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Mini Budget aka Fiscal Statement

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    Originally posted by DAR2008 View Post

    I can see that working with some clients, I just fear that the larger ones will continue with their existing approach.
    Any clients that do this will lose contractors to other clients that allow use of Ltd contractors.

    Contractors are not going to stick around and pay 50% tax, when they can pay just a fraction of that at another client just down the road.

    Comment


      Originally posted by DAR2008 View Post

      Fully appreciate the onus is back on the contractor, but that wouldn't stop employers, many of whom have never bothered doing the 'burdensome' assessments, continuing to only offer roles on a PAYE / Umbrella basis. I'm unclear what incentivie 'they' have to change their approach, based on todays announcement?
      Oh the incentive is incredibly simple - a contractor using a limited company can be quickly verified and instantly becomes risk free..

      Allow a dodgy umbrella to enter the chain and every involved from the contractor to the agency to the end client could end up with a VERY large tax bill.
      merely at clientco for the entertainment

      Comment


        I am going to benefit enormously from this budget financially. Particularly as I took a massive short position on cable just over three months ago.

        I am not going to benefit from:

        15-hour ambulance waiting times.
        Burnt out doctors & nurses.
        Small business closing.
        Public sector workers getting fired.
        People having to divert their pension funding to energy companies.
        My fellow countrymen struggling to survive.
        Children in poverty.
        A national depression.
        A collapse in the care sector
        and so on......

        I believe I wasn't taxed enough BEFORE this "budget". I will divert more money to the food banks I already support.

        Foodbanks. Think about it. Not an outlying case in the 6th largest economy in the world. This is ******* ridiculous.

        Use your vote wisely people. Lovely we have a chancellor who is a consultant for a company making bets against our country.

        https://www.reuters.com/business/fin...es-2022-09-22/

        Comment


          I didn’t think that Truss or Kwateng would know one end of IR35 from another.

          It seems that we have top aide Mark Fulbrook to thank for this - he’s working through his own Ltd…

          https://www.thetimes.co.uk/article/t...pany-b90hdkj5z
          "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
          - Voltaire/Benjamin Franklin/Anne Frank...

          Comment


            1% cut in main rate “costs” Govt far more than 5% cut in top rate - the latter will actually make money like cutting tax from 50% to 45%, dividend taxation is still massively higher than it was during Gordon Brown’s 40% era

            Bottom line is that the only way to raise a lot of tax is to increase main tax rate considerably, to say 25% - which none of the parties will dare do, but at least we got sensible people in charge who are merely reversing crazy tax increases made by their own party

            https://www.telegraph.co.uk/politics...axes-new-year/

            They plan to fix that theft of personal allowance also.

            Granted we will most likely only have it for a year till Truss loses election in 2024, however at least she is doing the right thing - this is something cretin Boris should have done in 2019 or idiots before him.



            Comment


              Originally posted by AtW View Post
              1% cut in main rate “costs” Govt far more than 5% cut in top rate - the latter will actually make money like cutting tax from 50% to 45%, dividend taxation is still massively higher than it was during Gordon Brown’s 40% era

              Bottom line is that the only way to raise a lot of tax is to increase main tax rate considerably, to say 25% - which none of the parties will dare do, but at least we got sensible people in charge who are merely reversing crazy tax increases made by their own party

              https://www.telegraph.co.uk/politics...axes-new-year/

              They plan to fix that theft of personal allowance also.

              Granted we will most likely only have it for a year till Truss loses election in 2024, however at least she is doing the right thing - this is something cretin Boris should have done in 2019 or idiots before him.


              Putin's behaviour has really changed your moral compass eh?

              Comment


                Originally posted by clearedforlanding View Post
                Putin's behaviour has really changed your moral compass eh?
                What’s Putin got to do with punitive levels of taxation in the UK? My moral compass is the same as before - I pay the going rate of taxation, but I don’t have to like it or stay quiet about it or even bothering to continue to work in the first place. It’s bad outcome for the Govt (meaning other taxpayers) if I choose to stop working - they are better off if I continue, it’s as simple as that.

                Simple truth is that top 5% can’t fund all public services for 95% of the population - it’s self evident from amounts 1% basic tax brings vs 5% extra on top, plus crazy high wastage of taxpayer money in the first place

                Comment


                  There is also a second part to the mini budget, incresing visas for skilled labour from abroad. Conservatives say that it's due to skills shortage. I'm more cynical as see it as a way of bringing cheap labour over. I fear for our graduates.

                  Comment


                    Also why are so many people mumbling on about millionaires being better off etc. Hard working people whilst they may earn more, contribute far more already. Do some people not understand a percentage still means you pay more if you earn more?? I find it utterly absurd already that people earning a good wage have to pay a higher bracket and some want these people to pay an even higher bracket. I do believe in trickle down economics to an extent, the better off i am, the more i pay local people to do the jobs i can afford to pay them that i don't have time or need to do.

                    Lets see a simple example...

                    "millionaire" £200,000 Contributes roughly £83,000/year Tax/NI

                    low paid worker £20,000 Contributes roughly £2500/year Tax/NI

                    So a single person on 200k contributes 33 times more tax and NI over a low paid worker. How much more should we tax them and 'teach them a lesson' for being so rich before they are deincentivised move abroad or just avert to 'tax efficient' routes. Highly likely the well paid also has zero reliance on government handouts and already contributes finacially to the local economy.


                    My only gripe currently is with the lack of recognition to NHS. They were praised and applauded during the Covid pandemic and now forgotten again. Shameful.

                    Comment


                      Originally posted by KnightyS View Post
                      There is also a second part to the mini budget, incresing visas for skilled labour from abroad. Conservatives say that it's due to skills shortage. I'm more cynical as see it as a way of bringing cheap labour over. I fear for our graduates.
                      It seems counter intuitive shrinking wages of our higher skilled by importing cheaper staff so that large multinationals can offshore the profits.

                      The only skill shortage is intelligent people wanting to work for peanuts.
                      Always forgive your enemies; nothing annoys them so much.

                      Comment

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