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.

He put up NI from 2011 to 2012 by 1%. From 2003 to 2011 there was no increase. Since 2012 there has been no increase (except a partial year increase that was reverted in 2022).

Anyway i have no clue why i engaged myself here.

The Labour Party are supposed to protect the poor and tax the richer, jolly glad they are to a limited extent doing that.

That doesn’t make any sense

eton won’t be impacted anyway

Why would the OP want to become a teacher when they made it clear it was more profitable for them to do nothing but let their house price go up than run a business?

The point seems to have gone totally over people heads that property gains appear to be infinite and aren't taxed. So why would with any wealth bother to keep it in a business anymore?

Another thing you don't seem to understand. If they wanted to tax the richer they would have done it through corporation tax and CGT on primary residence sales.

Today the worked over the poor and protected the rich. Sorry.

@TheTidyBear no they did not, can you please jog on now i have no desire to engage with you further.

Yes they did. If you don't want to engage with me stop posting.

@TheTidyBear I can surely post without you talking to me directly which is not to much to ask??????

The glee demonstrated towards a frustrated business owner who is questioning (albeit somewhat inelegantly) the economic viability of being a small business owner in light of todays budget is depressing.

Society as a whole becomes poorer (economically, socially, creatively) if we stifle small businesses. Our high streets become charmless facsimiles, our employment opportunities become limited to MNCs, our coffee is from Starbucks, our reading material from Tesco, our dinner from Pizza Hut.

So the rich get richer because they’re the only ones able to take your money.

They haven’t clarified how they are going to “get rid” of their business without selling it and paying cgt anyway?

Well that's nonsense straight away - it's only 8% point increase if you are a lower rate tax payer otherwise it's only a 4% point increase.

To be paying 'several hundred thousand' more in CGT upon selling your business you would need to be making a profit against that sale of over £1 million!

If your business is doing that well to be worth that much and you are still a lower rate tax payer then you have clearly been maximising your tax allowances for some time and must have a very good accountant who could probably advise on how to minimise your CGT!

They don't need to for those of us who understand what an MVL is, and they clarified the 'CGT' part in their opening post for those of us who understand what an MVL is.

This ^

The rich have been handed a whole layer of commercial wealth to them on a plate and the public applaud it as if it’s a fucking revolution 💀

No, they would have to have significant cash reserves. They could have made no profit last year, and still have to pay several hundred thousands more during disposal due to this increase if they've been running the business for a long time and hold cash reserves. That's what prudent businesses that don't go cap in hand for covid bailouts do,

Why would you do an mvl when you could sell for money?

The business may not be profitable, or easy to sell at this point in time.

However it could hold significant cash reserves.

This is not an uncommon story for those of us who have dealt with MVL's.

But it's only first resident properties that aren't taxed - second, third, fourth etc properties are and people who own multiple will now be taxed more both ends - on stamp duty and CTG when they sell.

Rubbing their hands at less competition and the ability to snap up a few bargain businesses no doubt.

You have a really awful opinion about workers don't you OP. I'd hate to be one of your employees if this is what you think of them.

yes, I do. Professionally.

OP (who has disappeared) has said a number of times the company and her are successful. She indicates the additional CGT would be hundreds of thousands of pounds.

so how is she intending to get out of it and get her rental property, without selling and paying CGT anyway, unless you seriously believe she will forgo hundreds of thousands of ££ post tax income out of stubbornness

It's so sad they are not supporting new/small businesses and innovation more. We were an emerging market now turning itself in a submerging market it's so depressing.

Yes, first resident properties aren't taxed. Thanks for clarifying that one again and why people sitting on hundreds of thousands of equity are chuffed to bits.

What a lovely little earner that is.

If you deal with this professionally, how come you can't understand something as basic as the OP only being charged 10% on the proceeds of the disposal if they wind it up before April?

I wasn't talking about their profit last year, I was talking about their sale profit. Even if the CGT is coming from cash reserves, they would still need to be significant to equate to several hundred thousand more in CGT.

And given they are claiming to be a lower rate tax payer they must have very good accountancy advice around minimisation of tax in either circumstance so I am sure have been well advised on the dangers of holding significant cash reserves!

Dangers of holding significant cash reserves?? Cyclical businesses hold significant cash reserves. They have to. Some years they can make a a big profit, and some years none at all.