It's over nobody listens to techno
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8% payroll tax
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The pension contribution isn’t a tax, it is paid into a fund of your choice which you benefit from when you retire.
It is optional, so if you don’t want to pay then don’t.
It is capped on earning, about £46k I think.
Your employer pays a portion of the contribution.
Directors, in most cases are exempt in any case.
Retirement planning is awful in this country, so many people are going to get such a shock when their only income will be about £150 per week.
This is a move to try and tackle this problem although I think at 8% it is not enough."The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance." CiceroComment
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Originally posted by AtW View PostIt's happening...
https://www.accountingweb.co.uk/tax/...ontributions-0
So overall payroll tax in this country going to be 45+13+2+8=68%!!!"A people that elect corrupt politicians, imposters, thieves and traitors are not victims, but accomplices," George OrwellComment
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It's not optional for the company to decide it won't pay this tax - these money don't go into the company fund, they go to employees - it's the same tulip as Employers National "Insurance" tax.
Now thereis talk of NHS tax, do you really think they won't take part of it from employers?Comment
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Originally posted by Paddy View PostMove to the IOM (0% income tax)Comment
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Originally posted by Waldorf View PostThe pension contribution isn’t a tax, it is paid into a fund of your choice which you benefit from when you retire.
Pension funds only work if more people pay into them each year to cover the outgoings.…Maybe we ain’t that young anymoreComment
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Originally posted by WTFH View PostYou will only benefit from the fund if it hasn't already been raided to pay the shareholders, taxmen and pensioners of today.
Pension funds only work if more people pay into them each year to cover the outgoings.
Having said all that I no longer pay into a pension, haven’t done for 25 years, I’ve made alternative arrangements."The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance." CiceroComment
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Originally posted by AtW View PostIncome Tax + Employer NIC + Employee NIC + "Auto-enrollmént tax AKA NIC #2 and 3" = 68% at least, ignoring here capped but still 13% employee NIC
Add to this upcoming "ring fenced" NHS tax, fire department tax, police tax etc.
Scandinavian level taxes and US level public services.
Originally posted by WTFH View PostAnd remember, Labour are the party of higher taxes, the Tories are all about lowering them.
...or are the Tories not at all interested in lowering taxes unless it's an election year?Originally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishingComment
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Originally posted by WTFH View PostYou will only benefit from the fund if it hasn't already been raided to pay the shareholders, taxmen and pensioners of today.
Pension funds only work if more people pay into them each year to cover the outgoings.Comment
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