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Savings and Investments thread
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Fair enough seems we are comparing slightly different splits of the same data. But its important to note in the conversation framed around "these people need to go back to work" actually only 10.2% goes to working aged and children social security.Rob7Lee said:
I was asked what it was excluding state pension not a plethora of other things. According to my tax return and HMRC account, this is for the tax year 2023 2024 and what HMRC are saying my tax (Income and NI) was spent on, just says 'Welfare' 21.6% (state pension a separate line and over 11%). Whatever it is made up of, it's not including state pension as that is a separate line.cantersaddick said:
Looks like that still includes pension aged social security. Split that out and working aged and children social security is 10.4%, and 4th on the list after "other", health, and Pension aged social security.Rob7Lee said:
tax year before last was 21.6%Friend Or Defoe said:
What's it excluding state pensions? The Benefit System isn't the biggest issue...Rob7Lee said:The ISA limits used to be split between cash and S&S etc. only in more recent years it’s been fully open to choice (think it changed in 2015). Before then whilst it varied it was roughly in later years 1/3rd cash 2/3rds S&S.
the stupidity of changing back is I don’t think it will encourage more investment in UK, even if there is more investment overall, I’d be investing elsewhere!!
im always on the fence with the 2 child cap, on one hand it feels unfair to penalise children, but on the other there has to be parental responsibility.
As a country a complete review of the benefit system is needed and it should be better targeted, the level of expenditure can’t continue on the path it is. More than 1/3 and ever rising of Income tax & NI is spent on welfare/benefits (inc state pension).
what did we ever do 30+ years ago?
which by the way is the biggest single expenditure. More than the NHS in second
https://ifs.org.uk/taxlab/taxlab-key-questions/what-does-government-spend-money
The table goes:
Welfare: 21.6%
Health 20.2%
State Pension 11.4%
National debt interest 11.1%
Education 10.2%
Defense 5.2%
PO and Safety 4.4%
Transport 4.2%
Plus abotu 10 other smaller one's
So whatever is included in Welfare....... it is the biggest % expenditure of Income/NI taxation. (I'm sure everyone who completes a tax return would have had exactly the same % numbers, only the monetary amounts for each would be different). Of my tax over £19,000 goes on Welfare, although I feel more comfortable that my State pension contribution effectively pays my father in laws state pension plus a little bit, less so that the same again goes on debt interest! I pay more money on the countries debt interest than my mortgage :-)0 -
Whilst that is all very true, just remember this means you have to be very careful spending any of your capital. Don’t forget the other annual allowances (which can come from capital), £3k to one person, child/grandchild wedding etc.robinofottershaw said:It has been highlighted on here before but, with tomorrow’s budget and the potential for any changes in inheritance tax / gifting allowances, it is worth highlighting the current inheritance tax exemption for gifts made out of normal expenditure (link below). It is a useful exemption as these gifts are immediately outside the donor’s estate for inheritance tax (i.e. not subject to the 7 year rules).
It is important to understand the rules and the need for maintaining good record keeping, especially if you pass away and the executor of your will needs to complete an inheritance tax submission. I currently make a quarterly contribution to Junior ISAs for 3 grandchildren. After completion of each year’s tax self-assessment submission I update a spreadsheet which mirrors Page 8 of HMRC’s IHT403 Inheritance Tax Form which essentially enables you to demonstrate that you are able to make such gifts out of your income.
It’s a useful exemption and long may it continue!
https://www.taxadvisermagazine.com/article/normal-expenditure-out-income-exemption0 -
Whilst not directly budgeted related, I’d mentioned before doing some work with Motorbility, today they’ve announced to try and manage costs, they will no longer purchase premium vehicles. Some common sense for once!!2
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And now the papers are saying the accounts lady has realised that putting petrol & diesel up by 5p a litre may make her even more unpopular and so she is going to retain the 5p cut in fuel duty that was introduced in 2022!!!0
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I feel like everyone on this thread who has kept interested in these daily rumours for so long must also be those who believing we were gonna sign Darren purse year after year3
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It would fuel 🤭 inflation......just what she doesn't want.Fortune 82nd Minute said:And now the papers are saying the accounts lady has realised that putting petrol & diesel up by 5p a litre may make her even more unpopular and so she is going to retain the 5p cut in fuel duty that was introduced in 2022!!!0 -
It will be the shortest Budget in history. She'll stand up and simply say....." You've read it all in the papers..." and then sit back down again.Fortune 82nd Minute said:And now the papers are saying the accounts lady has realised that putting petrol & diesel up by 5p a litre may make her even more unpopular and so she is going to retain the 5p cut in fuel duty that was introduced in 2022!!!5 -
Golfaddick has been banned?!1
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He's certainly controversial in just about everything...but banned!?Friend Or Defoe said:Golfaddick has been banned?!0 -
I assume it's nothing to do with this thread? Can't see anything bad?0
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@AFKABartram is this an error?Friend Or Defoe said:Golfaddick has been banned?!0 -
He’s been given a time out until tomorrow apparently. More in the sin bin than banned.0
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He said he came on to the post match thread because it was easy to wind up so many.Rob7Lee said:
@AFKABartram is this an error?Friend Or Defoe said:Golfaddick has been banned?!2 -
Fair enough, hopefully the mods let him back in for the budget!0
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Pissed off with the cricket
Pissed off with Charlton
Now for a tax cutting budget to improve my mood2 -
Got a feeling your days not going to improve!!blackpool72 said:Pissed off with the cricket
Pissed off with Charlton
Now for a tax cutting budget to improve my mood1 -
Lot's of opinions on here, from people in paid employment, well as a small business owner let me tell you, it is not sustainable. On the 16th of December we will lock the doors for the final time, my Dad started this business in 1978 and it truly guts me to have to do it, he passed away 2 years ago and we wanted to keep this business going in his memory, but constant increases in NI to employers coupled with the minimum wage increases means we can no longer compete with imports or online companies without the overheads we have. All our costs constantly go up, yet we cannot increase our prices because if we do we lose more customers. What the future holds for a 55 year old man who knows nothing else and still has a hefty mortgage to pay due to a messy divorce fuck knows,but labour haven't got a clue what they are doing apart from killing businesses like mine.0
