8% payroll tax

[ChimpMaster]

It's over nobody listens to techno

[Waldorf]

The pension contribution isn’t a tax, it is paid into a fund of your choice which you benefit from when you retire.

It is optional, so if you don’t want to pay then don’t.

It is capped on earning, about £46k I think.

Your employer pays a portion of the contribution.

Directors, in most cases are exempt in any case.

Retirement planning is awful in this country, so many people are going to get such a shock when their only income will be about £150 per week.

This is a move to try and tackle this problem although I think at 8% it is not enough.

[Paddy]

It's happening...

https://www.accountingweb.co.uk/tax/...ontributions-0

So overall payroll tax in this country going to be 45+13+2+8=68%!!!

Move to the IOM (0% income tax)

[AtW]

It's not optional for the company to decide it won't pay this tax - these money don't go into the company fund, they go to employees - it's the same tulip as Employers National "Insurance" tax.

Now thereis talk of NHS tax, do you really think they won't take part of it from employers?

[AtW]

Move to the IOM (0% income tax)

And move all 20+ employees there? Payoll taxes directly affect general competitiveness, there will less investment because of these high taxes

[WTFH]

The pension contribution isn’t a tax, it is paid into a fund of your choice which you benefit from when you retire.

You will only benefit from the fund if it hasn't already been raided to pay the shareholders, taxmen and pensioners of today.

Pension funds only work if more people pay into them each year to cover the outgoings.

[Waldorf]

You will only benefit from the fund if it hasn't already been raided to pay the shareholders, taxmen and pensioners of today.

Pension funds only work if more people pay into them each year to cover the outgoings.

The fund you pay into is your fund so it doesn’t belong to other pensioners or shareholders etc. The only possible risk that I can see is a raid from Corbyn/McDonnell.

Having said all that I no longer pay into a pension, haven’t done for 25 years, I’ve made alternative arrangements.

[AtW]

Real contender for CUK Kretin of the Year award surely

[d000hg]

Income Tax + Employer NIC + Employee NIC + "Auto-enrollmént tax AKA NIC #2 and 3" = 68% at least, ignoring here capped but still 13% employee NIC

Add to this upcoming "ring fenced" NHS tax, fire department tax, police tax etc.

Scandinavian level taxes and US level public services.

Income tax isn't 45% you chump. If it IS what you pay on the bulk of your income, well done BISDI.

And remember, Labour are the party of higher taxes, the Tories are all about lowering them.
...or are the Tories not at all interested in lowering taxes unless it's an election year?

They lowered it from 50% to 45%, they moved the HR threshold (IIRC), they lowered CT hugely. We know Labour would've increased taxes because they promised to.

[vwdan]

You will only benefit from the fund if it hasn't already been raided to pay the shareholders, taxmen and pensioners of today.

Pension funds only work if more people pay into them each year to cover the outgoings.

What, from a DC Personal Pension? How's that work?