Horrors of their first budget.

[escapeUK]

Bank clerk pretending to be Chancellor says this budget raises taxes by 40 Billion!

[vetran]

Until everyone who pays tax leaves!

https://www.comparemymove.com/press-...for-brits-2024

[escapeUK]

Gov gives themselves direct access to bank accounts to catch benefit fraudsters.

Modernizing HMRC systems and recruit more staff.

Clamp down on umbrella companies

[escapeUK]

“I can confirm that we will accept the Low Pay Commission recommendation to increase the National Living Wage by 6.7% to £12.21 an hour, worth up to £1,400 a year for a full-time worker.

“And for the first time, we will move towards a single adult rate, phased in over time, by initially increasing the National Minimum Wage for 18-20 year olds by 16.3% as recommended by the Low Pay Commission, taking it to £10 an hour."


This is going to hurt small businesses who are struggling to break even.

That's a £2,500 pay increase for 18-20 year olds!

[willendure]

Covid corruption commissioner - FFS, covid is ancient history now, get over it!

[escapeUK]

No increase to employee NI, income tax, or VAT. Claims working people will not see a change in their pay slips from this budget.

But employer's NI increased by 1.2%, to 15% from April 2025, and secondary threshold reduced to £9,100 to £5,000!!!! OUCH OUCH OUCH!

This is a big one for us who are outside.

[willendure]

No increase to employee NI, income tax, or VAT. Claims working people will not see a change in their pay slips from this budget.

In employer's NI increased by 1.2%, to 15% from April 2025, and secondary threshold reduced to £9,100 to £5,000!!!! OUCH OUCH OUCH!

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

[escapeUK]

Employment allowance to increase. unsure this applies to us. Will need to research.

"Today, we will increase the lower rate of Capital Gains Tax from 10% to 18%, and the Higher Rate from 20% to 24%"

[escapeUK]

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

But do you pay yourself a wage upto the NI limit? If so that now becomes £5000 a year. So therefore you'll be paying more as dividends and therefore more div tax. Which she hasn't announced yet.

[escapeUK]

No. Employment allowance does not apply to limited companies with only one employee (or director), or where employees are directors.