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Savings and Investments thread
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Depending what your salary is, you'll pay your normal NI rate on it, so if you are already above the UEL it'll be 2%. Obviously your employer will pay more.se9addick said:What will we be taxed on out salary sacrifice pension contributions above £2k? 13% (or whatever NI is at the moment)?
The UEL is I think £967 a week i.e. the 40% band of just over £50k. So if you earn more than that it's another 2%, earn less than that then 13.8%.
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I'm really sad to hear that @northstandsteve
I can't speak from personal experience as someone who has only ever been involved with the more off-menu types of business or worked as paid employment. The rise in NI and minimum wage are disastrous for small businesses as well as the jobs market. The toothpaste is out of the tube as far as this stupid march to the bottom goes and to be honest globalisation and fattening up already fat organisations and off-shore online only business.
I hate the generation of politicians who have never done a days work outside of politics.
This is a budget for dossers, removing the two child benefit is just labour buying votes as opposed to reforming an utterly unsustainable welfare system for the longer term benefit of the country.
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Children are dossers? Personally I’m happy something that’s proven to drive children into poverty has been removed.5
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Everyone was crapping themselves last week with market behaviours but this week has been a really good week for markets. Always buy the dip! My guess the Ukraine peace talks have had an impact.1
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It's exactly what it is and we've been on the march to the bottom for a fair old chunk now.Carter said:I'm really sad to hear that @northstandsteve
I can't speak from personal experience as someone who has only ever been involved with the more off-menu types of business or worked as paid employment. The rise in NI and minimum wage are disastrous for small businesses as well as the jobs market. The toothpaste is out of the tube as far as this stupid march to the bottom goes and to be honest globalisation and fattening up already fat organisations and off-shore online only business.
I hate the generation of politicians who have never done a days work outside of politics.
This is a budget for dossers, removing the two child benefit is just labour buying votes as opposed to reforming an utterly unsustainable welfare system for the longer term benefit of the country.
I've no idea where the bottom is, but successive governments have and will continue to get us there in the end.1 -
Hang on, I'm pretty sure I didn’t say that children were dossersDiebythesword said:Children are dossers? Personally I’m happy something that’s proven to drive children into poverty has been removed.
I know who is, and this budget does more for helping them and taking more from pretty much everyone else8 -
I'm ok with removing the 2 child cap, however it should have been done in conjunction with a complete review of benefits/welfare as a whole. We cannot continue on a path where we use 1/4 or if you include State pension 1/3rd of all income tax and National Insurance collected on welfare/state pension, it's simply not sustainable.6
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Could all have made enough to retire by smashing into Zynex a week or so ago.4
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Up 200% in a week!1
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I need a month of that just to get back to break even...Er_Be_Ab_Pl_Wo_Wo_Ch said:Up 200% in a week!
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Income from savings (interest) will be taxed at 2% higher from April 27 - so 22%, 42% or 47% depending on your notional rate. Interest earned from savings in tax-free wrappers (ISAs and PBs) will obviously be unaffected.I haven't seen too much kick-back on this but I would guess it will disproportionately affect pensioners who are more likely to have higher levels of cash savings.2
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Not to mention those of us doing our best to save for a retirement getting hit on additional pension contributionsbobmunro said:Income from savings (interest) will be taxed at 2% higher from April 27 - so 22%, 42% or 47% depending on your notional rate. Interest earned from savings in tax-free wrappers (ISAs and PBs) will obviously be unaffected.I haven't seen too much kick-back on this but I would guess it will disproportionately affect pensioners who are more likely to have higher levels of cash savings.
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Hhhmmmmmm, having looked at the benefit values I may change my mind about lifting the cap!Carter said:
Hang on, I'm pretty sure I didn’t say that children were dossersDiebythesword said:Children are dossers? Personally I’m happy something that’s proven to drive children into poverty has been removed.
I know who is, and this budget does more for helping them and taking more from pretty much everyone else
Whilst this may be extreme (the example was I guess the maximum value circumstances) I was surprised by the numbers:
Couple with 5 kids of school age, working 16 hours a week each on minimum wage, new benefit payment is £4,300 a month (with Cap is about half that). On minimum wage thats another £11k each or £22k (no income tax or NI) so netting a little over £6k a month........... thats the same as a person earning £110k. That can't be right (or fair), especially when you add in free school meals, free prescriptions, dentist, warm home discount etc etc your probably at an equivalent salary of £120k+.7 -
Not just savings, also on rental income. Why anyone would want to enter the BTL market these days I do not know.bobmunro said:Income from savings (interest) will be taxed at 2% higher from April 27 - so 22%, 42% or 47% depending on your notional rate. Interest earned from savings in tax-free wrappers (ISAs and PBs) will obviously be unaffected.I haven't seen too much kick-back on this but I would guess it will disproportionately affect pensioners who are more likely to have higher levels of cash savings.0 -
Surely that isn't right ?0
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Jesus Christ, that's nuts.Rob7Lee said:
Hhhmmmmmm, having looked at the benefit values I may change my mind about lifting the cap!Carter said:
Hang on, I'm pretty sure I didn’t say that children were dossersDiebythesword said:Children are dossers? Personally I’m happy something that’s proven to drive children into poverty has been removed.
