Budget

[LondonManc]

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.

I'm sure there will be plenty of Labour-supporting accountants out there showing how hard done by people are with lots of examples of "John is a builder". John doesn't put all his fecking work through the books though, allegedly.

[d000hg]

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.

Are you taking into account the increase in the tax-free allowance which I think will be £11.5k by 2018 when this kicks in?

[barrydidit]

"John is a builder".

John tidies up by sweeping all his tulip under his customer's bath so when his shoddy workmanship fails, his customer first has to clear all his tulip up before it can be rectified. Only now it's piss wet through. And under the feckin bath. Tax the bastard more, I say.

[d000hg]

John tidies up by sweeping all his tulip under his customer's bath so when his shoddy workmanship fails, his customer first has to clear all his tulip up before it can be rectified. Only now it's piss wet through. And under the feckin bath. Tax the bastard more, I say.

Sounds like the equivalent of most IT contractors

//TODO: fix this later. (after I've left)

[MarillionFan]

Bumraped. Discuss...

You've never wanted to discuss it before, always happy to accept.

[LondonManc]

You've never wanted to discuss it before, always happy to accept.

If you are happy to accept, it can't be rape, surely?

[SlipTheJab]

I'm sure there will be plenty of Labour-supporting accountants out there showing how hard done by people are with lots of examples of "John is a builder". John doesn't put all his fecking work through the books though, allegedly.

Haha true. Most of the Taxi drivers I've spoken to won't work for Uber not because of the low pay but because there is a electronic paper trail of how much they're earning...

[TheCyclingProgrammer]

And the increase in FRS VAT.

Except that was never intended to be a means of making free money in the first place, it was just about reducing paperwork.

[LondonManc]

Haha true. Most of the Taxi drivers I've spoken to won't work for Uber not because of the low pay but because there is a electronic paper trail of how much they're earning...

One taxi driver that I know well has three sets of books - one for his taxi firm/HMRC, one for him and one for his wife!

[TheCyclingProgrammer]

It's not 7% of 3K, it's your top rate of tax

I think you're the third person I've seen say this and its wrong. For most of us it will be an extra 7.5% of £3000, regardless of what your marginal rate of tax is. The dividend allowance affects the bottom slice of your dividend income, not the top slice. Unless the bottom slice of your dividend income is already above the higher rate threshold (i.e. all your non-dividend income already puts you in the higher rate tax bracket), you won't be paying 32.5% on the extra £3k.