Horrors of their first budget.

[vetran]

Cereal isn't a good breakfast. Most is ultra processed sugar.

You want porridge!

+1 for porridge its a great breakfast. pop some fruit in it and no processed sugar needed.

Though a Kilo of Porridge goes a very long way.

[SueEllen]

A family member who has unfortunately gone through a horrible split has to survive on a measily £2,900 net monthly income from benefits, and a further £1,200 maintenance. By my reckoning, that's equivalent to salary of £65k - £70k/year. They're better off single than they were married ffs. System is completely broken, and the public purse is empty because of too many people taking out far more than they ever put in.

How can someone afford a box of Weetabix on such a small income....

Spouse maintenance or child maintence.

Child maintenance only last until the child is 18. It's cheaper to send their kid to live with their father.

And yeah very few people put in more than they take out over their life time. However not everything can be counted in money.

[PerfectStorm]

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 ..

[vetran]

Definitely the only cereal to consider, obviously made traditionally with water, salt and a dash of pepper :-)

pepper you say? interesting will give it a try.

[DoctorStrangelove]

escapeUK's offensive post

We look forward to hearing you've died of it.

[escapeUK]

Is that it? No big changes to ISAs or SIPPs? I am starting to think us genuine outside IR35 contractors have just dodged a bullet.

It does seem like it. I was concerned about dividend tax, but not even mentioned. I'm not happy having to pay £500 extra NI, but like you imply could be worse. Also no mention of interest tax allowance.

[vetran]

Yes, appears so. Nothing major on SIPPs or dividend tax. BADR rate up from 10% to 18%, it sounds like. Different story for those working through umbrellas or otherwise inside IR35 (which means umbrellas, unless you are nuts) as the ErNI increase is non-trivial, particularly for those in low incomes (secondary earnings threshold dropped almost in half).

going to hurt those on Onlyfans and uber.

[mashetti]

Yes, appears so. Nothing major on SIPPs or dividend tax. BADR rate up from 10% to 18%, it sounds like. Different story for those working through umbrellas or otherwise inside IR35 (which means umbrellas, unless you are nuts) as the ErNI increase is non-trivial, particularly for those in low incomes (secondary earnings threshold dropped almost in half).

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/

[jamesbrown]

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 ..

Well, at least (£6396-£5000)*15%=£210 if they want a contributing year for the state pension.

[jamesbrown]

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/

Useful, thanks.