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Old 13th May 2008, 14:57   #1
dude69
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Default Personal Allowance increased by £600
http://news.bbc.co.uk/1/hi/uk_politics/7397705.stm
Looks like I need to give myself a payrise.

Incompetent morons, I've already started the PAYE under the old rules.

One assumes that they are going to leave NI as it is - so much for simplification and aligning the boundaries.

How can they be so clueless? Doesn't seem terribly 'prudent' in these economically tough times. Trust the Brown shower to manage to turn a tax cut into a PR nightmare.

(Note, this in no way makes up for having CT put up by 3% from 19% to 22% to match the income tax rate of 22%, and then not putting it down when they simultaneously decided to cut income tax from 22% to 20%)
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Old 13th May 2008, 15:03   #2
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flip sake. Morons.
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Old 13th May 2008, 15:04   #3
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If NI stays the same I assume that we can just carry on as normal and get the £120 back through self assesment. It won't affect Employers NI that is due?
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Old 13th May 2008, 15:07   #4
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flip sake. Morons.
Newsnight should be entertaining tonight.
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Old 13th May 2008, 15:10   #5
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If NI stays the same I assume that we can just carry on as normal and get the £120 back through self assesment. It won't affect Employers NI that is due?
hmm, that's true actually. It just means I can pay myself £540 more in dividends. No salary increase because NI stays the same.
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Old 13th May 2008, 15:14   #6
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He's also moved the Higher Rate threshold, so the overall tax bill stays the same... Not sure what that actually means - has he offset the £600 at the bottom by £600 extra at the top by reducing the threshold for 40%?
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Old 13th May 2008, 15:19   #7
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BR tax bracket up £600

40% tax bracket down £300

would make the thing the same.
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Old 13th May 2008, 15:22   #8
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Sorry to sound thick here, but in laymans terms I guess this means a Directors fee (weekly) needs to be at least £116 or more this year?
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Old 13th May 2008, 15:26   #9
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Are tax codes going to change? Will 543L become 603L?
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Old 13th May 2008, 15:29   #10
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Are tax codes going to change? Will 543L become 603L?
Who knows? Who cares? Gordo and Capt Darling don't seem to.
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