What changes do you think you’ll have to make if tax rises come in?

[hollyblueivy]

inflation and cost of living has been going on for so long that a lot of the usual things to do when cutting costs have already been done.

What changes do you think you might have to consider if tax rises come in?

We eat out or get a take away twice per month so that is the first thing that springs to mind for us.

I have been meaning to list things on Vinted for ages so maybe I’ll have to actually start doing that again too.

Nothing. Don’t think it’ll be much

I doubt anything. At most tax might go up £50, which don’t don’t get me wrong will piss me off, but it won’t change my life in any noticeable way.

Nothing at all. Everyone complains about education, pot holes, the state of the NHS, but nobody wants to pay for it.

Nothing.

I expect life to be much better than currently though, sick of all the rumours and headlines!

God knows. Stop eating??

My final charity direct debit will have to go. I used to give £100 per month to various charities but that will now be reduced to zero.

We will just review to ensure we are being tax efficient. DP may cut his hours, depends on what rises. We don’t eat our much and find takeaways poor these days, prefer to entertain at home.

For those expecting to see changes in services with these rises - dream on - you’ll see nothing. It will all be used to cover the ever expanding benefits bill and Labours pet projects. Oh and remember she’ll be back next year for more.

Cancel the direct debit to a charity
Buy less food?

Be bloody relieved that all the rumour mongering will cease, tbh. Will tighten belts as needed. We don't have much coming in but it is enough and we have wriggle room. Mortgage is paid off which makes a massive difference.

I feel sorry for those who are already struggling with CoL, though.

Biggest spending is paying down the national debt. But don't let that get in the way of shoehorning in some benefit bashing!

DH is a high earner - works in a very stressful job but is sticking with it because we are desperately saving for our sons’ future - our 8 year old is autistic and we’re not sure yet how much support he will need long term.

If taxes go up much higher then the stressful job won’t be worth it anymore. So at that point we have two options.

Either we move abroad (he can do his job from plenty of other countries) which means we save much more money, but it disrupts our children and means I can no longer help my elderly parents so they’ll need state funded carers.

Or he moves to the job he actually wants to do, which means we’ll pay much less tax, and we’ll take up the state support that our son is entitled to but that so far we’ve chosen not to take.

Either way the state loses our current very high tax payments and spends more money on looking after people that we currently look after.

Nothing. I already live frugally and will continue to do so.
The Tories should have raised taxes but didn't have the balls. They were too afraid of losing voters and spent years running the country into ground which is why we're in the state we are now.

People seem to talk about tax as though it's theft rather than what we all need to pay if we want a decent society. It's not as though you're asked for tax on money you don't have. The level of greed by the richest people surprises me.

I’ll have to trim down spending on everything where I have a choice about it - again.

This morning I read RR I tends to tax pay per mile for electric vehicle users. I have ordered an electric car and it arrives in January had I have known she was plotting this I would have stuck to petrol. If my passive income gets taxed much more I'll sell a couple of houses that won't get ECP C anyway earlier than planned and let the council try to home the families who have lived there for years.

We want to downsize and sell our house which is a family home. If CGT is put on main properties we won't.

We will cut back on food and general expenditure.

We'll cancel more subscriptions, some have already gone

We won't go out to eat

All stuff that is generally not very helpful for the economy, which needs us to spend money in it. Or for the housing market, which needs people like us to downsize to make room for family houses.

We're desperate to move. We have 2 young DC and live in a 3 bedroom cottage with a small garden and no parking. It's just about big enough for us, and we went hell for leather overpaying the mortgage so it's paid off. But my mum's health is getting worse and she's been staying with us a lot, and we really need to move to a place where we've actually got a bedroom for her. But we're in a really high cost of living area, the jump to a 4 bed house would mean taking on a mortgage of 300k and with the cost of living increases, mortgage rates being so much higher and potential tax rises incoming I just don't see how we're going to do it.

We're seriously considering moving abroad, tricky to take her with us visa wise though.

There’s no more corners to cut already don’t do holidays or takeaways and sleep on the sofa so the kids can have the bedroom in the cheapest one bedroom apartment I could find. Probably have to compromise on food and start eating more reduced offal

We are planning to move abroad in the next 12 months, as I’ve reached my limit in terms of how much tax I’m prepared to tolerate, especially given the total lack of services my family actually benefits from in return. Sick of working hard to fund the benefits bill, immigration and whatever other completely wasteful projects Labour and our council want to throw money at while not being able to save for my own children’s future as after tax, childcare costs and school fees there is nothing left. We are lucky in that DH and I have citizenship/residency in four other countries in addition to the UK and my work is easily transferable.

How do you manage to get the kids to eat offal? Most adults wouldn't eat it either, including me.

Nothing, I’ve seen the figures and I just won’t notice and feel the difference. What I’m bothered about is if Robbing Rachel refuses the cash ISA limit so will have to think of something to legally avoid paying tax on the £10k I won’t have in that ISA.

This is all fairly simple:

Benefits disincentives going to work.

Increased taxation disincentives going to work and productivity (aka - not giving a shit anymore ).

So if you keep benefits where they are or increase them and or increase taxation then overall tax revenues fall and benefits costs increase.

I Tell them it’s really healthy and will give them big muscles plus no pudding till the plates cleared. It depends on what type of offal though some I’ve tried like pigs kidneys is just too repulsive all round

@1dayatatime 👏

Nothing. It will just swallow most of my pay rise....