To reduce hours when labour win election

[Parttimeplay]

I fall into the “60%” tax bracket. With the upcoming elections and knowing the government always hammer the middle ground….woudlnt it make more sense for me to cut my hours for a more relaxed life, eligibility for childcare, reduced tax?

Tories have definitely made a mess but taxes are absolutely monstrous anyway and can't see Labour reducing them.

In London/SE we get hit by house prices, more expensive childcare, train fares too plus general cost of living is higher.

I don't mind paying taxes for decent services but police, NHS and schools are crap and mostly due to poor management not lack of funds. The benefits system appears to incentivise vast numbers of people not to work and then if you do work hard you get absolutely hammered by taxes and quasi-taxes (trains, childcare, etc).

I am worried about what Labour will do because its pointless saving money or working harder at the moment and I think they will make it even worse.

What do you think they’re going to increase it to? It’s already 60% and they have published nothing so far that suggests they will increase taxes for this bracket. This has always been used as a scaremongering tactic to prevent middle/high earners voting Labour - they’re coming after your money! Or the new one, they’re going to make everyone trans 🙃.

I’d wait and see what changes do actually occur and make a decision based on the facts at the time. Seems daft to catastrophise in advance. Either way you are in a luckier position than most. You could relocate if the tax system etc in the uk is not to your liking.. or at least move away from the south east. Many of the issues you describe are very much choices- location, private school.. i don’t think you will find much sympathy tbh!

I blame the conservatives for the likely VAT on school fees - it wouldn’t be possible without Brexit.

Labour has also stated they want to add VAT to school fees which the OP states will then become unaffordable for her

I'll hazard a guess the OP hasn't discussed the VAT issue with her school.of choice. I work in an independent and we have been working on how to deal with this for some time. There will be a fee increase but it will not be the full 20%.

The tax point is scaremongering. They havent said they'll increase tax. The tax you pay was set by the Conservatives.

If you want to cut your hours it is up to you, but don't blame the future government for the Conservative's tax policy, that's illogical.

Welcome to Tory Britain.

But you're discussing Tory tax policies.

This thread makes no sense.

I don’t really understand why your ire is directed at a possible Labour government.

The current stupid tax rates for £100k+ earners with children were created by the Tories!

60% isn’t the middle ground. You are rich, you need to pay commensurate tax.

OP I sympathise - my husband is in the higher tax bracket (I work part-time and am very much not!) and he is concerned about what will happen when Labour come in. Our eldest is about to start Reception at a private prep school and our youngest will be joining in a couple of years. We are concerned about the 20% VAT increase but as a PP has said we spoke to the bursar and she said no school will survive if they swallow the 20% increase but equally no school will survive if they pass it all on to parents so there will be some increase but then all private school fees go up each year and we have budgeted for this. It's crazy that in the UK a private prep school costs less than nursery which is part of the reason both of ours have started at the Prep school nursery. I understand what it's like to be a high earner paying into the system and feel that you receive none of the benefits (though I am not a high earner myself).

Agree with PPs. Why are you worrying about something that may happen when you’re clearly unhappy now? (Due to policies implemented by the government who have had 14 years to make life “better” for working families).

Ultimately, do what makes you happy. Don’t blame a political party who isn’t even in power.

Sort of.

The 60% rate drops again to 45% - it doesn’t make sense to specifically tax people earning £100-125k so much vs on the next limitless amount.

Secondly… £100k doesn’t go as far as you think do you have two kids in London. £5.5k after tax - you could be spending £4k of that on nursery fees, a mortgage of £2-3k+ and so on.

You might be quite surprised how ‘ordinary’ the lives of those in London on these technically high salaries look. Cost of housing and childcare being the major factors.

You are wasting your time with that one. No idea about the tax system or the issue at hand. I’d drop your hours. You won’t lose out, you’ll have more time and pay less tax.

I used to live in London, I moved out 14 years ago so that I could afford life (I’m a teacher).

Then you should be able to recognise that earning £100k in London isn’t ‘rich’, and the tax burden at this point is excessive.

If it’s incentivising people to work less, it’s too high.

poor you :( Your circumstances sound dreadful.

It's the conservatives that fucked you - Labour haven't been in since you were a child !

Okay I will reduce my hours to get more UC and help with childcare.

Oh yeah it isn't allowed for low earners.

The removal of personal allowance and VAT on school fees are both Labour tax policies. One they implemented at the end of Blair/Brown government and the other they have started they will be introducing.

They weren’t. It was Alistair Darling who introduced them when Gordon Brown was Labour PM in 2009.

They haven’t increased the thresholds at all for the £100k rate.

And they have made the effective cost of loss of childcare significantly higher via introduction of free hours etc.

They have had 14 years to change the situation, and have in fact made it vastly worse.

If the £100k threshold had increased with inflation, it would be at £170k now.

Ridiculous to be blaming Labour when the conservatives have had so many years to do something about it.

If Labour changes the tax relief on pension contributions without restoring the personal allowance for all it will make the 100k cliff edge even worse.

They need to be very careful about doing that as people, especially those with young children, will be massively disincentivised to earn over 100k.

‘We’ll end up as one huge dependent state but with fewer and fewer people at the top willing to continue funding it.’

Yes.

Sounds like you have a very good salary. You live in the most expensive place in the UK. You've have the option to consider reducing your hours to still have a very decent salary.
Maybe you should just do what you think is best for you/your family now, without regard for the Government. I find this approach rather bemusing. You're not going to find many people here, or in real life, that are going to stand with you on a "won't some please think about the poor people who earn 100k".
Sounds like you're pretty successful in the grand scheme of things.