Tory party is the party of business and tax cuts! Tory party is the party of business and tax cuts!
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  1. #1

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    Default Tory party is the party of business and tax cuts!

    Tax cut for self-employed workers scrapped

    A planned tax cut for 2.7m self-employed workers has been scrapped by the UK government.

    It said Class 2 National Insurance contributions would not now be abolished in this Parliament.

    It cited concerns that low-earning self employed people would end up paying more to access the state pension and it would make the tax system more complex.

    The Federation of Small Businesses said it was "extremely disappointing" and would hit more than 3m people.
    The government was originally due to scrap Class 2 NI contributions, paid by self-employed people with profits of £6,205 or more a year, in April 2018 but last year announced it was delaying that for a year.

    But it announced on Thursday that they would not now be abolished in this Parliament - something the FSB says will "net the Treasury more than £350m annually in the three years to 2021".

    In a written statement, it said the change had been intended to simplify the tax system for the self-employed but it had "become clear" that a "significant number" of self-employed people with the lowest profits would have ended up paying more.

    "Having listened to those likely to be affected by this change, we have concluded that it would not be right to proceed during this Parliament, given the negative impacts it could have on some of the lowest earning in our society," it said.

    https://www.bbc.co.uk/news/uk-45439542


  2. #2

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    Quote Originally Posted by AtW View Post
    Tax cut for self-employed workers scrapped

    A planned tax cut for 2.7m self-employed workers has been scrapped by the UK government.

    It said Class 2 National Insurance contributions would not now be abolished in this Parliament.

    It cited concerns that low-earning self employed people would end up paying more to access the state pension and it would make the tax system more complex.

    The Federation of Small Businesses said it was "extremely disappointing" and would hit more than 3m people.
    The government was originally due to scrap Class 2 NI contributions, paid by self-employed people with profits of £6,205 or more a year, in April 2018 but last year announced it was delaying that for a year.

    But it announced on Thursday that they would not now be abolished in this Parliament - something the FSB says will "net the Treasury more than £350m annually in the three years to 2021".

    In a written statement, it said the change had been intended to simplify the tax system for the self-employed but it had "become clear" that a "significant number" of self-employed people with the lowest profits would have ended up paying more.

    "Having listened to those likely to be affected by this change, we have concluded that it would not be right to proceed during this Parliament, given the negative impacts it could have on some of the lowest earning in our society," it said.

    https://www.bbc.co.uk/news/uk-45439542

    We should be celebrating this. HMRC are apparently listening. Maybe, just maybe this means that they will be listening to the concerns over off payroll working reforms in the private sector and abolish their intended changes.

    Meanwhile in the real world.....

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    Quote Originally Posted by Yorkie62 View Post
    We should be celebrating this. HMRC are apparently listening. Maybe, just maybe this means that they will be listening to the concerns over off payroll working reforms in the private sector and abolish their intended changes.

    Meanwhile in the real world.....
    HMRC listened to "those affected by the charges", namely HMRC and the Treasury, who would see less money coming in from the lower paid.
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    Quote Originally Posted by WTFH View Post
    HMRC listened to "those affected by the charges", namely HMRC and the Treasury, who would see less money coming in from the lower paid.
    ooooo. cynicism this early in the morning.

  5. #5

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    Quote Originally Posted by Yorkie62 View Post
    ooooo. cynicism this early in the morning.
    I could have been equally as cynical 3 hours earlier when it comes to the 'fairness' agenda of these

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    Quote Originally Posted by Yorkie62 View Post
    We should be celebrating this. HMRC are apparently listening. Maybe, just maybe this means that they will be listening to the concerns over off payroll working reforms in the private sector and abolish their intended changes.

    Meanwhile in the real world.....
    D'ya think? Really...?
    His heart is in the right place - shame we can't say the same about his brain...

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