't cut spending, can't put taxes up, not doing anything about growth, and mismanaging the "boats" issue.

I asked ChatGPT. It gave pages of analysis, different scenarios, spreadsheets and what-if's.
Putting taxes up, looms large in all strategies.

 

[aveatry]

This is a perfect opportunity for Starmer, Rayner will be offered a place in the HOL so she is gone - and Reeves will take her place. This then leaves the new chancellor to go ahead and tax tax tax as all the "promises" and so on were under the last Chancellor.

 

[Mottie]

Zero growth announced this morning on the news. We've flatlined.

UK economy saw zero growth in July

The economy failed to grow following the biggest contraction in manufacturing output for a year.

www.bbc.co.uk

Labour - the party for business. That’s a joke, surely?

 

[motorbiking]

Zero growth announced this morning on the news. We've flatlined.

UK economy saw zero growth in July

The economy failed to grow following the biggest contraction in manufacturing output for a year.

www.bbc.co.uk

Labour - the party for business. That’s a joke, surely?

Flatter than a pancake.

 

[Murdochcat]

Some do, yes.

Hum ............. go on then educate us, as I think most people believe that paying NI stops when you reach the STATE pension age and if be chance you are still charged it by error, you can claim it back

 

[denso13]

Hum ............. go on then educate us, as I think most people believe that paying NI stops when you reach the STATE pension age and if be chance you are still charged it by error, you can claim it back

You're welcome,

National Insurance and tax after State Pension age

Age-related tax allowance, calculating tax if you carry on working, National Insurance payments

www.gov.uk

"Most people stop paying National Insurance contributions after reaching State Pension age.
If you’re self-employed, your Class 2 National Insurance contributions will no longer be treated as paid. You stop paying Class 4 National Insurance from 6 April (start of the tax year) after you reach State Pension age."

 

[Murdochcat]

You're welcome,

National Insurance and tax after State Pension age

Age-related tax allowance, calculating tax if you carry on working, National Insurance payments

www.gov.uk

"Most people stop paying National Insurance contributions after reaching State Pension age.
If you’re self-employed, your Class 2 National Insurance contributions will no longer be treated as paid. You stop paying Class 4 National Insurance from 6 April (start of the tax year) after you reach State Pension age."

So as I suspected it does stop within 1 year of achieving state retirement

I would like to see NI levied, at 2% out more for life for all those over the tax threshold

 

[denso13]

So as I suspected it does stop within 1 year of achieving state retirement

I would like to see NI levied, at 2% out more for life for all those over the tax threshold

So as I said, some pensioners pay it.

 

[Justin Passing]

I asked CHatGpt.
iirc. in 2019, 440,000 pensioners earned over 50,000
Grok is still thinking


You get an avalanche of numbers

"the aggregate taxable income ofall uk pensionersis estimated at260 billion for FYE 2024, this is from 18mill pensioners.

60% of pensioners pay no tax.

Aggregate income tax paid at higher rates by pennsioners.7.8 billion.

Total income tax paid is ~20 b outof 258b for all taxpayers.

1.2million P's pay at 40%
50,000 pay at 45%

Most High rate (40%) payers pay in £50-70k range
top rate 45% payers average pay on £200,000

Total high rate tax 6.6bn at 40%, , plus 1.2 bn at 45%.

Total cgt for age 65+ £1.4 bn by 45000 pensioners. Figure £ is falling.

Estimate for 2024/5 is up at ~1.6 bn.

Needs further thought....

 

[motorbiking]

The changes to CGT in the last budget mostly hit retired people who had invested in stocks outside of pensions. They would have had the aim of cashing them in when retired and benefiting from lower income, to reduce CGT.