Well done George Osborne - stonking budget

[claig]

Tax free Allowance rising to £11000
40% tax threshold rising to £43000
Corporation Tax falling to 19% and then 18%
National Living Wage will reach £9 by 2020, will start at £7.20

If they carry on like this, Labour are finished and poor old UKIP and Farage won't stand a chance of getting a look in. But credit where credit is due - well done Osborne!

According to the KPMG calculator I will be £115 a month worse off. Added to that the enforced cut in my working hours and I'll be about £200 a month worse off overall.

NoArmani
Paragraph 2.57 here
www.gov.uk/government/uploads/system/uploads/attachment_data/file/443285/HMRC_Summer_Budget_Overview_Version_4_0.pdf
I'm still trying to work out whether its £5000 of tax on dividends a PITA nut not the end of the world or £5000 of dividends --in which case every company where the proprietor pays themselves by dividend is utterly screwed

if its the second one, Islington and Hampstead will reach riot situation within a day

The living wage is an actual thing. You can't just start calling minimum wage a 'living' wage and make it true. He's also renamed the 15 hours of free education for 3 and 4 year olds and it's now childcare for the parents instead.

WRT tax relief cuts to BTL, will these costs not just be passed on to tenants making private rents even higher?

*childcare for the parent's benefit

Hmm. I expected it to be worse. I would scrap tax credits completely and raise the living wage so that nobody is worse off. We need to see how the next few years pan out.

This is how I think the dividend stuff works.
Currently I think the headline tax rates for dividends are 10%, 32.5% and 38.5% (akin to basic, higher and additional, so lower than equivalent employment income rates). However there is a tax credit which reduces the actual tax payable to 0%, 25% and about 30%.
I think the 10% rate is reducing to 7.5% and the 32.5% and 38.5% rates are staying the same, but the tax credit is going so those will be the real rates (meaning 0 increases to 7.5, 25 to 32.5 and 30 to 38.5). There is, though an exemption for the first 5k of dividend income so for anyone who gets a few dividends here and there from investments they should still pay zero. However, for people who earn a large part of their income in the form of dividends (personal service companies etc) it will be a big rate increase. On the face of it, still lower than employment income (20%, 40%, 45%) but if you act through a company, there will also be the corporation tax paid by the company (20% reducing to 18%)

(My rates may be a bit wrong but you get the gist)

NoArmani
See here
www.gov.uk/government/uploads/system/uploads/attachment_data/file/443232/50325_Summer_Budget_15_Web_Accessible.pdf
Paragraph 1.180
Personal service companies are Toast.
How the HELL did the Accountants let that one get through.

See here for Analysis
www.contractoruk.com/news/0012118osborne_four_fold_attack_contractors.html

There are going to be a lot of VERY VERY pissed off entrepeneurs over the next few days.

How the fuck can you say the disabled are not affected. THEY HAVE CUT ESA. Fucks sake. Fucking shower of shite.
Yeah pop your champagne while people suffer.

I'm so confused, has he renamed National Minimum Wage to be Living Wage?

they do this on purpose!!

glad paramedic salary has been corrected but fact remains, regardless of salary, a paramedic shouldn't have to do a degree. There are so many other ways to teach/learn. I don't understand why and how uni dominates everything.

Basically yes, he has renamed it. But what he calls a 'living wage' isn't the same thing as the 'living wage' other parties were talking about pre election.

Smoke and mirrors!

Yep I know several people who will be affected by the ESA cut. Some in very poor health

Oh yes "the Living Wage" is NOT what other organisations refer to as the Living Wage.

Gideon can call it what he likes....doesn't make it true though.

Child poverty an issue, no problemo just "redefine" child poverty.

Living wage sounds catchy, let's pinch the name but not actually make it a wage that you can afford to live by.

Gosh, these threads always bring out the most tedious twats, don't they? The ones who make cuntish remarks about paying for your own children, people with loads of kids, having more kids than you can afford, etc, etc.

I'm sick to the stomach of the selfish, selfish, I'm-alright-Jack asshats that slither onto these threads to laugh at the genuinely needy and vulnerable.

Oh, and OP was a staunch UKIP supporter right up to the election and called Tory voters all kinds of names. So wtf are you on about, OP? What happened to the People's Revolution? Are you done with slamming the Tories now?

Osborne and IDS are privileged twats who were born into money and have no fucking clue about reality. Like many posters on this thread.

Thanks twintum and talkin.

The dividend changes will impact us but then we'll pay less corporation tax - guess it will all even out.

There does seem to be a lot of confusion over some of the statements.

Just to confirm for some that may be worried about ESA, it is those in the working group that are effected, not everyone (not that makes it right, it just may clarify things for those in the support group)

I haven't had a chance to read the full details yet but from what I caught of the basics I think it's a fantastic budget making much needed, radical changes and I am delighted.

'So wtf are you on about, OP? What happened to the People's Revolution? '

It petered out, but it may still make a comeback. However, credit where credit is due, i think it is a good budget that creates more incentive for work and business. If the Tories keep this up, then there won't be a People's Revolution.

Gosh, these threads always bring out the most tedious twats, don't they?
Yes.
Those who think there is free money from 'the government'
Those who really don't get that what is 'free' to you is paid for by someone else.
The government has no money, except what they extract from those who are paying your tab.
There is no 'free money' - you are just freeloading off someone else.

Whisk some people just do not understand, and make no effort to understand, how disadvantaged some people are. Poverty effects every aspect of your life, it's like running a marathon in chain mail and then being laughed at because it took you longer. I am ashamed that we are a rich country and our government is using austerity as a stick to beat the poor with.

Yeh, just heard they are bringing back hunting with packs of dogs.

Just gets better and better.

Claig
Are you pleased about the raids on Dividends and small Limited Companies?

"OP ... called Tory voters all kinds of names. ... Are you done with slamming the Tories now?"

Some of them deserved it. I'm certainly not done slamming those who deserve it, but credit where credit is due, Osborne is not one of them.

anything that makes this man punch the air is Not. Good.

Yes, goddamn those freeloading children. And those shitty women who didn't stay in their abusive relationships. And the people who have cancer so can't work. And the children born with severe disabilities so their parents have to care for them full-time.

Fucking freeloaders, eh?
Bring back the workhouses and paupers prisons, I say. Then we can lock up the children