Here comes the tax rises

[Taf]

Carers Allowance to rise to equal 16 hours of the National Minimum Wage.

16 x £12.21 = £195.36 ? £195.36 x 52 = £10,158.72 pa. ???

It is presently £4,258.80 pa.

Or did I hear her incorrectly?

[Escapee]

It's going to cost the worker.

My (very) quick calculations are that a small business employing someone on minimum wage for a 37.5 hour week will have to find another £998.65 per year to fund the wage increase and employers NI increase.

Imagine how much the NI increase is going to cost for larger employers. Just the reduction of the £9100 threshold to £5000 itself will cost the business £492 for every employee.

Ultimately it's going to cost employees, it will result in lower wage rises and lower down the wage chain it will cost jobs.

Now I'm part time at least the NI increase is only going to cost me around £1200 per year Ouch.

[Inactive Digital]

Originally Posted by Damien

I was wrong about this! They won't extend the freeze beyond the already announced one until 2028.

That's a surprise.

This was the so called budget "rabbit out of the hat".
We're all supposed to be grateful that they aren't going to do something that wasn't planned to happen anyway.

[nomadking]

Originally Posted by Taf

Carers Allowance to rise to equal 16 hours of the National Minimum Wage.

16 x £12.21 = £195.36 ? £195.36 x 52 = £10,158.72 pa. ???

It is presently £4,258.80 pa.

Or did I hear her incorrectly?

Do you mean this?
Link

Eligibility widened for the allowance paid to full-time carers, by increasing the maximum earnings threshold from £151 to £195 a week

So Carers allowance won't rise, but the amount they can earn does rise.

I had a quick read of the main points on the BBC site, there dont seem to be any personal tax rises.
Indirectly, I expect prices of goods & services will rise due to increased business costs (mostly NI changes).
Since prices rise anyway, it may be hard to tell how much more they have gone up than they would have otherwise.

Overall, it doesnt seem as bad (for me anyway) as I had expected.

[Pierre]

Originally Posted by Escapee

It's going to cost the worker.

My (very) quick calculations are that a small business employing someone on minimum wage for a 37.5 hour week will have to find another £998.65 per year to fund the wage increase and employers NI increase.

Imagine how much the NI increase is going to cost for larger employers. Just the reduction of the £9100 threshold to £5000 itself will cost the business £492 for every employee.

Ultimately it's going to cost employees, it will result in lower wage rises and lower down the wage chain it will cost jobs.

Now I'm part time at least the NI increase is only going to cost me around £1200 per year Ouch.

Any thought of onshoring call centers, out the window

[Itshim]

Originally Posted by Paul

I had a quick read of the main points on the BBC site, there dont seem to be any personal tax rises.
Indirectly, I expect prices of goods & services will rise due to increased business costs (mostly NI changes).
Since prices rise anyway, it may be hard to tell how much more they have gone up than they would have otherwise.

Overall, it doesnt seem as bad (for me anyway) as I had expected.

Don't worry , Richard, will tell businesses we're to find another money tree remember we the customer aren't the source of the monies, that are given to everyone.

The minimum wage going up might feed to prices but I think that would have happened anyway.

Originally Posted by Itshim

Don't worry , Richard, will tell businesses we're to find another money tree remember we the customer aren't the source of the monies, that are given to everyone.

Except in your case… (according to you )

Originally Posted by Itshim

I pay next to NOTHING, get yourself a good accountant, worth every penny. Really enjoyed visiting hmrc with one of them , don't know their own regulations .

[Escapee]

Originally Posted by Pierre

Any thought of onshoring call centers, out the window

Quite, it's not attractive to new businesses and I fail to see how this fits with their manifesto promise of being business friendly and their claims of growing the economy. It looks like their real plan is to have us in a recession.

One local small business I visit has three employees and the owner has been telling me he's been struggling to stay afloat. I believe what he says, when he says what he earns himself some weeks which is less than the minimum wage. He says he often earns less than his employees, but I guess the lefties just consider him as a business owner to be a capitalist pig.

[Itshim]

Originally Posted by Hugh

Except in your case… (according to you )

Haven't worked out how to avoid vat , council tax. but never fear they are working on it.

[Dave42]

Kwasi Kwarteng has admitted Reeves is cleaning up the tory mess in the i paper it behind a paywall so not linking it

[thenry]

Originally Posted by Itshim

Don't worry , Richard, will tell businesses we're to find another money tree remember we the customer aren't the source of the monies, that are given to everyone.

I nearly died laughing

https://youtu.be/-pzRqc022tA?t=142

[ianch99]

Originally Posted by Hugh

Except in your case… (according to you )

Isn't this the essential problem here: we have so many people who feel that they should not contribute, in a proportionate way, to help repair the damage to the country and its services that the last 15 years inflicted.

[Mr K]

Originally Posted by ianch99

Isn't this the essential problem here: we have so many people who feel that they should not contribute, in a proportionate way, to help repair the damage to the country and its services that the last 15 years inflicted.

Don't mention the EU