Tomorrow's Budget... good or bad for contractors using Ltd companies?

[Peoplesoft bloke]

Really? Those on low incomes are much better off with free doctors and dental care and benefits than 50 years ago.

Plus they were talking about reducing how much tax poor people pay, since it doesn't raise much anyway.

Plus us contractors are a small minority, and as such could catch a break if they want to encourage small companies.

Good points, well made, but without wishing to appear excessively pedantic, the NHS wasn't introduced via a budget and trying to compare how "well off" anyone is comapred with 50 years ago isn't very realistic. What is certainly clear is that governments of all persuasions have gradually increased both the actual amount and the proportion of tax taken as a percentage of GDP since the second world war.

It looks as if there will be a big rise in personal allowances - good news, but any benefits will probably be lost by increasing tax on theoretically discretionary spending - the Tories did this under Thatcher and Major by increasing VAT (rate and scope), the fuel price escalator, and Major did it by inventing a whole load of new taxes like insurance premium tax, airport departure tax.

[fullyautomatix]

How about this for an idea?

Instead of wildly guessing, why not wait 16 hrs and find out?

I don't know, I much prefer speculating these things before the actual event.

Here is my take, there will be mucho tax rises and plenty of public services cut.

I doubt they would cut the inflated salaries of public sector employees, there would be strikes all through the year.

I doubt they will cut benefits, there will be plenty of riots and crime.

I doubt they will cut gold plated pensions, that would be unpopular.

I reckon, they will tax the middle classes as much as they can , because, well middle classes generally take an arse kicking with a smile.

[MarillionFan]

Really? Those on low incomes are much better off with free doctors and dental care and benefits than 50 years ago.

Plus they were talking about reducing how much tax poor people pay, since it doesn't raise much anyway.

Plus us contractors are a small minority, and as such could catch a break if they want to encourage small companies.

Wash your mouth out young man! We may be a small a minority in terms of people but we make up for in terms of taxes, income and ego!

[d000hg]

Who but an utter, utter, utter moron would expect the budget to make them any better off - that has never been what it was about, under any government, ever.

Really? Those on low incomes are much better off with free doctors and dental care and benefits than 50 years ago.

Plus they were talking about reducing how much tax poor people pay, since it doesn't raise much anyway.

Plus us contractors are a small minority, and as such could catch a break if they want to encourage small companies.

[DimPrawn]

How much better off were LTD company contractors under any Labour budget?

Remember the one that added IR35?

Remember the Work Permit frenzy to fill the "skills gap" just after the Dot Com crash?

Remember the one that added increased Corp Tax for small businesses whilst cutting it for large businesses?

[MarillionFan]

I think we could be in for a little Brucie bonus!

[d000hg]

How about this for an idea?

Instead of wildly guessing, why not wait 16 hrs and find out?

Is that the kind of thinking on which your CUK history is based? Not that a dim-witted urchin such as yourself would be any the wiser with the facts to hand.

[DimPrawn]

How about this for an idea?

Instead of wildly guessing, why not wait 16 hrs and find out?

[HairyArsedBloke]

The oppressive taxes under nuLieBore were the best thing that could have happened to me ......























.... it motivated me to leave the country and set up business abroad.

[swamp]

Who but an utter, utter, utter moron would expect the budget to make them any better off - that has never been what it was about, under any government, ever.

There must have been a good budget once. Otherwise taxes would be infinite.

[Peoplesoft bloke]

Who but an utter, utter, utter moron would expect the budget to make them any better off - that has never been what it was about, under any government, ever.

[Sysman]

From the BBC:

We know that from Tuesday many of us will start paying more tax and receiving fewer public services.

<pedant>
To be precise, excise duty on booze 'n' fags or tax on fuel may come in at a new rate tomorrow at the factory gate, but many folks won't start paying until new stocks arrive at their local suppliers.

Unless there are exceptional circumstances, VAT and tax rises usually come in on a specified date in the future.
</pedant>

[d000hg]

From the BBC:

We know that from Tuesday many of us will start paying more tax and receiving fewer public services.

But on the other hand:

we know that corporation tax will be cut and there will be modest National Insurance holidays for companies creating jobs outside London and south-east England

So, specifically for contractors working through their own companies, what do we expect?
Some measure of serious discussion is welcome, amongst the usual spite and whinging

Damn it, I can't edit the typo in my poll title!