As a non worker I'm looking forward to becoming a worker

[nonworker]

Labour have convinced me, so this is a success for them

Given the NI and disposal tax increase it's better for me to wind down my business and put the money into a large property

I can work part time, rent out a room and a few years time take a nice big tax free profit and downsize

It's really great, no more working weekends, I'll have sick pay and holidays, won't have to deal with accountants and hmrc, and the best, no more having to concern myself over the needs of employees.

A brilliant budget for workers.

Business is not that good if you can’t afford to manage the costs effectively and employ people on a decent wage. It’s business like yours that are keeping the wages low.

You are in the minority.

And what on earth did you want them to do instead? Our government have come into a really shit situation left by their wonderfully idiotic predecessors.

@Killingoffmyflowersonebyone Oh give over “am going to have to make redundancies”

How is that going to effect out puts or production, best you take a lifestyle cut

What a load of hyperbole

We don’t have that money laying around because our business doesn’t work that way.

At least two vets will lose their jobs at my DPs practice AND we’ll have to increase costs on our clients. £130K is a hell of a lot of money for a family run business

Edit: I just check. End of last FY the other local vets had a £20K profit after expenses (can all be seen by a quick google) etc, so don’t tell me £130K is easy to find. You have NO idea.

Your previous calcs suggest £50k extra for someone employing 50 staff on £50k. So does your DP employ over 100 people? Because it’s relative, £130k isnt much for a company of that size

They'll care when their children's class sizes increase though! They'll care when smaller businesses close and people are made redundant.

It's a mistake to think that these things only affect a minority, there is always a ripple effect.

@Killingoffmyflowersonebyone I have every idea, 20k profit is after you have all paid yourselves, oh and your company dividends, pensions, expenses.

You do not fool me you may fool others.

I used to work for HMRC.

Have yet to meet a vet in a two up two down, and yes i know some.

He employs 53 people over two sites.

Business rates are what is going to whack us most. The increase in NI won’t help though.

Great. HMRC. So you’re not an actual accountant are you? Because you don’t actually need to be an account to work at HMRC. You can get a job there with a GCSE in Maths and English and that’s it…you don’t need any actual qualifications.

Please don’t pretend like working in HMRC gVe you a clue. It’s like someone in passport office in HO claiming they know about how Protect recommendations are made.

Even if there’s £20K left, how are businesses meant to raise the other £110K? Some HMRC employee you were…can’t even work out that £130-20 still leaves £110

What I’d like them to do is properly tax the rich and corporates, you want to buy a £20m house that’ll be 50% stamp duty. You develop intelectual property in US, no you cannot shift ownership offshore and license it back at huge cost. Create a wealth tax, whatever. There are tonnes of well studied innovative ideas for ensuring the billionaires pay appropriately.

It is beyond belief that companies like Amazon and Apple and M&S are taxed so little, pay their executives and shareholders so much all the whilst paying their FT staff so little they require government subsidies to survive.

No, dividends come out of profit

Used to work for hmrc, says it all really.

So you're not one of the businesses where the Employment Allowance raise from £5,000 to £10,500, meaning that 865,000 employers won’t pay any National Insurance at all next year?

Or, benefit from the capping of the headline rate of Corporation Tax at 25 per cent for the duration of parliament, the lowest rate in the G7?

I suppose your place in the market will be filled, as at the end of the day it's demand that creates jobs not employers. It's a shame, but austerity economics was always going to lead us here. This isn't materially different other than who is being asked to shoulder the burden.

Yes, and levy CGT on property sales of primary residences.

Of course people won't like that because that's equity that they worked hard for, allegedly.

So it's basically down to the productive lot who create businesses to stump up the cash because dixie doodah doesn't want to give anything of the 500k profit she made on the house they bought in 1999 to the Government.

You're fighting a losing battle here because they only get up in arms when things turn into a crisis which affect them.

@Killingoffmyflowersonebyone I am actually a qualified forensic accountant,

I also have a law degree , obvs i got a first class honours

Oh and got an A plus in tax law

not that it is any of your beeswax.

But you didn’t know dividends came out of profits 😂😂

I think if you read the OPs further posts which most people didn't or didn't understand you'll find that their main reason for winding down the business was because it's cash heavy and the Government today incentivised business disposals to take place via MVL before April 2025 due to the increase in business disposal relief.

Judging by the responses on this thread it's no surprise that the OP would rather wind it down than pay a significant chunk of the proceeds towards the wellbeing of the mob on here.

Amazing stuff isn't it.

It does explain so much about how HMRC functions…

@TheTidyBear Dividends come out of net profits, you know rewards for share holders ergo company owners.

Free of national insurance.

Shows what you do not know.

Yes I know that, you didn't.

• I don't have dc in private school but apparently Eton is able to claim some huge tax break because of works done and this vat thing.

@TheTidyBear Well i did and you are nit picking.

Great news. Are you qualified enough to become a teacher? The country needs more of them.

It’s not what you said though…You also failed basic maths:

130K to be found - 20K profit still leaves a business with £110K to find. That will be redundancies. Even a HMRC employee should be able to figure that out…

No, I'm not nit picking, you know very little about businesses, basic things like cashflow.