March Budget 2016

Expect the PA to go higher than £11k. As it is meant to reach £12.5k by the end of Parliament it needs to rise by more than £400 each year.

I am hoping we are surprised and the NI PT is linked to the PA which would be a big boost to the lowest paid in the UK. With the electronic quarterly returns being rolled out I could see self employed NI being abolished at some point.
 
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I reckon some people will be better off and will think it's ok, some people will be worse off and whine a lot.
 
dante6491 said:
Expect the PA to go higher than £11k. As it is meant to reach £12.5k by the end of Parliament it needs to rise by more than £400 each year.

I am hoping we are surprised and the NI PT is linked to the PA which would be a big boost to the lowest paid in the UK. With the electronic quarterly returns being rolled out I could see self employed NI being abolished at some point.
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Electronic quarterly returns for what?
 
Bear said:
I reckon some people will be better off and will think it's ok, some people will be worse off and whine a lot.
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As this is the first budget of a new parliament, I expect most people will be worse off and very few (probably the richest 1% and companies) will be better off. Tax breaks for us little guys come just before a general election, not afterwards. Expect fuel duty to be going up for sure.
 
Hikari Kisugi said:
Electronic quarterly returns for what?
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Self employment :(

This idea is ridiculous, I have quite a few small sole traders on my books and it's hard enough getting their paperwork off them once a year, let alone quarterly. I get the feeling the end game is to have them on monthly returns, so everyone, PAYE, Self Employed etc submit their monthly incomes.

I might just give them up if this gets rolled out
 
scorza said:
As this is the first budget of a new parliament, I expect most people will be worse off and very few (probably the richest 1% and companies) will be better off. Tax breaks for us little guys come just before a general election, not afterwards. Expect fuel duty to be going up for sure.
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Pretty much, especially fuel duty :(
 
delta0 said:
Tax intake went up £8bn when it went from 50 to 45%. It particularly effects entrepreneurs, innovation and aspiration.
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There is plenty of evidence that was because of the advance notice given of the 50% rate then the advance notice of the reduction to 45% gave people plenty of time to advance/postpone payments to avoid the 50%, thus giving an unrepresentative boost in the years before and after the 50% rate

You would need data over a longer period to know how effective it actually is.
 
delta0 said:
Tax intake went up £8bn when it went from 50 to 45%. It particularly effects entrepreneurs, innovation and aspiration.
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That was just because everyone brought forward their bonuses to before the 50% rate was introduced, and the next year delayed them until the 50% rate was scrapped. If they'd have kept the 50% rate in place for more than one tax year then we could have seen its overall effect on tax intake.
 
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