2015 Budget And The Self Employed.

[ProDave]

So personal tax allowance increased to £10,600 and set to increase further to £11,000

No more class 2 National insurance for self employed.

So we should all pay a bit less then.

To support five million people who are self-employed, George Osborne announces, class 2 national insurance contributions for the self-employed are to be abolished entirely. And the annual paper tax return is to be abolished "altogether". That was the big story in this morning's papers and it's now been confirmed by the chancellor. "We believe people should be working for themselves, not for the taxman. Tax doesn't have to be taxing."

So It's not really an end to the tax return is it? (abolished Altogether) Surely that's just the paper version going so we will all have to do it on line I guess?

 

[apprentice87]

Yes, i saw a load of rubbish in the paper this morning on about that the "deadline" for completing the things is going to be abolished. Yes, course it is, might as well never fill one in then.. They are also saying that you can do it on the computer now and that it will not take 10 minutes as the government already know most things about you..... sure.....

john...

 

[Sharpend]

Online returns only take a few minutes to compete now. It takes longer to do your own books.

 

[Murdoch]

Abolish class 2 NI - that won't even pay for 1 pint a week!

That said it seems pretty pro business, pro jobs and that has to be good.

 

[Steve3948]

The letter I had did not say it was being abolished, but instead of monthly it woukd be added to class 4 at year end.

So no more monthly payments of £10 to £13 just pay it with the class 4.

 

[Evans Electric]

I understood that Class 2 NI  was purely for State Pension purposes.    But if its added to the Class 4 then its not going away.

They can't possibly abolish the Tax Return deadline ....people would string it out forever .

One penny off a pint of beer is just a nonsensical subbterfuge to appease the type of bloke in the pub who doesn't think any further than the next pint. 

It does sod all for the economy of the country .

They're holding the fuel tax on petrol for another year  which is good.

Did they put more tax on tobacco ?   Its been traditional now for some years , I don't object to that.  

 

[Murdoch]

I understood that Class 2 NI  was purely for State Pension purposes.    But if its added to the Class 4 then its not going away.

They can't possibly abolish the Tax Return deadline ....people would string it out forever .

One penny off a pint of beer is just a nonsensical subbterfuge to appease the type of bloke in the pub who doesn't think any further than the next pint. 

It does sod all for the economy of the country .

They're holding the fuel tax on petrol for another year  which is good.

Did they put more tax on tobacco ?   Its been traditional now for some years , I don't object to that.

On the radio earlier they were saying that one of the changes to the apparent abolition of the tax return is the fact that the SE would need to pay tax monthly, every month. None of this paying a year later!

Now this is speculation and yes I know at the end of every month exactly how much I have made that month, but we all know our profits are up and down.

The devil will be in the detail

 

[Evans Electric]

The 2nd biggest rip off we suffer from is ....(.it only occurs in construction I believe )...... is paying this "On account" payment base on your last return.

If you're wondering , the worst imposition on the SE .... again  in construction only.........  is the CIS system . 

 

[steptoe]

The 2nd biggest rip off we suffer from is ....(.it only occurs in construction I believe )...... is paying this "On account" payment base on your last return.

If you're wondering , the worst imposition on the SE .... again  in construction only.........  is the CIS system . 

can you imagine the number that wouldnt, or simply couldnt, pay without CIS  ?

personally, I dont really mind it, gives me some capital each year for a new van, or whatever,,,,

 

[Murdoch]

The 2nd biggest rip off we suffer from is ....(.it only occurs in construction I believe )...... is paying this "On account" payment base on your last return.

If you're wondering , the worst imposition on the SE .... again  in construction only.........  is the CIS system . 

I'd happily pay a sum each month to HMRC, instead of later, BUT they need to make it worth my while!

In the meantime I'll continue to buy premium bonds every month and bank the winnings when they occur.

