Cant believe they have risen it to 10% and 11% the year after that, we dont get paid holiday pay or sick pay, its the end for self employed
THE END OF SELF EMPLOYMENT BUGET 10%
- Thread starter daveqwe
- Start date
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I'll just up my rates by a pound a day to cover it. No biggy.
R
rules&rulers
Thin end of the wedge.
Most self employed seem to forget that when the latest increase starts they will cease to pay class 2, so the increase is far less than it appears and in some cases will decrease. (self employed for over 30 years in case you think its sour grapes)
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And will you be eligible for the "flat rate" pension of £156 a week or whatever it is? Chances are it will be much more than your sick and holiday.
Employed people have personal NI and Employers NI, so rather more.
Having been in business on my own, I don't agree with your point about holiday and sick pay. If I worked and earned for (typically) 220 to 240 days a year, out of the money I pulled in, some went into running the business, training and qualifications, equipment and vehicle, some for my home and family, some into my (virtual) piggy banks for holidays, illness and tax, some went into my pension scheme, and some into the rainy day fund for bad times.
That's why your daily rate is (should be) higher than the daily wage of an employee.
Your employer pays your holiday and sick pay, out of the money you bring in. Just like an employee. It just happens that in your case, you are the employer.
Well fancy that
It looks like Theresa is scared that you are a Tory voter who might withdraw your support, and she has changed her mind.
Remembering that she is nominally the boss, and would have been aware of the budget in advance, reversing course overnight looks very poor.
There again, she only got the job by reversing course.
It looks like Theresa is scared that you are a Tory voter who might withdraw your support, and she has changed her mind.
Remembering that she is nominally the boss, and would have been aware of the budget in advance, reversing course overnight looks very poor.
There again, she only got the job by reversing course.
D
Doggit
It was pretty much to be expected from Hammond. Just another Pi ss poor chancellor that doesn't know his derrier from his elbow.
Very few people will get the headline rate of £156 for their pension. We were all told not to bother with SERPS, yet when they calculated the new pension rate, they decided that those who came out of SERPS, would have put the extra money they saved into a pension fund, so wouldn't need the full rate.
Very few people will get the headline rate of £156 for their pension. We were all told not to bother with SERPS, yet when they calculated the new pension rate, they decided that those who came out of SERPS, would have put the extra money they saved into a pension fund, so wouldn't need the full rate.
Congratulations. Your ambiguity award awaits.
I don't understand that. SERPS would have bought you a bit extra on your pension. Are you saying you came out of SERPS and didn't put the money into a personal pension? What did you do, **** it up the wall?
Or do you mean you were contracted out, and built up a personal pension with the contributions that you didn't pay in NI?
"Plans to increase National Insurance rates for self-employed people - announced in the Budget last week - have been dropped.
"Chancellor Philip Hammond has said the government will not proceed with the increases which were criticised for breaking a 2015 manifesto pledge.
"He told MPs in a Commons statement: "There will be no increases in National Insurance rates in this Parliament."
"Labour's Jeremy Corbyn said the U-turn showed a government "in chaos".
http://www.bbc.co.uk/news/uk-politics-39278968
"Chancellor Philip Hammond has said the government will not proceed with the increases which were criticised for breaking a 2015 manifesto pledge.
"He told MPs in a Commons statement: "There will be no increases in National Insurance rates in this Parliament."
"Labour's Jeremy Corbyn said the U-turn showed a government "in chaos".
http://www.bbc.co.uk/news/uk-politics-39278968
D
Doggit
The company I was with just told me that the Serps (and I had no idea what SERPS even was) was being dropped, and I was given a refund of £440, so yes, I spent it. Unfortuntely, being in my early twenties, I had no idea of the implications, and none were explained to me. I took out a couple of pension plans in my thirties, and realised I was being ripped off with them, so stopped paying in, but they've actually grown lately, and I'll cash them in soon.
I may be wrong, but in stopping SERPS without explaining the implications, but then taking what you would have got from swapping into another pension fund into account for the new pension calculations, then yes, I think the governments being a bit disengenious in telling people thay'll get a good state pension, but reducing it because of a bit of double dealing they did years ago.
I may be wrong, but in stopping SERPS without explaining the implications, but then taking what you would have got from swapping into another pension fund into account for the new pension calculations, then yes, I think the governments being a bit disengenious in telling people thay'll get a good state pension, but reducing it because of a bit of double dealing they did years ago.
a friend of my father-in-law stayed within SERPS, his fathers advice was if the government ever offer you a cash lump sum in place of an ongoing benefit or payment don't take it you will almost certainly be worse off in the long run, and so it turned out to be his pension is over double what it would have been without the SERPS contribution and pound for pound the SERPS contribution has far out performed his PP.
Like Doggit I opted out in my 20s without really being aware nor really caring about the implications, financial advisors were the worst people to ask, they were all benefitting from commissions for selling PEPs which at the time had longterm projections that would be laughed at nowadays and in fact are no longer allowed.
I'm surprised that the 80's introduction of PEPs hasn't become the new PPI.
Like Doggit I opted out in my 20s without really being aware nor really caring about the implications, financial advisors were the worst people to ask, they were all benefitting from commissions for selling PEPs which at the time had longterm projections that would be laughed at nowadays and in fact are no longer allowed.
I'm surprised that the 80's introduction of PEPs hasn't become the new PPI.
Dude, come on. It's not like we are teachers or other workers on a cap of 26k per year. There isn't a cap on what we can earn and let's not forget the couple of grand cash that we keep in the sock drawer (someone told me)
I'm sure you'll be able to manage that 10%
if your worried by that % your not doing very well being self employed
why can't you make that up somewhere elseTheresa has too many supporters, so she is trying get their numbers down by attacking free school meals, and pensions.
Jeremy *unt (co-author of a book calling for breakup and privatisation of the NHS) is doing his job as ordered...
As he says, there's lots of money to be made out of the sick and elderly.
Jeremy *unt (co-author of a book calling for breakup and privatisation of the NHS) is doing his job as ordered...
As he says, there's lots of money to be made out of the sick and elderly.
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