The Truss Government Sep-Oct 2022 (49 days)

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Hummer_I_mean_Hammer
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Re: The Truss Government 2022-

Post by Hummer_I_mean_Hammer »

SammyLeeWasOffside wrote: Fri Sep 30, 2022 5:30 pm West ham announce cap on goal bonuses.
would that make any difference at the moment?


(well, for the last few months)..
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Re: The Truss Government 2022-

Post by MB »

YorksHammer wrote: Fri Sep 30, 2022 5:05 pm the scrapping of the health and social care levy by reducing national insurance contributions will hurt people in care and people in the future who will need to be in care
Good news is it doesn’t Yorks as the money was already guaranteed. It just means the mechanism to pay for it has gone so it gets added on the debt bill.

Agree on the rest. I’m perhaps in a privileged position because i work in tax and get to hear some of the best people in the Country talk about it, but there are so many things they could do to meet their alleged objectives without these giveaways.

Take the CT rate up to 22% with targeted reliefs for investment and job creation.

Scrap the taking away of the personal allowance (which is really unfair and punishes people at £100k*) and rather than £150k apply the 45% rate to a lower threshold instead.

It is just ideological nonsense and that is why the markets reacted the way they did. £2bn here and there doesn’t matter a lot in the grand scheme, but the impression it gives of not even trying to balance the books is what spooked the markets. As someone said it comes across like week 1 of The Apprentice.

*im sure your hearts bleed :crossed:
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Re: The Truss Government 2022-

Post by SammyLeeWasOffside »

Hummer_I_mean_Hammer wrote: Fri Sep 30, 2022 6:53 pm would that make any difference at the moment?


(well, for the last few months)..
We would get a few quid back tbh
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Re: The Truss Government 2022-

Post by old fart »

smuts wrote: Fri Sep 30, 2022 6:41 pm The likes of Redwood, Mogg etc used to be shoved at the back and pretty much eye rolled at by the rest of the Tories when they jibbered on.

Now most of them are running the show with their gormless puppet in charge to suit their own mental agendas and as expected it's a hot mess.
They are funded by members subscriptions paid to the ERG and then claimed back in expenses (apparently legitimately) by the said MPs thus these right wing c**** are funded by the taxpayer.

Super knock by Salt btw
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Re: The Truss Government 2022-

Post by YorksHammer »

MB wrote: Fri Sep 30, 2022 6:56 pmScrap the taking away of the personal allowance (which is really unfair and punishes people at £100k*) and rather than £150k apply the 45% rate to a lower threshold instead.

*im sure your hearts bleed :crossed:
Glad to hear about the health and social care thing, MB - my misunderstanding there.

On the personal allowance thing, I'd always thought it was odd that it applied at £100k (or at any point, to be honest) - I understand that it effectively adds a weird tax bracket between £100k and ~£125k because of it being withdrawn. As a man in tax, is that vaguely right, and how exactly does it work (assuming that isn't too much of a question that leads to a huge long post!)?
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Re: The Truss Government 2022-

Post by mumbles87 »

YorksHammer wrote: Fri Sep 30, 2022 7:36 pm Glad to hear about the health and social care thing, MB - my misunderstanding there.

On the personal allowance thing, I'd always thought it was odd that it applied at £100k (or at any point, to be honest) - I understand that it effectively adds a weird tax bracket between £100k and ~£125k because of it being withdrawn. As a man in tax, is that vaguely right, and how exactly does it work (assuming that isn't too much of a question that leads to a huge long post!)?
https://www.buzzacott.co.uk/insights/ex ... e-tax-rate

What's more is once you reach 100k (adjusted after pension etc) you lose any childcare hours ie the 30 free hours

I have 5 more weekend overtime shifts in 2022/23 to hit the 100k but luckily I pay a bit in pension otherwise I wouldn't be coming forward for all the coverage issues we have . I can't afford to lose 30 free hours for the twins that's like £7k each after tax .. so would need to find an extra 14k after tax but at same time as losing a personal allowance ..
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Re: The Truss Government 2022-

Post by YorksHammer »

Cheers Mumbles - that's pretty clear!
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Re: The Truss Government 2022-

Post by MB »

YorksHammer wrote: Fri Sep 30, 2022 7:36 pm Glad to hear about the health and social care thing, MB - my misunderstanding there.

On the personal allowance thing, I'd always thought it was odd that it applied at £100k (or at any point, to be honest) - I understand that it effectively adds a weird tax bracket between £100k and ~£125k because of it being withdrawn. As a man in tax, is that vaguely right, and how exactly does it work (assuming that isn't too much of a question that leads to a huge long post!)?
No it is relatively simple to explain. Let’s say you earn £100k and you get a £1000 pay rise. That £1000 is taxed at 40% (£400), but you also lose £500 of your personal allowance (you lose £1 for every £2 earned over £100k). So an additional amount of £500 falls in the 40% tax bracket (£200). So of that £1000, you keep £400 so an effective tax rate of 60%. You’d then have 2% NI as well so you lose another £20!

