Budget

[d000hg]

Are you suggesting he's had a lot of practice?

Or a very small willy and thinks that's normal. Or a very big bumhole.

[LondonManc]

And the increase in FRS VAT.

Well, that's from a different budget and the dividend hit is from next April.

So technically, if you're arguing FRS for this year, the dividend hit is for next year.

So, £12 per day hit on a £500/day contract this year plus £30 per year NI.

Next year sees the £2k threshold for dividends.

But we also see the thresholds rising to 12.5k and 50k by 2020 for the two tax levels.

[Mordac]

£3k worse off?

Surely it's 7% of £3k?
Plus about £30 per year of additional NI?

There's then the reduction in Corp Tax to relieve that (while that was originally to balance out dividend tax, we're looking at the here and now).

It's not 7% of 3K, it's your top rate of tax, so in most cases it's 40%. And it's not £30, but I'll leave that to an expert. The CT cut will be irrelevant to most of us, because we'll be taxed out of existence by 2019.

[LondonManc]

It's not 7% of 3K, it's your top rate of tax, so in most cases it's 40%. And it's not £30, but I'll leave that to an expert. The CT cut will be irrelevant to most of us, because we'll be taxed out of existence by 2019.

If I'm only taking up to 43k, it's still 7%, no?

[Eirikur]

I'm not worried because I'm in a 90% retention scheme

[LondonManc]

I'm not worried because I'm in a 90% retention scheme

I hope it's QC Approved or your going to get shafted.

[NigelJK]

I hope it's QC Approved or your going to get shafted a second time after the QC.

There you go.

[d000hg]

we'll be taxed out of existence by 2019.

Have you ever been asked to give after-dinner talks about how you maintain such a positive view on things?

[OwlHoot]

Not as bad as I feared, but don't they also publish a booklet where all the less welcome small print can be concealed?

[RonBW]

So, £12 per day hit on a £500/day contract this year plus £30 per year NI.

If you do any work as self employed (which a friend of mine does when he doesn't go via an agency) then it's a significant increase in the amount of NI you pay.

Anything over £16k and you are worse off -if you earn £30k then my rough calculation is that you're £300 a year worse off because of the NI change. There are plenty of people out there who are self employed, on far less than £500 a day, who will be hit by the change.