Announced tomorrow.
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How dated does that photocall look when a bunch of economic advisors line up outside number 11, flanking a dead-eyed chancellor before he raises the red case like some sort of demented robot?
It’s like a wall of crap suits with dull people peering through the gaps.
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I suggest that everyone bend over there desk and prepare to receive.
Nothing good is coming.
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I dunno bout everyone. I’m sure it will be good news for the already wealthy. They are the important ones, after all.
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Stuff that is coming in:
Tax of dividend income being increased by approx 7.5%
Stamp duty of second homes increasing
Tax relief of buy to let mortgage interest being restricted
Pension tax relief being hugely curtailed for incomes over £150k pa
That is off the top of my head - not sure there will be many winners come 6th April
I’m sure those hardworking families will finally be rewarded for their votes with the help they were promised.
There was also talk of a raise to the 40p tax threshold, so a tax cut for the middle classes.
Over the last few budgets while they have been raising the tax free allowance, the 40% threshold has been reduced so that higher rate payers don’t benefit from the personal allowance increase.
The BBC presenters are gonna be pissed. No more funnelling income through limited companies.
Accept that limited companies are a loophole, but then, those using that mechanism don’t get any benefits. It’s interesting, because enforcement is going to be contingent on us leaving the EU. A lot of people that used these mechanisms already had companies set up overseas. Some will even move there.
It’s a good job that the UK doesn’t have a mahoosive skills shortage in IT.
Oh wait.
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Why do you say this is contingent of us leaving the EU?
The dangers of trying to get copy out quickly - the BBC
"The higher rate threshold will increase to £43,000 in April, and now Mr Osborne has said it will go up to £45,000 in April next year.
This will mean reductions in tax for higher-rate taxpayers of £5,285.60 per year, £101.65 per week."
Now I’ve looked at this statement several times and I cannot see how by increasing the threshold by from £42,385 to £45,000 is going to save a taxpayer £5k pa -
Originally posted by @CB-Saint
Originally posted by @pap
Originally posted by @CB-Saint
The BBC presenters are gonna be pissed. No more funnelling income through limited companies.
Accept that limited companies are a loophole, but then, those using that mechanism don’t get any benefits. It’s interesting, because enforcement is going to be contingent on us leaving the EU. A lot of people that used these mechanisms already had companies set up overseas. Some will even move there.
It’s a good job that the UK doesn’t have a mahoosive skills shortage in IT.
Oh wait.
Why do you say this is contingent of us leaving the EU?
Well, anyone supplying under this arrangement can pick a better tax regime.
It’s a piece of piss to setup a business in many parts of the EU. There is an issue that if you’re working through a UK agency, most will want a UK cost centre.
Work for other countries and this isn’t an issue. Don’t get me wrong; I’m not going anywhere, but someone with less committments may decide they’re better off working elsewhere, taking both the skills and the tax out of the country.
Originally posted by @pap
Originally posted by @CB-Saint
Originally posted by @pap
Originally posted by @CB-Saint
The BBC presenters are gonna be pissed. No more funnelling income through limited companies.
Accept that limited companies are a loophole, but then, those using that mechanism don’t get any benefits. It’s interesting, because enforcement is going to be contingent on us leaving the EU. A lot of people that used these mechanisms already had companies set up overseas. Some will even move there.
It’s a good job that the UK doesn’t have a mahoosive skills shortage in IT.
Oh wait.
Why do you say this is contingent of us leaving the EU?
Well, anyone supplying under this arrangement can pick a better tax regime.
It’s a piece of piss to setup a business in many parts of the EU. There is an issue that if you’re working through a UK agency, most will want a UK cost centre.
If you want to supply in the UK through a foreign tax vehicle you are likely to fall foul of the Onshore Emlopyment legislation which introduced chain liability onto the agency and client for unpaid taxes - most contracts I see now insist on UK ltd companies for that reason
Work for other countries and this isn’t an issue. Don’t get me wrong; I’m not going anywhere, but someone with less committments may decide they’re better off working elsewhere, taking both the skills and the tax out of the country.
I theory yes - however the sums of tax being talked about on an individiual basis probably would not compell most people to up sticks and leave the country even without the tieof kids mortgages etc
No, but there are other factors, such as the weather 
You’ve also got to take into consideration that these people are naturally more itinerant than your average perm worker too. There’s a huge go-where-the-work-is attitude among computer professionals.
Would I leave for that reason alone? Would I bollocks, but neither will I permanently put up with crap conditions when companies much larger than mine are paying 2% tax.
Yet another ideological cut, the man is a cunt but we knew that anyway. He is by far the most dangerous fucker in that party, then May and then their underlings, I hate their rhetoric and I hate their politics.
Too true - although these companies are giving everyone the shaft so I’m not sure where you could go where they are playing fair.
Benefits of working for a multinational, I suppose. Any cost centre can employ me.
Taking all the above as read, what did the intelligensia of this site actually think of this budget?
I actually think it was broadly OK.
By which I mean, of course, that none of it adversely affects me.
Ho hum.
Haven’t had a thorough review yet, Ex-Trader. The Guardian is unimpressed.
Budgets have a tendency to unravel. Sometimes it can take months, even years, for the problems to surface. More often they are exposed within 24 hours once the Institute for Fiscal Studies has sharpened its claws. But George Osborne’s eighth package was a bit of a rarity. The holes in it were obvious even before he had finished speaking.
Issue number one for the chancellor was how to explain away the fact that the economy is doing worse than was forecast four months ago - and not just this but in every year until the end of the decade. Osborne’s answer was to blame the state of the global economy: the turbulence in the financial markets, the slowdown in China, the weaker growth in emerging economies.