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| Budget NI changes http://taxi-driver.co.uk/phpBB2/viewtopic.php?f=1&t=40924 |
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| Author: | edders23 [ Wed Oct 30, 2024 2:08 pm ] |
| Post subject: | Budget NI changes |
so reducing the threshold for employers and upping it to 15 % that means a massive hit for many businesses. I wonder if quite a number of businesses will start looking at the self employment route for their workforce And shes putting income tax thresholds up but not until 2028 
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| Author: | grandad [ Wed Oct 30, 2024 6:22 pm ] |
| Post subject: | Re: Budget NI changes |
edders23 wrote: so reducing the threshold for employers and upping it to 15 % that means a massive hit for many businesses. Don't forget that most employers qualify for employment allowance which means that employers don't pay the first £5000 of class 1 employers national insurance contribution and that this has been more than doubled in the budget so you need to have quite a few employees earning quite a bit before any class 1 employer contributions are payable.I wonder if quite a number of businesses will start looking at the self employment route for their workforce And shes putting income tax thresholds up but not until 2028 The lowering of the threshold for employer contribution going down to £5000 will be more of a concern. |
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| Author: | edders23 [ Wed Oct 30, 2024 6:59 pm ] |
| Post subject: | Re: Budget NI changes |
My take on the speech was that the allowance was reduced to 5000 ONLY for employers and employee contributions start at the original allowance rate |
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| Author: | Sussex [ Thu Oct 31, 2024 10:11 am ] |
| Post subject: | Re: Budget NI changes |
I’m still trying to work out where any ‘growth’ is going to come from. Did people who voted Labour really vote for stagnation? |
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| Author: | grandad [ Thu Oct 31, 2024 11:18 am ] |
| Post subject: | Re: Budget NI changes |
Sussex wrote: I’m still trying to work out where any ‘growth’ is going to come from. So are the OBR. |
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| Author: | edders23 [ Thu Oct 31, 2024 6:53 pm ] |
| Post subject: | Re: Budget NI changes |
I've just waded through a 47 minute long video on you tube by the institute for fiscal studies They also calculate that growth will be poor but more interestingly reckon that the tax rises will only bring in £30 billion not £40 billion due to the negative effects elsewhere compensating for the rise. They also predict a sharp rise in self employment as businesses move staff from salaries to contractor status. |
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| Author: | wannabeeahack [ Sun Nov 03, 2024 7:05 pm ] |
| Post subject: | Re: Budget NI changes |
grandad wrote: Don't forget that most employers qualify for employment allowance which means that employers don't pay the first £5000 of class 1 employers national insurance contribution and that this has been more than doubled in the budget so you need to have quite a few employees earning quite a bit before any class 1 employer contributions are payable. The lowering of the threshold for employer contribution going down to £5000 will be more of a concern. Do some maths for me 5000 part time employees all on the NMW, mostly on between £5000 to £9000 per year All will therefore be a new tax burden under Robber Reeves new E.N.I. levels (Zero now to 15% come April) Calculate the nett bill (deduct any tax SAVINGS due to lower profits and allow for the £10,000 Employment Allowance Employers’ national insurance contributions will rise by 1.2 percentage points to 15% from April 2025. The threshold at which companies start to pay contributions on an employee’s salary will also be lowered from from £9,100 per year to £5,000. £4.8M? |
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| Author: | grandad [ Mon Nov 04, 2024 10:43 am ] |
| Post subject: | Re: Budget NI changes |
wannabeeahack wrote: grandad wrote: Don't forget that most employers qualify for employment allowance which means that employers don't pay the first £5000 of class 1 employers national insurance contribution and that this has been more than doubled in the budget so you need to have quite a few employees earning quite a bit before any class 1 employer contributions are payable. The lowering of the threshold for employer contribution going down to £5000 will be more of a concern. Do some maths for me 5000 part time employees all on the NMW, mostly on between £5000 to £9000 per year All will therefore be a new tax burden under Robber Reeves new E.N.I. levels (Zero now to 15% come April) Calculate the nett bill (deduct any tax SAVINGS due to lower profits and allow for the £10,000 Employment Allowance Employers’ national insurance contributions will rise by 1.2 percentage points to 15% from April 2025. The threshold at which companies start to pay contributions on an employee’s salary will also be lowered from from £9,100 per year to £5,000. £4.8M? So £4.8m is not very far away. |
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| Author: | wannabeeahack [ Mon Nov 04, 2024 5:47 pm ] |
| Post subject: | Re: Budget NI changes |
grandad wrote: I worked through something the other day and it worked out that for every 1000 employees it would cost around £1,000,000 So £4.8m is not very far away. I guess they might stop paying staff without a school run £100/week each... 
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| Author: | grandad [ Mon Nov 04, 2024 7:07 pm ] |
| Post subject: | Re: Budget NI changes |
wannabeeahack wrote: grandad wrote: I worked through something the other day and it worked out that for every 1000 employees it would cost around £1,000,000 So £4.8m is not very far away. I guess they might stop paying staff without a school run £100/week each... I noticed that they have a car on a school run to the school I go to in Grantham. I don't know where they pick up though. |
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