To those on £145,000 plus will you spend or save your tax reduction following the recent budget

[FridayTheThirteeth]

The PM says that giving tax cuts will boost spending and the money will trickle down to the bottom

So if pay the 45% tax will you spend the majority of the tax reduction or save the money.

I think people will save the majority of it.

YABU - they will spend most of it

YANBU - most people will save most of the tax reduction

My eyebrows seem to have attracted a lot of attention! I pay £550 including a top up. Last had it done in 2018 but I’d like it done again and our finances allow for it.

it looks very subtle, I lost a lot of eyebrow hair due to medical treatment and it helps make them look normal, not slug like at all.

I’m a professional in medical research and DH works in Financial Services. I’m also a private school mum and plenty of my school mum friends get it done and again, very subtle and nothing like the thick drawn on brows look.

any other questions😂

I have a theory that Liz Truss is actually a Labour supporter and infiltrated the Tories to get Labour back in power.

More like she's a Lib Dem plant. Since that's how she started out.

Also said she would get rid of the monarchy.

I think this is an insane price for microblading. I have both eyebrows and lips done, all for £200 and from an award-winning beauty practitioner too.

I think this is an insane price for microblading. I have both eyebrows and lips done, all for £200 and from an award-winning beauty practitioner too

£550 for eyebrow microblading seems a little steep to me...mine were £380 which is on the more expensive side in my area - but I researched for months and the beautician I chose had a 4 month wait list she's that good. After I'd seen her work in the flesh I was happy to pay whatever she wanted tbh.

I wouldn't let anyone near me with semi permanent make up for £200 for eyebrows and lips though tbh. That's an absolute bargain price and award winning or not, I'd be worried why it was quite so cheap. Ditto for anywhere you could book a next week appointment for.

Saving to spend on a refurb - our mortgage was fixed for 5y back in May, as our previous fix came to an end.

I’m grateful for the tax cuts. Due to the current macro economic situation, we have cut down unnecessary spending until things stabilise. We will be saving as much as we can. Our jobs seem stable at this point, but who knows? Look at how much changed in the property market in 2 weeks! With recession looming, we are building a warchest to survive if shit hits the fan. (£300k+ household income)

Very grateful for any London based microblading recommendations. I know £500 is high but she did a great job.

£380 also sounds a bit bonkers to me. I chose my beautician after seeing literally dozens of people who had work done by her in person. In real life, not photos. She also has a few months worth waiting list.
She works from home, not from a salon though so that may explain the difference in the pricing (ie no brick and mortar premium). She has done retouches now twice in four years, and I couldn't be happier with the result.

My heart bleeds

We won't be saving it as our heating and mortgage has also gone up OP!

Does anyone on £150+ pa spend it all?
I suspect most will be saving the extra.

What a shame the tories didn't trust the majority of us with a tax cut (increase the personal allowance).
I guess they know best, aren't we blessed with such a caring government?

Yes, but that tax cut could have been directly been given to your cleaner etc.

I've employed cleaners on much less than £150k plus.
A lot of us do.
You're really not doing everyone the massive favour you think you are.

Shame so few are using their privilege to help charities or the needy going by this thread.

By the grace of God and all that....

We will do a mixture of both really. More into pensions but probably try and get another holiday in.

How do you know they were not already doing that? You are making an assumption there.
It would be pretty foolish not to save or have a pension.
Those that spend are are contributing to the economy, be that hospitality, trades, local businesses. Some of whom may be teetering on the poverty line.
Until the next general election we cannot vote for change on who gets the tax break.

@IhateHermioneGranger I spend 30 hours a working volunteering for various charities, have open a new food bank in my city and raised over £40,000 for a particular Childrens charity in the last 3 years. I can spend time doing this because I don’t need to physically go out to work anymore. Don’t come on here making shitty assumptions you’ve pulled from thin air.

Haha

I work a day a week pro bono for a range of charities- doing what I am paid for 4 days a week (worth about £30,000)
I am a trustee at 3 charities
Volunteer and donate to a food project
Lead/co-ordinate a Christmas toy donation scheme for over 300 children in 1 particular community
Do all the usual taking the elderly about, tips runs, etc etc

Mine will probably offset the increase in the mortgage, if the change ever happens. I would have much preferred to see the threshold for higher rate go up than additional rate scrapped.

And to the poster above I already give large sums to charity and do pro bono work. In fact, one of the reasons, I switched to being a consultant rather than a permanent employee was to give me more flexibility to do pro bono stuff.

find it sad/interesting how many high income individuals thinking the extra 10k a year will be absorbed into their cost of living rises without a thought for how anyone else will cope ..many people earning 40k will have similar increases and no such massive increase in net worth to absorb the change..
am giving my change in salary to energy poverty charities .. why should my life style improve for no net change in my personal contribution and others suffer for equally no negative change in theirs?

You haven’t got the faintest idea of what anyone on this thread does to help “charities or the needy”

People have all the opportunity to explain what they are doing .. sense most are not .. no judgment, I just don’t think most do anything other than token charity donations here and there

Mine will all be spent.
School fees inflation.
Much higher mortgage costs cause my deal runs out next year.
If there’s anything left, which I doubt, I would like to buy some curtains and employ a tree surgeon.

On a related note, does anyone know how these proposed tax cuts affects childcare vouchers? Does it increase the amount you can put into the scheme each month?

More assumptions.
No-one has spontaneously listed their charity work, because that is not the title of the thread and nor should they have to.

Thread asks if you are going to spend or save .. overwhelming majority not doing anything other than using money on themselves and did not state any change to charitable payments so no assumptions just reading facts

The thread isn’t asking people to list what they have done for/given to charity.
Thanks for giving me the “opportunity “ to but I think I will pass