• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Official Contractor UK Budget Thread 2017

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Originally posted by oversteer View Post
    Full docs on the Treasury site

    e: Nothing in the Tax Avoidance one

    E2: “Disguised renumeration further update” !! Watch ot
    From the Red Book :
    https://www.gov.uk/government/upload...t_2017_web.pdf

    A fair and sustainable tax system
    The tax system needs to be fair and sustainable in order to support critical public services. It
    also needs to be competitive, to support economic growth and maintain the UK as one of the
    best places in the world to set up and grow a business. These principles are reflected in the
    government’s increases to the personal allowance and higher rate threshold, reductions in the
    rate of corporation tax to 17% by 2020, and significant steps taken since 2010 to tackle tax
    avoidance and evasion. The Budget takes further steps in line with this:
    • the main rate of Class 4 National Insurance contributions will increase from 9% to 10% in
    April 2018 and to 11% in April 2019 to reduce the gap in rates paid by the self-employed
    and employees, and to reflect the introduction of the new State Pension to which the selfemployed
    have the same access
    • the dividend allowance will be reduced from £5,000 to £2,000 from April 2018, to reduce
    the tax differential between the self-employed and employed, and those working through
    a company, to raise revenue to invest in public services, and to ensure that support for
    investors is more effectively targeted
    Higher NICS and Lower Dividend threshold.
    Last edited by DaveB; 22 November 2017, 13:50.
    "Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.

    Comment


      "Air Passenger Duty will be frozen for all economy passengers and all short-haul flights."
      Well that will keep most of you happy.


      "It will rise for premium fares on long-haul flights, and on private jets."
      Bugger.
      …Maybe we ain’t that young anymore

      Comment


        Off-payroll working in the private sector – The government reformed the off-payroll working rules (known as IR35) for engagements in the public sector in April 2017. Early indications are that public sector compliance is increasing as a result, and therefore a possible next step would be to extend the reforms to the private sector, to ensure individuals who effectively work as employees are taxed as employees even if they choose to structure their work through a company. It is right that the government take account of the needs of businesses and individuals who would implement any change. Therefore the government will carefully consult on how to tackle non-compliance in the private sector, drawing on the experience of the public sector reforms, including through external research already commissioned by the government and due to be published in 2018.
        Cats are evil.

        Comment


          Originally posted by DaveB View Post
          From the Red Book :



          Higher NICS and Lower Dividend threshold.
          Nothing new then. We knew the £2k threshold was coming.

          For those who missed it:

          Originally posted by TheCyclingProgrammer View Post
          Back of napkin calculation...with £8060 salary and dividends up to higher rate tax threshold:

          2017/18:
          £8060 salary tax free
          £8,440 dividends tax free (remainder of PA plus £5k 0 rate band)
          £28,500 @ 7.5% = £2,137.50 tax
          Net takehome: £42,862.50

          2018/19:
          £8060 salary tax free
          £5740 dividends tax free (remainder of PA plus £2k 0 rate band)
          £32,550 @ 7.5% = £2441.50 tax
          Net takehome: £44,358.50

          Final tax efficient salary for 18/19 TBC though.

          Net take home up due to the increase in the higher rate threshold, but an extra £300 tax overall.

          Comment


            Originally posted by TheCyclingProgrammer View Post
            Red book link?
            Sod to find isn't it.

            https://www.gov.uk/government/public...mn-budget-2017

            Comment


              Originally posted by jamesbrown View Post
              Also, no duty on first 300k of a house up to 500k, aimed at FTBs in London/SE.
              Yes, I just pointed that out in my earlier post when I corrected your erroneous figures

              Comment


                As announced at Autumn Budget 2017, the government will consult on how to tackle
                non-compliance with the intermediaries legislation (commonly known as IR35) in the
                private sector. The legislation ensures individuals who effectively work as employees
                are taxed as employees, even if they choose to structure their work through a
                company. A possible next step would be to extend the recent public sector reforms
                to the private sector. The government recognises the importance of taking account of
                the needs of businesses and individuals who would implement any change. The
                consultation will draw on the experience of the public sector reforms, and external
                research already commissioned by the government and due to be published in early
                2018.
                Here:

                https://www.gov.uk/government/upload...R_pdf_v1_0.pdf

                Comment


                  Originally posted by Pip in a Poke View Post
                  Yes, I just pointed that out in my earlier post when I corrected your erroneous figures
                  Yes, you tedious sockie twunt, it's called live streaming of the budget.

                  Comment


                    Originally posted by Pip in a Poke View Post
                    Yes, I just pointed that out in my earlier post when I corrected your erroneous figures
                    And it's £350k

                    Comment


                      Originally posted by fullyautomatix View Post
                      Did he forget about us??? Can it be true?
                      Good bullet dodged friends! Let the good times roll.

                      Comment

                      Working...
                      X