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 Post subject: Budget NI changes
PostPosted: Wed Oct 30, 2024 2:08 pm 
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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 :roll:

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 Post subject: Re: Budget NI changes
PostPosted: Wed Oct 30, 2024 6:22 pm 
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edders23 wrote:
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 :roll:
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.


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 Post subject: Re: Budget NI changes
PostPosted: Wed Oct 30, 2024 6:59 pm 
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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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 Post subject: Re: Budget NI changes
PostPosted: Thu Oct 31, 2024 10:11 am 
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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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 Post subject: Re: Budget NI changes
PostPosted: Thu Oct 31, 2024 11:18 am 
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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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 Post subject: Re: Budget NI changes
PostPosted: Thu Oct 31, 2024 6:53 pm 
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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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