More Stealth Taxes

Discussion in 'OT (OFF Topic) Forums' started by Satch, Oct 22, 2007.

  1. Satch

    Satch MB Enthusiast

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    Two weeks after Alistair Darling's delivers his rubbished pre-budget report the National Insurance thresholds are very silently revised. This is despite the fact that in 2006 and earlier years the NI adjustments were first announced in the pre budget report

    Right now NI is charged at 11% between £5,200 and £34,840.

    From 6 April 2008 imits are £5,460 (+5%) and £40,040 (+16%!)

    So earn £40,040 or more and your NI charge will rise from £3,320 to £3,814: another £494 taken in tax that will rake in a further £4.5Bn in 2008/9. All to be spent wisely of course.

    No mention of this by Darling. Nor the fact that the Treasury has published a paper on linking Income Tax/NI that will push this up further.

    This sort of thing really annoys me!:mad:
     
  2. recycled

    recycled MB Enthusiast

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    probably not enough people are speeding this year.
    hence the need for more cash.

    Btw ot
    Is dieselman still with us?
     
  3. Aletank

    Aletank MB Enthusiast

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    So at the moment if you earn £34,840 you are charged 11% on earning over £5200.
    After April 08 would you be charged just 5% on earning over £5460 ?
    Thus giving that if you earn less than £40,040 your alot better off :confused:
     
  4. television

    television Hardcore MB Enthusiast

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    I have stopped for one :eek:
     
  5. recycled

    recycled MB Enthusiast

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    great as i only earn £10000 .i will be laughing
     
  6. Gucci

    Gucci MB Enthusiast

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    Damn it. I'm going to steal something to offset my tax.
     
  7. verytalldave

    verytalldave MB Enthusiast

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    Now thats a surprise. Not something Labour is known for. ;)
     
  8. OP
    OP
    Satch

    Satch MB Enthusiast

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    Nooooo....

    That 5% is just the uplift on the lower limit
     
  9. recycled

    recycled MB Enthusiast

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    11% from 5460 to the upper earning level 40040

    actually now it is 11% on 5225-34840= 3257
     
    Last edited: Oct 22, 2007
  10. Aletank

    Aletank MB Enthusiast

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    As I read it now your first £5460 will be charged 5% (£273 per year) So thats £273 per year worse off!! :crazy:
     
  11. Merc-C180K

    Merc-C180K Active Member

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    My accountant says I only earn £5k per year...
     
  12. recycled

    recycled MB Enthusiast

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    i will only pay 11% on 10000-5200 as the first 100/week is Ni free
    =528
    so to 5460 = £499 as the first 104.49/week will become Ni free

    everyone has first 5225 NI free except if you are self employed 8% on 5225-34840
     
    Last edited: Oct 22, 2007
  13. R2e

    R2e Active Member

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    Me too. Don't you just hate these rich plutocrats moaning on about their tax :D The Chancellor's just moving the band a little to catch all the PAYE people.
     
  14. recycled

    recycled MB Enthusiast

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    That is why it pays to be poor like me.
    You give less of your money to the government and you can claim all types of help like whatever i can not remmember now.:)
     
  15. Merc-C180K

    Merc-C180K Active Member

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    It's tough on the breadline. :bannana::bannana:
     
  16. R2e

    R2e Active Member

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    Not Porsche Tax Credits and Mercedes Tax Credits? :eek:
     
  17. c240yaz

    c240yaz MB Enthusiast

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    so why do people keep voting these people in to government ?
     
  18. recycled

    recycled MB Enthusiast

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    lesser of two evils.
    anyone is better than kennedy raise the taxes lib dems
    or tory cut the taxes so we can make the poor poorer
     
  19. DITTRICH

    DITTRICH MB Enthusiast

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    A few years back it was an extra 1% employee NICS on all earnings above the upper earnings limited as a "one off" to fund the NHS. Now the upper earnings limit is being fiddled! An extra £500 for what?

    In 1997-8 government tax receipts approximately 315billion
    In 2007-8 government tax receipts approximately 550billion

    Errors in me extracting the numbers off the net aside, inflation has been around 3% RPI for the last 10 years or so...
    You do the maths...
    315 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03
    =423
    Tax receipts now 550
    Difference = 127billion

    Personally, I think individuals are far better placed to decide how to spend their well earned dosh.

    Les
     
  20. television

    television Hardcore MB Enthusiast

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    Must be the accountant that I used to use :D I made it clear back in the 60's that I could see no real benefits from joining the "Inland revenue Club"
     
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