Autumn Statement 2023

[quimcunx]

Mandatory fucking work experience is back I see. Fuckers.

 

[nogojones]

Live feed: Parliamentlive.tv - Commons
BBC iPlayer: BBC iPlayer - BBC Parliament


Guardian: Hunt to cut taxes to turbocharge economy: Autumn statement: Jeremy Hunt looks to cut UK taxes and ‘turbo-charge growth’

Daily Telegraph (through a Paywall breaker)

"Jeremy Hunt is expected to announce a cut to National Insurance in a boost for 28 million people when he delivers his Autumn Statement this afternoon.

The headline rates of the levy are expected to be reduced as the Chancellor also unveils what is due to be the biggest business tax cut in half a century.

Mr Hunt will tell MPs in the House of Commons that the Tories will “reject big government, high spending and high tax because we know that leads to less growth, not more”.

The Chancellor will insist that his plan for the economy can deliver growth and reduce the national debt.

He will say: “Our plan for the British economy is working. But the work is not done. Conservatives know that a dynamic economy depends less on the decisions and diktats of ministers than on the energy and enterprise of the British people.”

pic.twitter.com/EutiRCraxv

— Jeremy Hunt (@Jeremy_Hunt) November 22, 2023
It had also been rumoured that Mr Hunt would cut income tax, but it is thought this could be delayed until the Budget in March.

Economists said this morning that the Treasury may have decided to target NI because it is better targeted at working people.

No one pays National Insurance on the first £12,571 they earn in a year. Most workers pay 12 per cent on earnings up to a threshold of £50,271 - and two per cent on income after that. Employers also pay NI contributions.

The self-employed pay nine per cent on their profits between £12,570 and £50,270, and two per cent on profits after that.

Those who have reached state pension age do not pay NI even if they are still working.

It is not known how much the Chancellor will reduce the levy by, but a one per cent cut in the basic NI rate would save the average worker around £250 a year."




PMQs due at 12
Statement due 1230

Does this mean people earning under £,12,570 have their NI paid by the gvt? Or do they just not have to pay, but not get any stamp credited to them either, so they get fucked when they retire?

 

[Elpenor]

Does this mean people earning under £,12,570 have their NI paid by the gvt? Or do they just not have to pay, but not get any stamp credited to them either, so they get fucked when they retire?

If you earn between £6396 (the lower earnings limit) and £12570 (the primary threshold) you do not pay NI (technically you have a 0% rate) but are eligible for NI stamps and the various benefits they unlock

Rates and thresholds for employers 2023 to 2024

Use these rates and thresholds when you operate your payroll or provide expenses and benefits to your employees.

www.gov.uk

 

[kenny g]

Does this mean people earning under £,12,570 have their NI paid by the gvt? Or do they just not have to pay, but not get any stamp credited to them either, so they get fucked when they retire?

You have to earn around £140 a week (from fuzzy memory)to get NI stamps but don't have to pay NI. Same applies to those receiving child benefit for under 12s. It's not as savage as it could be but if the working dad opts to receive the child benefit then the mum can be NI free which I have known happen to one of my wife's mates. Unbelievable behaviour as it fucks up the mums independent pension provision.

 

[nogojones]

If you earn between £6396 (the lower earnings limit) and £12570 (the primary threshold) you do not pay NI (technically you have a 0% rate) but are eligible for NI stamps and the various benefits they unlock

Rates and thresholds for employers 2023 to 2024

Use these rates and thresholds when you operate your payroll or provide expenses and benefits to your employees.

www.gov.uk

and if you were self employed?

 

[Elpenor]

and if you were self employed?

I have no clue I’m afraid, I am only have knowledge on PAYE

 

[MickiQ]

You have to earn around £140 a week (from fuzzy memory)to get NI stamps but don't have to pay NI. Same applies to those receiving child benefit for under 12s. It's not as savage as it could be but if the working dad opts to receive the child benefit then the mum can be NI free which I have known happen to one of my wife's mates. Unbelievable behaviour as it fucks up the mums independent pension provision.

Mrs Q had two stints as a full time mum first one for nearly 11 years when the 3 older ones were kids and then again for about 2.5 years when Youngest was little, she claimed child benefit and got an NI stamp for those years so her state pension is near enough the full amount. Where she has lost out is private pension provision because she is down something like 30% of her 40 years, she did some part-time supply teacher work as well. I didn't know that Dads could claim child benefit, I always thought it was the Mum only so learned something new.

 

[kenny g]

and if you were self employed?

The deal for self employed is pretty good. You can pay a minimal amount and keep your stamps up. It is a good deal if you can't be arsed to work or sign on and willing to go to the minimal effort of setting up some kind of barely functioning business. There's straightforward guidance on the HMRC site:

Self-employed National Insurance rates

National Insurance contributions if you're self-employed - rates and exceptions.

www.gov.uk

 

[MickiQ]

The deal for self employed is pretty good. You can pay a minimal amount and keep your stamps up. It is a good deal if you can't be arsed to work or sign on and willing to go to the minimal effort of setting up some kind of barely functioning business. There's straightforward guidance on the HMRC site:

Self-employed National Insurance rates

National Insurance contributions if you're self-employed - rates and exceptions.

www.gov.uk

I'm self-employed and paid NI because I work for the limited company I own, My accountant runs a payroll bureau which issues me with a payslip for tax purposes which has all my deductions listed on it the same as when I worked for Evil American Megacorp. Once a month I transfer my net salary from the companies business account to my personal one and every three months pay NI contributions (both those 'deducted' from my salary and the company contribution to HMRC. Same principle with income tax. My accountant tells me how much and when and all I do is transfer the money.
I've stopped doing the NI bit now since I turned 66 ten days ago which has effectively given me a payrise until I retire.
I didn't realise until this week than working people of over state pension age are exempt from NI. I am apparently a class C person rather than a class A now.

