You can no longer lie and get away with it

[AlwaysAway2]

Hammy is dead. They will have to honour the promise not to raise National insurance. This will grow into a full blown crisis unless they U turn now.

Voters will not let them lie.

[BlueWales]

Voters swallowed all the Brexit lies though. All that money to be spent on the NHS and yesterday Hammond gave the NHS sweet fa.

[LordKenwyne]

Voters swallowed all the Brexit lies though. All that money to be spent on the NHS and yesterday Hammond gave the NHS sweet fa.

Hammond wasn't involved in the Leave campaign so he he isn't expected to do anything they said.

"Leave" don't even exist anymore.

Gave money to social care didn't they?.

[BlueWales]

Hammond wasn't involved in the Leave campaign so he he isn't expected to do anything they said.

"Leave" don't even exist anymore.

Gave money to social care didn't they?.

Broke the promise of what he DID say regarding tax rises though didn't he ?

[Eric the Half a Bee]

Hammond wasn't involved in the Leave campaign so he he isn't expected to do anything they said.

Those involved in the Leave campaign won't end up doing anything they promised, like staying in the single market, either.

[Barry Dragon]

Only fair to close one tax loop holes. Let's get more closed.

And I say that as someone who has been self employed and benefitted from the tax benefits available.

The next move will be, for all the business that abused the self employed gig jobs, will be to force their employees, let's face it that is what they should be, to become limited co. This will then force the government to increase taxes on dividends, the next loop hole.

I now benefit from the tax benefits of a limited company and I can earn twice as much as my partner and still pay less tax. Why?

Yes there should be some savings for those that risk their livelihood in business but it certainly seems there is too much savings to be had compared to those in employment.

[Barry Dragon]

Barry - maybe you know this, but the way you run your company is up to you - as long as it is withing company law.

So you can keep money in your company for a rainy day, you can invest in a private pension, pay dividends , invest in training, buy new kit etc. You still have to pay tax on the money you withdraw from your company in one of three ways, salary, expenses, dividends - you will pay tax in varying degrees on all of these.

You cannot be self employed when running your own Ltd Co. You are employed - by your own company.

I run my own company, some years I earn less than other years, so my turnover / profit varies each year. If I want to earn more money - I have to go and find it, work away from home, work silly hours. No work - no invoice, so as a result I have very little holidays, no sick pay and will work through any illness that doesnt put me in hospital.

The beauty of running your own company is the freedom, thrill and dynamic lifestyle (for me anyway). For those in employment - they have all the trappings of holiday pay, sick,pension, pay rises (regardless of performance) - Im talking about the 10k pay rise awarded to AMs.

As said - £2.40 a month is naff all - and I'm more than ok with it (shoudl be £5) - so should every else be - employed, self employed, Ltd Co owners - everyone. Stick it all in the NHS - and then just watch it get gobbled by the NHS - and we will be in the same position next year.

Self employed and limited co do have their down sides of no holiday pay no set days off. But employed individuals not only pay more tax, but they can't put through expenses like the self employed and limited co.

Also it is the individuals choice whether to pay into a pension scheme.

We can put through laptops phones tablets. Also a share of house costs if you work from home, so a % of you gas, electric, water, broadband, phone , mobile and mortgage interest all through the business. For me that equates to £8000 a year. A tax saving of £1600. And I only put through the normal items, you could really ramp this up.

We can pay ourselves around £8500 without paying any tax. And then pay the profits (taxed at 20%) through dividends, which until April were tax free.

So let's assume a small profit of £8000 after paying corporation tax £2000. So £26,500 earnings/profit taken from the business and only £2000 tax paid leaving us with £24,500. With dividends (assumed at current level) now attracting a further £210 tax.

Compared to someone in employment earning £26500 they pay £5,312.80, leaving them with £21,187.20, so some £3,300 worse off. And the employer pays a further £2,537 in employers national insurance.

So for a small average income there is quite a difference. These changes are simply putting the tax burden on a more equal share.

[Pearcey3]

The Manifesto pledge was was for employed people you are talking about self employed (there is a difference ya know) , the law that made pledge a reality made no mention of self employed people at all.

ps - you are talking to an ex NHS worker - there is so much wastage in the NHS - that needs fixing first - and in fairness is being address - with any savings made being reinvested (well in England it is) Wales NHS budget has been reduced by the WAG, I dont think the WAG ring fenced any budget.

Personally I think an extra £2.40p / 60p a week (which is the increase mentioned yesterday) could be paid by everyone - and use to give to the NHS. The issue being is that spending demands by the NHS are increasing by about 5% year on year - which is why they wanted to do a top down re org of it. A massive PFI debt doesnt exactly help it either.

Have you read the 2015 Tory manifesto? If so please confirm where it distinguishes between the employed and self employed in regard to national insurance. I will give you a clue. It doesn't. They lied and are trying to wriggle.

[CardiffIrish2]

And If there were a general election tomorrow the stories would still romp to an even bigger majority such is the inept state of the labour leadership.
An article in the Guardian basically said Hammond can do what he likes as there's more chance of City winning the champions league then Labour getting elected at present.

[Pearcey3]

Oh go on then , I'll give you a tickle - tell me where in the Tory manifesto it said self employed NICs would not rise ?

We all know what he's done - they have seen a gap in the context and also seen there is enough there to raise some money.

Under 16k - your NICs wil go down, over 17k they will go up £20 a year and a self employed consultant type (like me) on 52k a year will have to pay £620 a year more (Im fine with it) , this is a Labour type policy - and Im still ok with with it.

Didnt like the tuition fees rise though back though back in the day, and didnt like the failed Lib Dems pledge of being able to scrap them either.

It's all about the wriggle room.

There will be more of this to come , Hammond seems to have ditched the deficit reduction plan for the time being, which means the debt gets bigger and the interest repayments on it get higher - which means less to spend on everything else - unless the economy grows - which has now been revised back UP to 2% - so there is some hope of us growing our way out of it.

Simple young Feedback.The manifesto confirmed there would be no national insurance tax hike. Fullstop. No wriggle room. They have broken a manifesto pledge. I suspect we will see yet another Tory U turn as they pull the plug on this measure. This is a pretty feeble Government which would be on the ropes if there was a half decent opposition.

[the other bob wilson]

https://fullfact.org/economy/did-con...nal-insurance/