We will not raise NI

[Hefferl]

So much for the 2015 general election manifesto:

 "We will not raise VAT, National Insurance contributions or income tax"

 

[Andy™]

and you believed it?!

 

[Hefferl]

and you believed it?!

Nope - yet another political terminological inexactitude.

 

[ProDave]

I've not yet seen the details, but one news report said "only the better off self employed" will pay the higher NI rate, so does that mean it only kicks in over a certain threshold?

 

[Kurt]

yes , they are getting rid of class2 and rolling into one, apparently if you make more than 16K profit you are worse off. Plumbers have no chance... ha ha

 

[Andy™]

I've not yet seen the details, but one news report said "only the better off self employed" will pay the higher NI rate, so does that mean it only kicks in over a certain threshold?

seems to be those who earn under 16K are better off with those earning more paying more. looks like itll be in my favour

 

[ProDave]

seems to be those who earn under 16K are better off with those earning more paying more. looks like itll be in my favour

If under £16K will be better off then that's in my favour as well. I am sure I pay class2 and class 4, one comes with a  small quarterly bill and one comes with an annual bill on my tax return and I am never sure which is which.

 

[rapparee]

seems to be those who earn under 16K are better off with those earning more paying more. looks like itll be in my favour

If under £16K will be better off then that's in my favour as well. I am sure I pay class2 and class 4, one comes with a  small quarterly bill and one comes with an annual bill on my tax return and I am never sure which is which.

Less than £16000 a year! There must be a lot of cash in hand jobs going on. 

 

[ProDave]

Less than £16000 a year! There must be a lot of cash in hand jobs going on. 

Not at all.

Having no mortgage (because it's all been paid off) is a liberating experience. It allows you to work part time, earn not very much, pay not very much tax, and still put food on the table and pay the bills.  Two people earning not very much and paying not very much tax can live quite comfortable if your outgoings are low.

 

[steptoe]

I make a massive amount less than £16k profit,

Is it profit or earnings this is based on?

Even in earnings, my wages are less than £16k anyway. :|

 

[rapparee]

Not at all.

Having no mortgage (because it's all been paid off) is a liberating experience. It allows you to work part time, earn not very much, pay not very much tax, and still put food on the table and pay the bills.  Two people earning not very much and paying not very much tax can live quite comfortable if your outgoings are low.

Fair enough. I never thought of you being semi-retired. I'm on the opposite end of the spectrum I did 60 hours last week.

 

[Sharpend]

I make a massive amount less than £16k profit,

Is it profit or earnings this is based on?

Even in earnings, my wages are less than £16k anyway. :|

It relates to your profit as this is what your tax and NI is paid upon. 

 

[Murdoch]

According to the news it will cost the average SE person about 60p per week, so hardly life threatening....

 

[Hefferl]

According to the news it will cost the average SE person about 60p per week, so hardly life threatening....

According to the Treasury 1.6 million people will, on average, pay £240 a year more.

 

[Evans Electric]

id "only the better off self employed" will pay the higher NI rate, s

Just  Stepps then !!! :innocent

Less than £16000 a year! There must be a lot of cash in hand jobs going on

Even more after this lot ....can't they see it ?

 

[steptoe]

It relates to your profit as this is what your tax and NI is paid upon. 

Ah, just checked,

Won't apply to me,

Officially,

I'm employed.

 

[binky]

but your dividend is reduced

 

[steptoe]

Ye, 

But that's a workaround tbh with the right accountant, I'm not at the multi million stage of going offshore again just yet.

 

[phil d]

Well thank god for that, I was a bit bleary eyed when I read the title, "we will not raise NI", for one horrible moment  I thought part of Ireland had started to sink, then again I thought wow I never knew it was built by Harland and Wolff! Think about it, lol

 

[Andy™]

Ah, just checked,

Won't apply to me,

Officially,

I'm employed.

guess the same applies to me