It is just evil and relies on its complexity to baffle people. A flat rate of 45% on above £100k would be much fairer.
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Re: The Truss Government 2022-

Post by mumbles87 »

MB wrote: Fri Sep 30, 2022 7:47 pm No it is relatively simple to explain. Let’s say you earn £100k and you get a £1000 pay rise. That £1000 is taxed at 40% (£400), but you also lose £500 of your personal allowance (you lose £1 for every £2 earned over £100k). So an additional amount of £500 falls in the 40% tax bracket (£200). So of that £1000, you keep £400 so an effective tax rate of 60%. You’d then have 2% NI as well so you lose another £20!

It is just evil and relies on its complexity to baffle people. A flat rate of 45% on above £100k would be much fairer.
I think it would be a much simpler and fairer way of doing it. 45% over 100k

Plus over 100k becomes self assessment it's like seriously paye for a reason
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Re: The Truss Government 2022-

Post by MB »

mumbles87 wrote: Fri Sep 30, 2022 7:43 pm https://www.buzzacott.co.uk/insights/ex ... e-tax-rate

What's more is once you reach 100k (adjusted after pension etc) you lose any childcare hours ie the 30 free hours
Always forget about that. Another thing that is completely unfair like the child benefit clawback. You can earn £101k and your partner £0 and you lose it, but a couple earning £99k each get it. Same for child benefit but with a £50k threshold.
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Re: The Truss Government 2022-

Post by mumbles87 »

MB wrote: Fri Sep 30, 2022 7:55 pm Always forget about that. Another thing that is completely unfair like the child benefit clawback. You can earn £101k and your partner £0 and you lose it, but a couple earning £99k each get it. Same for child benefit but with a £50k threshold.
What I have found over the years to be backwards is these thresholds are set but then barely move

They should be linked to inflation

Like stamp duty was first 125k tax free. What can you buy for that anymore? Not even a caravan!

The lifetime allowance that got frozen for years but now they have a lot of the NHS drs ready to retire because they might hit it and don't want to pay tax.. I mean duh if people are better off retiring younger then they will
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Re: The Truss Government 2022-

Post by sendô »

I saw this and had to double check that it was actually satire.

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Re: The Truss Government 2022-

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Re: The Truss Government 2022-

Post by Junco Partner »

Keep scrolling right to get a good visual take on this weeks shenanigans.

https://kamikwasi.tax

The difference in scale between a million and a billion is often overlooked.
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Re: The Truss Government 2022-

Post by Jonah »

Saw that earlier JP. :newthumb:
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Re: The Truss Government 2022-

Post by Tenbury »

MB wrote: Fri Sep 30, 2022 7:55 pm Always forget about that. Another thing that is completely unfair like the child benefit clawback. You can earn £101k and your partner £0 and you lose it, but a couple earning £99k each get it. Same for child benefit but with a £50k threshold.
I wasn't aware of that, correct me if I'm wrong, isn't that directly discriminating against single parents?
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Re: The Truss Government 2022-

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Re: The Truss Government 2022-

Post by dasnutnock3 »

mumbles87 wrote: Fri Sep 30, 2022 7:43 pm https://www.buzzacott.co.uk/insights/ex ... e-tax-rate

What's more is once you reach 100k (adjusted after pension etc) you lose any childcare hours ie the 30 free hours

I have 5 more weekend overtime shifts in 2022/23 to hit the 100k but luckily I pay a bit in pension otherwise I wouldn't be coming forward for all the coverage issues we have . I can't afford to lose 30 free hours for the twins that's like £7k each after tax .. so would need to find an extra 14k after tax but at same time as losing a personal allowance ..
Isn’t it “once one of you hits 50k, child Ben tapers down until you hit 60k, when you lose it completely, but a couple on 49k each still get it”?

I’ve hated that ****ing law since Osborne slung it in. Essentially means you’re paying 59% tax between 50 and 60k if you have two kids.
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Re: The Truss Government 2022-

Post by chelmsfordhammer91 »

I agree, it's a crap rule.

My wife moved to 4 days a week because it would then take her to below the threshold, meaning we kept the hours.

Her brother earns what we both do combined so doesn't get it. Theoretically they don't need the hours because his wife is a stay at home mum anyway but for a lot of people it is another squeeze on what outdated rules view as a middle class.
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Re: The Truss Government 2022-

Post by OFT »

Dear Liz.
Please keep blaming the situation in Ukraine.
It's giving me the horn.
Ta, Vladimir (Poots :blowkiss:)
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