What with all the other things going on in the world I haven't seen a thread on this.
IMO it was a generally quiet budget without too many shocks. "Sin" taxes have risen as usual, tax thresholds have risen in line with inflation and so on.
The point that stood out for me, as the owner of a business, is the continuing crackdown on tax "abuses" where shareholders take large dividends instead of salary and an increase in National Insurance payments for the self-employed.
IMO, the former is fair enough for the owner of an established business like mine. Brexit fears notwithstanding, we have been returning consistent profits for more than a decade and the decision to take dividends rather than salary has been made in the interests of tax efficiency rather than being concerned about whether company can actually afford to pay the directors every year. For a younger and/or less predictable business I think it punishes directors for taking a risk.
The latter seems to directly attack those in the "gig economy" who are working a bunch of jobs on zero hours contracts. Flexibility in the labour market is important and this move seems to attack those who are least well off - I guess the standard Conservative approach.
Phil Hammond the Chancellor has come under a little criticism for apparently breaking some election commitments, but he seems to be trying to weasel out of them:
The reason for the change was:
I guess that would be Brexit :mad:
BBC story on this specific point: http://ift.tt/2ngKzDP
BBC budget summary: http://ift.tt/2ml7gZX
IMO it was a generally quiet budget without too many shocks. "Sin" taxes have risen as usual, tax thresholds have risen in line with inflation and so on.
The point that stood out for me, as the owner of a business, is the continuing crackdown on tax "abuses" where shareholders take large dividends instead of salary and an increase in National Insurance payments for the self-employed.
IMO, the former is fair enough for the owner of an established business like mine. Brexit fears notwithstanding, we have been returning consistent profits for more than a decade and the decision to take dividends rather than salary has been made in the interests of tax efficiency rather than being concerned about whether company can actually afford to pay the directors every year. For a younger and/or less predictable business I think it punishes directors for taking a risk.
The latter seems to directly attack those in the "gig economy" who are working a bunch of jobs on zero hours contracts. Flexibility in the labour market is important and this move seems to attack those who are least well off - I guess the standard Conservative approach.
Phil Hammond the Chancellor has come under a little criticism for apparently breaking some election commitments, but he seems to be trying to weasel out of them:
Quote:
|
Mr Hammond is facing a backlash against the Budget announcement, which breaks a 2015 manifesto pledge on tax rises. He insisted ministers had honoured a "broad commitment" not to raise taxes. |
Quote:
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Chancellor Philip Hammond says National Insurance is being increased for self-employed workers because of "new challenges" the government faces. |
BBC story on this specific point: http://ift.tt/2ngKzDP
BBC budget summary: http://ift.tt/2ml7gZX
via International Skeptics Forum http://ift.tt/2m2KUc1
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