 

[binky]

That said it seems pretty pro business, pro jobs and that has to be good.

apart from the further 27% slash of public spending - if you think your local council serivces are crap now, wait until that comes through. What the government also doesn't understand is that these public jobs are (were) stable, many households rely on 1 partner having a stable job to support the other partner working SE and intermittent earnings. Remove stability and spending will dry up, and so will my business and the 7 jobs it supports. In the meantime the bankers who caused the economic crash are still buying firkin posh houses in sunny Devon and Cornwall for holiday homes

 

[Murdoch]

Where do you get 27% from?

 

[binky]

governments own figures - they intend to 'ring fence' health and education, which means proposed cuts have to be absorbed by every other department, like social services, elderly services, police, filling potholes in roads etc etc. Given that half the kiddie fiddling abuse hasn't been properly investigated because of lack of funding ( and staff constantly filling in forms for statistics rather than doing the job), lack of care homes causing chaos in hospitals, constnat spending on repairs to car suspension and tyres, what do you think this will do to the country, and your personal finances?

suggest you watch a bit more Newsnight and general economics news - this stuff has all been on there recently, though they don't explore exactly what that means at grass level.

 

[Sharpend]

Class 2 to be abolished in next parliament, so that's on the basis that the conservatives get in?

 

[binky]

Yep, they've thrown in a few sweeties to buy votes and make nice headlines.

Notice how the 'grey vote' hasn't been touched

 

[steptoe]

Class 2 to be abolished in next parliament, so that's on the basis that the conservatives get in?

tbh,

whats the other viable option?

red ed?  :slap   just spend spend spend and put each and every one of us in even more debt until it bursts even bigger the next time.....

they are all a joke, just which one is less scary really,

maybe Nige will get a good few votes and shake them up a bit...

 

[binky]

thay need a shake up for certain, honesty would be a good start.

If you think back to the  banking crash, the rest of the economy wouldn't have noticed except funding dried up and all those billions we pumped into banks stayed there, if only they money had gone to Northern Rock (as it was government owned) and gone back to the economy rather than propping up the thieving barstewards in banking.

I do believe we need to balance the books, but destabilising the economy will have the opposite effects, especially at the bottom end. labour will still cut, but slower which means more control and less upheavel. This in turn will impact the economy far less as it will undermine confidence less. The only other difference is labour will borrow for infrastructure projects like improving roads, internet speeds etc. These items tend to improve the economy for all and stimulate growth, bit like buying a more reilable van so you can get to work.

Ultimately we need to get back to an engineering/ manufacturing economy that actually earns money for the country

 

[Murdoch]

thay need a shake up for certain, honesty would be a good start.

If you think back to the  banking crash, the rest of the economy wouldn't have noticed except funding dried up and all those billions we pumped into banks stayed there, if only they money had gone to Northern Rock (as it was government owned) and gone back to the economy rather than propping up the thieving barstewards in banking.

I do believe we need to balance the books, but destabilising the economy will have the opposite effects, especially at the bottom end. labour will still cut, but slower which means more control and less upheavel. This in turn will impact the economy far less as it will undermine confidence less. The only other difference is labour will borrow for infrastructure projects like improving roads, internet speeds etc. These items tend to improve the economy for all and stimulate growth, bit like buying a more reilable van so you can get to work.

Ultimately we need to get back to an engineering/ manufacturing economy that actually earns money for the country

No. We need a very broad based economy so we are not too reliant on any one section. A bit like running a small business - don't have too many eggs in too few baskets.

Under Gordon Brown, "public spending" gre to 54% of GDP - scary stuff

 

[binky]

True, arts and films seem to be expanding well, along with pharmasuticals.

Gordon spent money we had, all from the artiificial booms in housing, trouble was bubble burst with the banks imploding on their own lies and deceitfulnes - s'funny, judging by the amount of building work in bankers holiday home central (South Devon), they don't seem to be feeling the pinch!

 

[Blue Duck]

I work for NHS / social services and things are getting tight. We actually save the NHS a shiteload of money but they are ditching contracts like hot dog poo as they try to combine services to save money.

things are set to get worse down here and the most vulnerable people will suffer.

no career politicians or merchant bankers will even notice.

some councils are facing cuts of 50% or more, especially oop North.