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what is your business nss?0
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You must be devastated to close the business down. Having owned a small business I understand the pressures that you are under, and I feel for you. Unless you owned a small business then I really don’t think you can understand how much time, energy, sleepless nights, financial risks etc this entails. I wish you all the best in the future in whatever you decide to do.northstandsteve said:Lot's of opinions on here, from people in paid employment, well as a small business owner let me tell you, it is not sustainable. On the 16th of December we will lock the doors for the final time, my Dad started this business in 1978 and it truly guts me to have to do it, he passed away 2 years ago and we wanted to keep this business going in his memory, but constant increases in NI to employers coupled with the minimum wage increases means we can no longer compete with imports or online companies without the overheads we have. All our costs constantly go up, yet we cannot increase our prices because if we do we lose more customers. What the future holds for a 55 year old man who knows nothing else and still has a hefty mortgage to pay due to a messy divorce fuck knows,but labour haven't got a clue what they are doing apart from killing businesses like mine.4 -
CharltonKerry said:
You must be devastated to close the business down. Having owned a small business I understand the pressures that you are under, and I feel for you. Unless you owned a small business then I really don’t think you can understand how much time, energy, sleepless nights, financial risks etc this entails. I wish you all the best in the future in whatever you decide to do.northstandsteve said:Lot's of opinions on here, from people in paid employment, well as a small business owner let me tell you, it is not sustainable. On the 16th of December we will lock the doors for the final time, my Dad started this business in 1978 and it truly guts me to have to do it, he passed away 2 years ago and we wanted to keep this business going in his memory, but constant increases in NI to employers coupled with the minimum wage increases means we can no longer compete with imports or online companies without the overheads we have. All our costs constantly go up, yet we cannot increase our prices because if we do we lose more customers. What the future holds for a 55 year old man who knows nothing else and still has a hefty mortgage to pay due to a messy divorce fuck knows,but labour haven't got a clue what they are doing apart from killing businesses like mine.
Thank you much appreciated0 -
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paulsturgess said:what is your business nss?
Manufacturing sportswear for local clubs, also embroidery and printing for businesses, 7 more people becoming unemployed in 3 weeks, not withstanding me and my brother.0 -
It's a tricky one, as minimum wage life is a massive struggle. Luckily I have a 18% top up for shift allowance or things would be pretty tough. We were 'due' a 1-3% rise in January anyway but that just gets lost in the April boost now really. It's probably only £60 pm extra after tax etc.
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Really sorry to hear this, I know my mate threw in the towel earlier this year, 25+ years ago he started a recruitment company from scratch, luckily he managed to sell it to a larger company, although think they are regretting buying it now and have trimmed it down and let most of the staff go.northstandsteve said:Lot's of opinions on here, from people in paid employment, well as a small business owner let me tell you, it is not sustainable. On the 16th of December we will lock the doors for the final time, my Dad started this business in 1978 and it truly guts me to have to do it, he passed away 2 years ago and we wanted to keep this business going in his memory, but constant increases in NI to employers coupled with the minimum wage increases means we can no longer compete with imports or online companies without the overheads we have. All our costs constantly go up, yet we cannot increase our prices because if we do we lose more customers. What the future holds for a 55 year old man who knows nothing else and still has a hefty mortgage to pay due to a messy divorce fuck knows,but labour haven't got a clue what they are doing apart from killing businesses like mine.
assume you’ve looked at all the options, ie going more/totally on line, smaller premises etc? Had an independent accountant review the numbers?
whatever happens I wish you all the best with your next venture.0 -
Happy Budget Day everyone - could the last person please remember to turn out the lights?1
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I think as you can see posted, whilst I’m sure everyone wants wages to increase, if you are small business and unable to increase your prices, every Minimum wage increase and NI increase is really hurting small businesses.shine166 said:It's a tricky one, as minimum wage life is a massive struggle. Luckily I have a 18% top up for shift allowance or things would be pretty tough. We were 'due' a 1-3% rise in January anyway but that just gets lost in the April boost now really. It's probably only £60 pm extra after tax etc.1 -
Yeah I’d absolutely hate to be running my own business at the moment. Kind of glad I got out when I did now.0
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This will be like an economic version of the kama sutra. How many ways can we get f****d by an unholy combination of Labour backbenchers and the bond market, which want different things.0
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Rob7Lee said:
Bob, I’m meeting with the ladies from relocate guernsey next week if your in London!!bobmunro said:Happy Budget Day everyone - could the last person please remember to turn out the lights?
If I go it will be to get some guaranteed sun! I've had a look at Cyprus after what you've said - looks very nice. Malta and Portugal are options as well. Spain would have been on the list and I could live in Mallorca tomorrow - but a) it's pricey in Mallorca compared to similar or better properties elsewhere, and b) the threat of high taxes on ex-pat properties and not great from a general tax status position.0 -
Sure, what's the solution then though ?Rob7Lee said:
I think as you can see posted, whilst I’m sure everyone wants wages to increase, if you are small business and unable to increase your prices, every Minimum wage increase and NI increase is really hurting small businesses.shine166 said:It's a tricky one, as minimum wage life is a massive struggle. Luckily I have a 18% top up for shift allowance or things would be pretty tough. We were 'due' a 1-3% rise in January anyway but that just gets lost in the April boost now really. It's probably only £60 pm extra after tax etc.0
