UK Budget 2017 thread

robut

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LIVE at this link:

https://www.theguardian.com/politics/live/2017/mar/08/budget-2017-philip-hammond-chancellor-spending-tax-brexit-schools-nhs-growth-borrowing-live

Interesting one for us is this change:

https://twitter.com/hmtreasury/status/839457692536172545?ref_src=twsrc^tfw

“From April this year, it [Corporation Tax] will fall to 19%, the lowest rate in the G20. In 2020 it will fall again to 17%” #Budget2017
I think they are also leveling the tax rates for employed and self emplyed. As is here teh self employed payed lower social insurance rates etc via different band

The self-employed used to have different tax rates because they had different pension arrangements.

But the new state pension has to a large extent removed this disparity.

But class 4 NICs will increase from 2% to 10% in 2018, with a further 1% increase in 2019.
 


gleeful

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The calm before the Brexit storm. Interestingly, they've already announced that the 2018 budget will be set out in October 2017, 6 months earlier than normal.
 

Se0samh

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robut

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It seems the big jump in Self Employed social insurance rates is causing big furore.

It apparently increases the rate bigly BUT with no extra benefits etc as the 9 to 5er gets. Thats what i am hearing on de radio anyway ..
 

gleeful

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It seems the big jump in Self Employed social insurance rates is causing big furore.

It apparently increases the rate bigly BUT with no extra benefits etc as the 9 to 5er gets. Thats what i am hearing on de radio anyway ..
Its possibly an attempt to discourage the classification of 'gig economy' people as self employed.
 

robut

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And the Torys no longer can be called the party of Small Business and the like.

And this is even before Brexit has happened ..

Compfy Chair and Popcorn everyone ..
 

robut

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Oh and NOT ONE mention nor acknowledgement of BREXIT in this budget .. at all, none, nada :D
 

robut

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Budget 2017: In victimising the self-employed, Philip Hammond is taking lessons from the Left

The Chancellor apparently believes that everyone who is self-employed has freely chosen to be so largely in order to pay less tax. And even more antisocial, Mr Hammond says, are those who make the further iniquitous decision to incorporate - that is to turn themselves into small businesses thus giving themselves what Mr Hammond described as even more “unfair” tax advantages.

Does he have no understanding of the fact that there are vast tranches of life in which there is no choice at all for individuals who wish to practise their vocations but to be self-employed?

The creative industries are stuffed full of such people but the modern economy has thrown up countless others, IT consultants and digital start-ups among them which constitute the most dynamic areas of growth in what Mr Hammond lauds as a land of innovation.
I dont know what it is with governments here and the UK and probably elsewhere that they see the self employed as a bottomless pit for gouging all sorts of cash from.
 

gleeful

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Budget 2017: In victimising the self-employed, Philip Hammond is taking lessons from the Left



I dont know what it is with governments here and the UK and probably elsewhere that they see the self employed as a bottomless pit for gouging all sorts of cash from.
I'm self employed too so I feel the pain. But the challenge governments face is the 'new self employed' - people who aren't really and don't wish to be - but who are forced by the 'sharing economy' scam to be self employed. Uber drivers, Deliveroo, Parcel Force delivery people, etc, who are now officially self employed but earn little and so are a burden on the tax payer.
 

wombat

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I'm self employed too so I feel the pain. But the challenge governments face is the 'new self employed' - people who aren't really and don't wish to be - but who are forced by the 'sharing economy' scam to be self employed.
That's the key - many construction workers were self employed subcontractors meaning when they were laid off they had no access to social welfare. I was self employed for 20 years, simply because when I returned to Ireland, it was the role I was offered. I was later screwed by Revenue but sin sceal eile.
Of all the changes that should be made, having a single rate of PRSI paying for a standard package of benefits would be my first choice.
 

Erudite Caveman

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'We are reversing this, I don't care how bad it is for you' - what Theresa May is said to have told Philip Hammond over National Insurance U-turn

His relationship with Mrs May was badly damaged over the weekend when sources close to Mr Hammond briefed against Number 10, suggesting Mrs May’s staff were “economically illiterate”.

“He went back on this with gritted teeth,” said one source.

“He is clearly not in that inner circle. There has been huge, huge damage done by the Treasury when it briefed against Downing Street. You don't brief against the boss.”

Mr Hammond’s credibility was further weakened when he appeared to suggest in the Commons on Wednesday that he had only realised the NICs policy amounted to a serious manifesto breach when it was pointed out by the BBC’s Laura Kuenssberg.
Hammond has been hobbled.
 


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