I know who is, and this budget does more for helping them and taking more from pretty much everyone else
Whilst this may be extreme (the example was I guess the maximum value circumstances) I was surprised by the numbers:
Couple with 5 kids of school age, working 16 hours a week each on minimum wage, new benefit payment is £4,300 a month (with Cap is about half that). On minimum wage thats another £11k each or £22k (no income tax or NI) so netting a little over £6k a month........... thats the same as a person earning £110k. That can't be right (or fair), especially when you add in free school meals, free prescriptions, dentist, warm home discount etc etc your probably at an equivalent salary of £120k+.0 -
If that’s true, then why would anyone want to work? No thought at all has gone into the following comment, but surely if you want a great retirement then men could start knocking out kids in there mid to late fifties then on top of the above they would have there pensions as well, so no need to save for your retirement lads 😀😀😀😀Huskaris said:
Jesus Christ, that's nuts.Rob7Lee said:
Hhhmmmmmm, having looked at the benefit values I may change my mind about lifting the cap!Carter said:
Hang on, I'm pretty sure I didn’t say that children were dossersDiebythesword said:Children are dossers? Personally I’m happy something that’s proven to drive children into poverty has been removed.
I know who is, and this budget does more for helping them and taking more from pretty much everyone else
Whilst this may be extreme (the example was I guess the maximum value circumstances) I was surprised by the numbers:
Couple with 5 kids of school age, working 16 hours a week each on minimum wage, new benefit payment is £4,300 a month (with Cap is about half that). On minimum wage thats another £11k each or £22k (no income tax or NI) so netting a little over £6k a month........... thats the same as a person earning £110k. That can't be right (or fair), especially when you add in free school meals, free prescriptions, dentist, warm home discount etc etc your probably at an equivalent salary of £120k+.0 -
'Have as many kids as you like....Just make sure they vote Labour when the time comes..'2
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And thats the truth of itcarly burn said:'Have as many kids as you like....Just make sure they vote Labour when the time comes..'
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But is that the best example?Rob7Lee said:
Hhhmmmmmm, having looked at the benefit values I may change my mind about lifting the cap!Carter said:
Hang on, I'm pretty sure I didn’t say that children were dossersDiebythesword said:Children are dossers? Personally I’m happy something that’s proven to drive children into poverty has been removed.
I know who is, and this budget does more for helping them and taking more from pretty much everyone else
Whilst this may be extreme (the example was I guess the maximum value circumstances) I was surprised by the numbers:
Couple with 5 kids of school age, working 16 hours a week each on minimum wage, new benefit payment is £4,300 a month (with Cap is about half that). On minimum wage thats another £11k each or £22k (no income tax or NI) so netting a little over £6k a month........... thats the same as a person earning £110k. That can't be right (or fair), especially when you add in free school meals, free prescriptions, dentist, warm home discount etc etc your probably at an equivalent salary of £120k+.
what’s the change for hopefully the more likely scenario of someone with 3 kids?
As I’ve said I’m not instinctively a fan of the change but I guess most who benefit are not in the 5 kids category!1 -
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Also a question on what benefits this relates to.valleynick66 said:
But is that the best example?Rob7Lee said:
Hhhmmmmmm, having looked at the benefit values I may change my mind about lifting the cap!Carter said:
Hang on, I'm pretty sure I didn’t say that children were dossersDiebythesword said:Children are dossers? Personally I’m happy something that’s proven to drive children into poverty has been removed.
I know who is, and this budget does more for helping them and taking more from pretty much everyone else
Whilst this may be extreme (the example was I guess the maximum value circumstances) I was surprised by the numbers:
Couple with 5 kids of school age, working 16 hours a week each on minimum wage, new benefit payment is £4,300 a month (with Cap is about half that). On minimum wage thats another £11k each or £22k (no income tax or NI) so netting a little over £6k a month........... thats the same as a person earning £110k. That can't be right (or fair), especially when you add in free school meals, free prescriptions, dentist, warm home discount etc etc your probably at an equivalent salary of £120k+.
what’s the change for hopefully the more likely scenario of someone with 3 kids?
As I’ve said I’m not instinctively a fan of the change but I guess most who benefit are not in the 5 kids category!Is this distinct to what I know as child benefit but which is effectively wiped out through tax code when you earn £50k? Or does it include that but would still not be laid to many?0 -
Sorry am I reading this right. Working 16 hours per week each on minimum wage because they have 5 kids (their choice, keep your legs together love) they would get £4,300 a month in benefits from the state? Bloody hell, we are screwed. There is no incentive to work is there.Rob7Lee said:
Hhhmmmmmm, having looked at the benefit values I may change my mind about lifting the cap!Carter said:
Hang on, I'm pretty sure I didn’t say that children were dossersDiebythesword said:Children are dossers? Personally I’m happy something that’s proven to drive children into poverty has been removed.
