Voters swallowed all the Brexit lies though. All that money to be spent on the NHS and yesterday Hammond gave the NHS sweet fa.
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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.
Voters swallowed all the Brexit lies though. All that money to be spent on the NHS and yesterday Hammond gave the NHS sweet fa.
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.
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.
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.
Whatever the rights and wrongs of the proposed increase in NI contributions by the self-employed, the “wit” and smugness of Hammond during his budget speech may yet come back to haunt him. I believe Corbyn to be a decent man but a leader of a political party he is not, even so he did not deserve the kind of ridicule that he was subjected to. Also as an aside, what a bad example some of the MPs set, happily tapping away on their mobiles/laptops during the speeches! All engaged on official Parliamentary business of course.
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.
Hammy has been labelled a rookie and had a finger waging from Lord Lamont in the Telegraph. "Election pledges should not be lightly given... and tax pledges cannot be lightly cast aside... What is said in a general election matters. "
Not so many guffaws and smug jokes this morning then.
Crude jokes in parliament cheapens the democratic process. It wasn't so long ago that David Cameron was making "hilarious" comments about Ed Milliband lacking friends in school which drifts towards bullying.
I heard this morning was that while the NI rise will mostly impact on high earning self-employed people, over £40,000, it will also mean that those earning under £6,000 and wanting to pay for NI contributions will pay more than 4x as much as they previously did.
Showing images of Uber seems to ignores that Uber drivers went to court and won the right to be recognised as employees rather than self-employed.
A rise in tax may or may not be a bad thing but given the previous "labour will attack job creators" shtick that was prominent in the Conservative 2015 manifesto and this move should be explained more.
Yes, they all do, and always have done. Simple as.
It may have got to the point that it is any and every time that any of their lips move :/
Saw this doing the rounds
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http://www.bbc.co.uk/news/uk-politics-39278968
I was right.
That's unusual.
The days of lying to voters in election Manifestos are OVER.
At least if the relevant party want to get away with it.
The Liberal Democrats were PERMANENTLY ELIMINATED over the student fees fiasco.
Find me anyone who admits to being a Liberal Democrat voter now. They do not exist.
Social Media is a game changer and they realise.
Read the only UKIP MPs book
The end of Politics (and the birth of iDemocracy) Douglas Carswell
It is a great work of its time even if the author has since gone bonkers. He was focused when he wrote it.
Some fair points. And the notion put forward by Hammond was sound.
But clearly the over-arching point is that a Gov't cannot casually renege on the manifesto that got itself elected.
There can be exceptions to that, but not conducted in the manner that Hammond apparently tried to do so.
Heaven knows there's enough evidence of Parties / Individuals saying what the feck they like to get/contest a result these days, and plenty of people apparently happy to say they wholeheartedly enjoyed the bullsh1t, and please could they have some more to chug on.
It's almost like its OK, as it's a major part of the game now.
The trouble with this I had sympathy for those who are truly set up as self employed , it was a pointless exercise ,however a lot of us know there are a lot of undeclared earning and taxes existing in that black economy ,that the lowly paid dont get to exploit .