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Savings and Investments thread
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Instead of raising the minimum wage which hurts employer's, raise the tax allowance Instead.shine166 said:
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.
Pay for this by freezing benefits which does nothing to encourage people back into work4 -
Wow, that is a very powerful post and pretty heartbreaking. It should be read by more influential people than us. I hope you will send it to your MP and try and get the media to pick it up.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.
This won't help you but I wish you all the best .
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Lots of different things, as an example:shine166 said:
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.
Government could have NOT brought in the additional NI for small/medium businesses.
Increase the tax free allowance rather than increase minimum wage. Also increase bandings of taxation.
increase where NI kicks in for employee and employer.
101 different options so that these increases didn’t negatively effect small businesses. You would then have to balance that elsewhere, again many options for that.
as you can see from Steve’s post, whilst minimum wage may have increased, some are now going to be out of work, surely that’s not the plan, we need far more people in work!4 -
It’s gone relatively quiet on the front of changing council tax to a property tax and stamp duty… will be interesting to see if reeves makes those changes after relatively encouraging feedback to the flag raising.1
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It seems to have moved to a new/additional tax just on high end properties (£2m +)Diebythesword said:It’s gone relatively quiet on the front of changing council tax to a property tax and stamp duty… will be interesting to see if reeves makes those changes after relatively encouraging feedback to the flag raising.0 -
I’m thinking ‘Colin From Accounts’ would do a better job than Rachel and he’s a dog.1
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OBR report has been released before the actual budget.4
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Total shamblescarly burn said:OBR report has been released before the actual budget.1 -
A continuation of the situation since the budget was announced.blackpool72 said:
Total shamblescarly burn said:OBR report has been released before the actual budget.0 -
And that tax will take effect from April 2028. They are reading it out on the BBC at 12:14, approximately 15 minutes before Rachel gets up in the commons to deliver her budget. Absolutely ridiculous.Rob7Lee said:
It seems to have moved to a new/additional tax just on high end properties (£2m +)Diebythesword said:It’s gone relatively quiet on the front of changing council tax to a property tax and stamp duty… will be interesting to see if reeves makes those changes after relatively encouraging feedback to the flag raising.0 -
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Salary sacrifice above £2k subject to NI, that's as expected. But not until 2029 - 3 years later than I expected, so that's a 'result'.0
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I’ve just told my boss whilst I retain the right to go earlier, I will definitely retire March 29!! Nice feeling 😂Er_Be_Ab_Pl_Wo_Wo_Ch said:Salary sacrifice above £2k subject to NI, that's as expected. But not until 2029 - 3 years later than I expected, so that's a 'result'.0 -
Quote from last years budget
I have come to the conclusion that extending the threshold freeze would hurt working people. It would take more money out of their payslips. I am keeping every single promise on tax that I made in our manifesto. So there will be no extension of the freeze in income tax and National Insurance thresholds beyond the decisions of the previous government. From 2028-29, personal tax thresholds will be uprated in line with inflation once again. When it comes to choices on tax, this government chooses to protect working people every single time.
Can’t believe a word they say.5 -
The changes to ISAs seem sensible. £20k limit kept, but encouraging 40% into S&S side for u65s. Allowing older people to derisk if they wish with full cash allowance.4
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Be interesting to see how that works in practice. I.E. say I build up £250k in a S&S ISA - currently as I age I can de-risk that into a cash ISA - unless they change that rule, whats stopping me de-risk 2 days after putting it into S&S? Are they going to stop providers paying interest on cash held in a S&S Isa?TelMc32 said:The changes to ISAs seem sensible. £20k limit kept, but encouraging 40% into S&S side for u65s. Allowing older people to derisk if they wish with full cash allowance.
I'm not convinced it will suddenly mean more people use a S&S ISA that currently don't.0 -
Any changes to CGT?0
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Bit of a nothing budget really0
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Looks like the markets like the budget.1
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Not a huge amount to dislike for business, aside from additional NI on employee salary sacrifice.Diebythesword said:Looks like the markets like the budget.0 -
No change on tax free element of your pension 👍🏻3
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Yeah, not too dissimilar here, although longer timelines for me. The employer NI payments was my bigger concern, I was less fussed about the 2% at my end. No doubt this squirreling away of funds will be fully punished in the future.Rob7Lee said:
I’ve just told my boss whilst I retain the right to go earlier, I will definitely retire March 29!! Nice feeling 😂Er_Be_Ab_Pl_Wo_Wo_Ch said:Salary sacrifice above £2k subject to NI, that's as expected. But not until 2029 - 3 years later than I expected, so that's a 'result'.
Council tax surcharge is a nasty trap being set - can see those thresholds coming down / not rising with inflation. And wider participation of all F, G & Hs once those revaluations are done. That's one for the 2030s, but you can see it coming.0 -
Thinking more £ and gilt marketsRob7Lee said:
Not a huge amount to dislike for business, aside from additional NI on employee salary sacrifice.Diebythesword said:Looks like the markets like the budget.1 -
Very much back loaded towards the end of this parliament, but markets seem to view it positively at the moment given they’ve just been provided with the figures behind the speech. Labour now need to hope that there is growth in the economy to give them the leeway to ease some of those back loaded taxes. Personally, I want to see any “buffer” used to help reduce the deficit. Debt interest limits everything else at the moment - it was 4.1% of our tax bill in 2020/21, jumped 12% in 2022/23 and was 11.1% in 23/24. Good to hear that they intend going after a lot of the Covid fraud which makes up an element of that jump.0
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I've worked it out for me and mine.
I need to ditch pumping money into my pension and we need have two more kids instead!5 -
That rumour has been circulating, each and every budget, for the last 40 years at least. So much so that people end up in a blind panic about what to do even before the budget announcement. I will probably be dead if and when it does but I still wouldn't believe it, in the same way as the boy cried wolf, even if I was still alive!TelMc32 said:No change on tax free element of your pension 👍🏻0 -
Ironically that would probably secure your state pension more than putting money in your own pension.carly burn said:I've worked it out for me and mine.
I need to ditch pumping money into my pension and we need have two more kids instead!0 -
Thankfully I didn’t believe it and kept my drawdown structure in place.Addick Addict said:
That rumour has been circulating, each and every budget, for the last 40 years at least. So much so that people end up in a blind panic about what to do even before the budget announcement. I will probably be dead if and when it does but I still wouldn't believe it, in the same way as the boy cried wolf, even if I was still alive!TelMc32 said:No change on tax free element of your pension 👍🏻1 -
Hi Stevenorthstandsteve 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.
Im so sorry to hear this mate and totally agree, this Government has done more to damage small businesses and drive down employment than any other Government in history imo3 -
What will we be taxed on out salary sacrifice pension contributions above £2k? 13% (or whatever NI is at the moment)?0