 

[nogojones]

The deal for self employed is pretty good. You can pay a minimal amount and keep your stamps up. It is a good deal if you can't be arsed to work or sign on and willing to go to the minimal effort of setting up some kind of barely functioning business. There's straightforward guidance on the HMRC site:

Self-employed National Insurance rates

National Insurance contributions if you're self-employed - rates and exceptions.

www.gov.uk

Nice one. I have a couple of years I can catch up on.

 

[kenny g]

I'm self-employed and paid NI because I work for the limited company I own, My accountant runs a payroll bureau which issues me with a payslip for tax purposes which has all my deductions listed on it the same as when I worked for Evil American Megacorp. Once a month I transfer my net salary from the companies business account to my personal one and every three months pay NI contributions (both those 'deducted' from my salary and the company contribution to HMRC. Same principle with income tax. My accountant tells me how much and when and all I do is transfer the money.
I've stopped doing the NI bit now since I turned 66 ten days ago which has effectively given me a payrise until I retire.
I didn't realise until this week than working people of over state pension age are exempt from NI. I am apparently a class C person rather than a class A now.

I don't realise that either. So in effect anyone working over pensionable age gets an appreciable pay rise. Another motivation to keep in good health into ones 70s.

 

[Sue]

I'm self-employed and paid NI because I work for the limited company I own,

You're not self-employed. You're employed by your limited company which is a different thing.

 

[MickiQ]

You're not self-employed. You're employed by your limited company which is a different thing.

You're absolutely right of course, I'm not self-employed in the classic sense though I always refer to myself as such. Q Enterprises is a limited company which has a staff of one (me), a single board member (me with a different hat on) and 2 shareholders (me 70% and Mrs Q 30%) . I had to set up a limited company since all my clients are big companies who want VAT numbers and company insurance.
I do know that there is a legal and technical difference between me and a true self-employed person (which mostly benefits me) but the semantics is a hard habit to break.

 

[Voley]

Just worked out that the 2% cut in NI will give me a whopping £26 a month more come January.

Meanwhile, our old 50 quid Lidl shop is pushing 90 pound now.

Whoop.

 

[LeytonCatLady]

I notice Jeremy Cunt didn't actually announce this new "law" where the DWP can snoop into claimants' bank accounts, as we were being told to expect. Could that be because they haven't actually been able to change GDPR regulations to make this allowable in the last three years, never mind overnight?

 

[farmerbarleymow]

I am apparently a class C person rather than a class A now.

That's a bit rude of them.

According to the calculators on news sites I'll be better off but it won't make any difference given how much things have went up.

 

[Karl Masks]

looking forward to being forced into a job. Let's party like it's 2013!

Or having some DWP Hitler decide whether I'm fit for work, and not a doctor.

Or sitting on a talking therapy waiting list for a year, like I am already.

Thanks Jeremy. You cunt

 

[SpookyFrank]

I do know that there is a legal and technical difference between me and a true self-employed person (which mostly benefits me) but the semantics is a hard habit to break.

The dodging tax part of it is entirely incidental I'm sure.

 

[cesare]

Any* small benefits will be more than wiped out by the 5% increase in utilities bills

*Perhaps NI for some

 

[MickiQ]

The dodging tax part of it is entirely incidental I'm sure.

Sorry to disappoint you Frank but I don't dodge any tax at all, every single penny that passes through the books of Q Enterprises is properly accounted for and HMRC cream off their 'share'.
It would in fact make it much easier to dodge tax if I was a proper self-employed person. Multi-billion pound companies don't seem to like paying sub-contractors in bags of used notes they seem to reserve that behavior for third world despots.

 

[Voley]

Any* small benefits will be more than wiped out by the 5% increase in utilities bills

*Perhaps NI for some

Yes I read about that this morning and thought exactly that, too.

 

[weepiper]

Universal credit gets raised by 6.7% and a pound an hour on the minimum wage but not til April. Five months is a long time for your income to be outstripped by rampant food inflation and energy bill increases.

 

[SpookyFrank]

Universal credit gets raised by 6.7% and a pound an hour on the minimum wage but not til April. Five months is a long time for your income to be outstripped by rampant food inflation and energy bill increases.

Don't forget about how inflation is reducing the personal tax free allowance month by month.

 

[tim]

"This Jeremy is building the economy. The other Jeremy would have crashed it."

Someone wrote that.

Is Clarkson heading for the house of Lords too?

 

[tim]

TLDR: tories still cunts fucking over everyone but themselves and their donors

Most Tories are actually pretty darn good at fucking over other Tories.

 

[MickiQ]

According to the Guardian "Will You Be Better Off Calculator"

You will be £0.00 better off

 

[magneze]

Have you been mis-sold an autumn statement?

Concern that the British public may have been misled on the fundamentals of the autumn statement has started to grow.

www.thelondoneconomic.com

Good article - pointing out the mis selling.

 

[LeytonCatLady]

Crackdown to tackle ‘morally wrong’ rise in sickness benefits claimants

Jobseekers who do not engage in new Government work search programme will no longer qualify for payouts

www.telegraph.co.uk

Self righteous pricks. The only thing morally wrong is the harassment they're planning!

 

[Dogsauce]

Thanks for the extra £104.60 per year Jeremy, going to be really useful for paying the extra £370 per month that our mortgage has gone up by due to your government’s utter incompetence.

They could cut tax to zero and it still wouldn’t touch the sides.