I know who is, and this budget does more for helping them and taking more from pretty much everyone else
Whilst this may be extreme (the example was I guess the maximum value circumstances) I was surprised by the numbers:
Couple with 5 kids of school age, working 16 hours a week each on minimum wage, new benefit payment is £4,300 a month (with Cap is about half that). On minimum wage thats another £11k each or £22k (no income tax or NI) so netting a little over £6k a month........... thats the same as a person earning £110k. That can't be right (or fair), especially when you add in free school meals, free prescriptions, dentist, warm home discount etc etc your probably at an equivalent salary of £120k+.0 -
Rob7Lee said:
Hhhmmmmmm, having looked at the benefit values I may change my mind about lifting the cap!Carter said:
Hang on, I'm pretty sure I didn’t say that children were dossersDiebythesword said:Children are dossers? Personally I’m happy something that’s proven to drive children into poverty has been removed.
I know who is, and this budget does more for helping them and taking more from pretty much everyone else
Whilst this may be extreme (the example was I guess the maximum value circumstances) I was surprised by the numbers:
Couple with 5 kids of school age, working 16 hours a week each on minimum wage, new benefit payment is £4,300 a month (with Cap is about half that). On minimum wage thats another £11k each or £22k (no income tax or NI) so netting a little over £6k a month........... thats the same as a person earning £110k. That can't be right (or fair), especially when you add in free school meals, free prescriptions, dentist, warm home discount etc etc your probably at an equivalent salary of £120k+.I accept the example is at the extreme, but ...Whether you are left, right or centre (I would class myself as centre/left) we just cannot afford the welfare state as it is now. The benefits system is draining money from essential services, not least health and education.All colours of politics have allowed this to happen, it isn't an exclusive preserve of the Labour Party.Utter madness.
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I saw it on Twitter and immediately called bull, I then put the info myself into a benefit checker (entitled.co.uk if anyone wants to have a go and depress themselves!)
Clearly someone had worked out what the absolute maximum you could get based on circumstance.
£4,287 in benefits (made up of UC and Child allowance and council tax help). £11k a year on minimum wage/16 hours each gives you £6,120 a month.
Someone also made the point that if you also suffer with 'anxiety' (probably from having 5 kids and so much money) you can also get a brand new car on Mobility although I'm not convinced it's that simple!!
I'll get my coat......... someone turn the lights out on the way out0 -
Before we get too carried away with one hypothetical case study I think we need to check some numbers on it - the maximum figures used on the news yesterday were much lower than whats being talked about here.
@Rob which benefits have you included in that calc? or where did you get the example from?1 -
Seems you answered my question before i posted this.cantersaddick said:Before we get too carried away with one hypothetical case study I think we need to check some numbers on it - the maximum figures used on the news yesterday were much lower than whats being talked about here.
@Rob which benefits have you included in that calc? or where did you get the example from?
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What housing costs assumption did you use in this example? was it a single parent family or 2 parent, what ages are the children? I think some pretty unrealistic and extreme assumptions will have been needed to get these figures. E.g. I think all 5 of the kids will need to be below school age and housing costs would need to be extreme.Rob7Lee said:I saw it on Twitter and immediately called bull, I then put the info myself into a benefit checker (entitled.co.uk if anyone wants to have a go and depress themselves!)
Clearly someone had worked out what the absolute maximum you could get based on circumstance.
£4,287 in benefits (made up of UC and Child allowance and council tax help). £11k a year on minimum wage/16 hours each gives you £6,120 a month.
Someone also made the point that if you also suffer with 'anxiety' (probably from having 5 kids and so much money) you can also get a brand new car on Mobility although I'm not convinced it's that simple!!
I'll get my coat......... someone turn the lights out on the way out
Not saying its impossible but its gonna be extremely unlikely to get numbers like this.
And it was discussed on the general things that annoy you thread a couple of weeks ago but anxiety alone is not enough for motability. It Needs a few other conditions/criteria to be met alongside that to become eligible.1 -
Putting it into a more realistic context rather than a one off unrealistic hypothetical. The average gain for an affected household is £5,310 a year. Or £442.50 a month.
https://www.google.com/amp/s/www.bbc.co.uk/news/articles/cwyx4ggyj44o.amp0 -
Christ. With those figures, some must be close to having to pay it all back on the high income child benefit charge that caught me out a few years ago!!0
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I don't follow RobLees calculations, but if he's correct it's outrageous.
Another issue which rarely gets mentioned, the near £50bn Scotland receives due to the Barmet formula!0
