Autumn Statement 2016

[KingNothing]

Yeah, I got that, but I can get other stuff via my employer such as critical illness cover and additional life insurance which I was looking into as an option, I can also buy extra days holiday which comes off before tax and NI, need to see which options still benefit me, other than that I'll just bung in additional contributions into my pension.

[Welshbeef]

KingNothing said:

Yeah, I got that, but I can get other stuff via my employer such as critical illness cover and additional life insurance which I was looking into as an option, I can also buy extra days holiday which comes off before tax and NI, need to see which options still benefit me, other than than I'll just bung in additional contributions into my pension.

You'll be paying.

[PurpleMoonlight]

Annual Budget's in Autumn from 2017.

[PurpleMoonlight]

KingNothing said:

Yeah, I got that, but I can get other stuff via my employer such as critical illness cover and additional life insurance which I was looking into as an option, I can also buy extra days holiday which comes off before tax and NI, need to see which options still benefit me, other than that I'll just bung in additional contributions into my pension.

I would think you can still have unpaid holiday.

CI & LA might get caught.

[Jockman]

KingNothing said:

Yeah, I got that, but I can get other stuff via my employer such as critical illness cover and additional life insurance which I was looking into as an option, I can also buy extra days holiday which comes off before tax and NI, need to see which options still benefit me, other than that I'll just bung in additional contributions into my pension.

Is there any BIK on Life Assurance?

[KingNothing]

Jockman said:

Is there any BIK on Life Assurance?

I might only get NI on insurance, need to check when I'm next at work. Some of the options I have, has; tax and NI counted, and some only have NI.

[Eric Mc]

Jockman said:

Is there any BIK on Life Assurance?

Yes.

[Justayellowbadge]

Catching up in bits and can't find much- what are the changes to flat rate VAT?

[type-r]

For those lucky enough, raising of the higher rate income tax band is a good thing. (43k to 50k).

[Dr Murdoch]

type-r said:

For those lucky enough, raising of the higher rate income tax band is a good thing. (43k to 50k).

[Welshbeef]

Justayellowbadge said:

Catching up in bits and can't find much- what are the changes to flat rate VAT?

It's gone from April you'll be no different to a cash employee

[Justayellowbadge]

Welshbeef said:

It's gone from April you'll be no different to a cash employee

Merde. Don't make anything on it rrally but the admin reduction is a boon.

[Welshbeef]

type-r said:

For those lucky enough, raising of the higher rate income tax band is a good thing. (43k to 50k).

Announced in March 2016.

Essentially assuming all else is equal a £1,400 pa tax cut for those individuals
But the issue is it's been held back for years fiscal drift so yes a physical tax cut but it's a righting a wrong. The poorest will not be happy.

When will the zero child tax benefit and be increased?

[OzzyR1]

Dr Murdoch said:

type-r said:

For those lucky enough, raising of the higher rate income tax band is a good thing. (43k to 50k).

"By the end of this parliament", so put the party on hold for another 3 years or so...

[Pulse]

Two questions for me.

1. I have signed up for three salary sacrifice elements this year. I note that pension contributions are excluded definitely, so that's fine. I've also signed up for additional days off (which doesn't seem to have a definite answer) and the gym (which I don't care if that goes up). Any ideas? I find it odd that you can exclude the cycle to work scheme, but the gym would get penalised - shouldn't it just be 'health' in general is excluded from the change? (I appreciate that may be too broad)

2. When does the higher tax rate change to £50,000? Are there details somewhere? This may affect some of my decisions over the coming years.

[Eric Mc]

Nothing will change until 5 April 2017 at the earliest.

The Autumn Statement is not a Budget (although some Chancellors had seemed to forget this).

[PurpleMoonlight]

Gym membership should already be taxed as a BIK as far as I am aware.

I would guess holidays will be okay, because you are not being paid because you are not available for work.

My guess for £50,000 is 2020. It's £45,000 from 2017.

[Dr Murdoch]

OzzyR1 said:

"By the end of this parliament", so put the party on hold for another 3 years or so...

[richardxjr]

Justayellowbadge said:

Welshbeef said:

It's gone from April you'll be no different to a cash employee

Merde. Don't make anything on it rrally but the admin reduction is a boon.

I do. What's the detail, going completely?

ETA detail here https://www.gov.uk/government/publications/tacklin...

Edited by richardxjr on Wednesday 23 November 14:52

[Pulse]

PurpleMoonlight said:

Gym membership should already be taxed as a BIK as far as I am aware.

I would guess holidays will be okay, because you are not being paid because you are not available for work.

My guess for £50,000 is 2020. It's £45,000 from 2017.

Thanks for the response - much appreciated. It's not taxed already, certainly in my case. I pay just shy of £11pm for an £18pm membership. Would be interested to see what happens there.

Holidays are effectively giving up 2 weeks of pay (in my case) so I hope what you've said is correct. It's the same as taking a mini-sabbatical I guess?

2020 will be fine - hopefully I'll be earning over £50,000 by then, and as such will keep reducing my pay with pension contributions (if that's still allowed by then).