Horrors of their first budget.

[cojak]

If you did that on my behalf, thank you but there was no need; I'm a big boy and if he said it to my face (he wouldn't), the worst that would happen is he'd cry because he ended up with a rather sore nose.

If you did it so that the thread wasn't polluted with his utter nonsense, please go ahead and apply the same approach to the rest of the forum

Leaving those posts up gives the impression that this anti-vax trolling is acceptable on the forum, when it isn't.

[jamesbrown]

I thought that since I'm outside IR35 the NI threshold dropping to £5k means almost halving my small salary? And making the difference up in dividends means paying at the higher rate? I hope I've got it wrong - better email the accountant.

Dividends are always the top slice of income. In reducing your salary, you are making more room for dividends within your personal allowance, assuming you have one.

[Andy2022]

Guessing contractors will have to pay that employers NI increase - trying to avoid it with lower salary means no state pension.

That said, it'll still be a small increase on a small salary so ..

Doesn't it depend on how many directors you've got on the company?

If there's more than one director and all directors are being paid enough for NI to be due then they may be able to claim Employment Allowance (which is going to be increased from £5,000 to £10,500)

[willendure]

Reeves said that in order to encourage entrepreneurs to invest in their businesses, the lifetime limit for Business Asset Disposal Relief would be kept at 1 million pounds, and would remain at 10% this year, rising to 14% in April 2025 and 18% in 2026-27.

from here https://www.reuters.com/world/uk/uks...ts-2024-10-30/

Shame about the BADR increase. I plan to get the money out of my ltd now by pushing it all into a SIPP, so I am not too upset about this. Also have sold my AirBnb recently so will still qualify for the 10% rate.

Does make me laugh though, that she can call that encouraging entrepeneurs. Any serious business would take years to develop and grow, so well beyound the 2026-27 time horizon.

[Bod]

Doesn't it depend on how many directors you've got on the company?

If there's more than one director and all directors are being paid enough for NI to be due then they may be able to claim Employment Allowance (which is going to be increased from £5,000 to £10,500)

Limited company with two directors, where both are paid above the secondary threshold


Q Ltd employs two paid directors. Both are paid above the Secondary Threshold (set at £8,112 a year in 2016 to 2017 for directors). The company is eligible to claim the Employment Allowance for the whole tax year.

From here : https://www.gov.uk/government/public...dary-threshold

[TheDude]

Never payed NI in my life, so could not give a toss.

That is very public spirited of you.

[sadkingbilly]

Does make me laugh though, that she can call that encouraging entrepeneurs..

Like an app dev is an entrepreneur? - just like Del and Rodney.

[Andy2022]

Shame about the BADR increase. I plan to get the money out of my ltd now by pushing it all into a SIPP, so I am not too upset about this. Also have sold my AirBnb recently so will still qualify for the 10% rate.

Does make me laugh though, that she can call that encouraging entrepeneurs. Any serious business would take years to develop and grow, so well beyound the 2026-27 time horizon.

I'm relaxed about BADR… quite why anyone should get a tax break when they wind their company up is a puzzle

[Smartie]

No change to pension annual or lifetime allowances or tax free lump sum, which is great.
Inheritance tax extended to pensions which is very sensible.
No extension of income tax rates freeze.
investments in sensible things like Northern rail projects as well as health, roads and schools.
Employers NI is the big earner, but then when you exclude rises in 75% of tax through income tax, employee NI and VAT, it has to come come somewhere.
Higher tax on second homes to help to level the playing field with first time buyers and movers.
We'll see more of the detail later, but fixing the results of the previous 14 years will take time and it doesn't look like a bad start to me.

[ladymuck]

According to the calculator on the Guardian, I will be about a tenner worse off cos of the duty on spirits and the amount of gin I drink.