Taxes under Tory Scum

[jamesbrown]

Yup, fair enough, I couldn't be arsed.

[Fraidycat]

So its looking like a 2.5% increase for inside IR35 contractors (1.25% employee + 1.25% employers NICs).

Contractor on 100K, inside IR35, will now pay another £2000+ tax?

Contractor on 200K, inside IR35, will now pay another £4000+ tax?

Feel bad today for those inside IR35, as if you weren't taxed already enough as it is.

These increases are another nail in the coffin for contracting and another reason why i will never take an inside contract, it is either an outside contract only or quit contracting and get a perm job instead.

[d000hg]

These increases are another nail in the coffin for contracting and another reason why i will never take an inside contract, it is either an outside contract only or quit contracting and get a perm job instead.

I'm not going to feel too sorry for someone on 200k. Tough for those inside on more typical rates.

Just think how much more tax footballers are going to pay! Those on 400k a week will struggle to see half that now.

[DAR2008]

Divi tax massively up
Corp tax about to go up considerably
NICs about to go up (breaking manifesto promise)
Insurance “premium” tax massively up
CGT up by virtue of cutting Entrepreneurs relief

Anything else?

How many other countries in the world are increasing taxes now?

VAT FRS?

The changes they introduced to the VAT Flat Rate Scheme about 3years ago. Collecting VAT for the government used to make a couple of thousand pounds a year, but that was all removed for companies like ours.

And then of course there's the forcing of people into inside IR35 contracts, literally costing contractors 20k+ over night.

Labour never increased my taxes like this Tory government, they should be ashamed.

[mattster]

Divi tax massively up
Corp tax about to go up considerably
NICs about to go up (breaking manifesto promise)
Insurance “premium” tax massively up
CGT up by virtue of cutting Entrepreneurs relief

Anything else?

How many other countries in the world are increasing taxes now?

Don't forget council tax, which has more than doubled since 2000 whilst the goverment has more than halved the central funding money they provide to councils. We pay nearly £2.5k for band D whilst the council cries poor and services continue to be cut.

[vetran]

Don't forget council tax, which has more than doubled since 2000 whilst the goverment has more than halved the central funding money they provide to councils. We pay nearly £2.5k for band D whilst the council cries poor and services continue to be cut.

Councils seem to have plenty of money for bus lanes. Well except Slough they went bust!

[malvolio]

VAT FRS?

The changes they introduced to the VAT Flat Rate Scheme about 3years ago. Collecting VAT for the government used to make a couple of thousand pounds a year, but that was all removed for companies like ours.....

That's a classic case of misusing something because you can. FRS was expressly intended to help smaller business with many product lines such as the corner shop, who had to account for hundreds of transactions with variable VAT rates from exempt to full rate by allowing them to pass on a reasonable average return. It benefitted us OMBs by, as you say, giving us money for doing damn all extra work. So, gosh, it was removed; it is still there for the people it was meant to help with the appropriate SIC codes.

Sadly the people writing the legislation and the people scrutinising it for fitness of purpose are both incompetent, hence all the blurry rules and edge cases we have to cope with, from abuse of EBTs to the opt out.