Discussion
In the words of Status Quo.
Oh here we are and here we are and here we go
All aboard and we're hitting the road
Here we go, rockin' all over the world
Not sure that there are going to be many winners this time around, only those paid minimum wage perhaps. Most of us will likely see the usual suspects of duties increased, but it looks as if savers and investors may take a hit. But remember, they will tax the growth of the assets not the assets themselves. Tax free allowance looks likely to be frozen until 2030; we need more people paying tax and this is a sensible way of doing it in my opinion.
Business looks like it is going going to face higher NI costs, and we already know wages must increase next April if employers are paying the minimum they can legally get away with. Don't forget employers receive a £5,000 pa employers allowance which will cover the increase for some employers.
Potential pension changes has been remarkably quiet recently, hopefully that's a good sign.
Ultimately though, nobody is going to go from wealthy to destitute. I would argue that no business should cease trading because of a 2% increase in wage costs, if they are sailing that close to the wind they are likely on borrowed time anyway.
A tax increase of £35bn is only an 3% increase in total taxes.
Oh here we are and here we are and here we go
All aboard and we're hitting the road
Here we go, rockin' all over the world
Not sure that there are going to be many winners this time around, only those paid minimum wage perhaps. Most of us will likely see the usual suspects of duties increased, but it looks as if savers and investors may take a hit. But remember, they will tax the growth of the assets not the assets themselves. Tax free allowance looks likely to be frozen until 2030; we need more people paying tax and this is a sensible way of doing it in my opinion.
Business looks like it is going going to face higher NI costs, and we already know wages must increase next April if employers are paying the minimum they can legally get away with. Don't forget employers receive a £5,000 pa employers allowance which will cover the increase for some employers.
Potential pension changes has been remarkably quiet recently, hopefully that's a good sign.
Ultimately though, nobody is going to go from wealthy to destitute. I would argue that no business should cease trading because of a 2% increase in wage costs, if they are sailing that close to the wind they are likely on borrowed time anyway.
A tax increase of £35bn is only an 3% increase in total taxes.
Edited by Rufus Stone on Wednesday 30th October 03:17
Rufus Stone said:
In the words of Status Quo.
Oh here we are and here we are and here we go
All aboard and we're hitting the road
Here we go, rockin' all over the world
Not sure that there are going to be many winners this time around, only those paid minimum wage perhaps. Most of us will likely see the usual suspects of duties increased, but it looks as if savers and investors may take a hit. But remember, they will tax the growth of the assets not the assets themselves. Tax free allowance looks likely to be frozen until 2030; we need more people paying tax and this is a sensible way of doing it in my opinion.
Business looks like it is going going to face higher NI costs, and we already know wages must increase next April if employers are paying the minimum they can legally get away with. Don't forget employers receive a £5,000 pa employers allowance which will cover the increase for some employers.
Potential pension changes has been remarkably quiet recently, hopefully that's a good sign.
Ultimately though, nobody is going to go from wealthy to destitute. I would argue that no business should cease trading because of a 2% increase in wage costs, if they are sailing that close to the wind they are likely on borrowed time anyway.
A tax increase of £35bn is only an 3% increase in total taxes.
Plenty of small high street businesses will / are “sailing close to the wind”, let’s just kill them off and close a few more of our high street businesses ……..Oh here we are and here we are and here we go
All aboard and we're hitting the road
Here we go, rockin' all over the world
Not sure that there are going to be many winners this time around, only those paid minimum wage perhaps. Most of us will likely see the usual suspects of duties increased, but it looks as if savers and investors may take a hit. But remember, they will tax the growth of the assets not the assets themselves. Tax free allowance looks likely to be frozen until 2030; we need more people paying tax and this is a sensible way of doing it in my opinion.
Business looks like it is going going to face higher NI costs, and we already know wages must increase next April if employers are paying the minimum they can legally get away with. Don't forget employers receive a £5,000 pa employers allowance which will cover the increase for some employers.
Potential pension changes has been remarkably quiet recently, hopefully that's a good sign.
Ultimately though, nobody is going to go from wealthy to destitute. I would argue that no business should cease trading because of a 2% increase in wage costs, if they are sailing that close to the wind they are likely on borrowed time anyway.
A tax increase of £35bn is only an 3% increase in total taxes.
Edited by Rufus Stone on Wednesday 30th October 03:17
Deluded !
Rufus Stone said:
In the words of Status Quo.
Oh here we are and here we are and here we go
All aboard and we're hitting the road
Here we go, rockin' all over the world
Not sure that there are going to be many winners this time around, only those paid minimum wage perhaps. Most of us will likely see the usual suspects of duties increased, but it looks as if savers and investors may take a hit. But remember, they will tax the growth of the assets not the assets themselves. Tax free allowance looks likely to be frozen until 2030; we need more people paying tax and this is a sensible way of doing it in my opinion.
Business looks like it is going going to face higher NI costs, and we already know wages must increase next April if employers are paying the minimum they can legally get away with. Don't forget employers receive a £5,000 pa employers allowance which will cover the increase for some employers.
Potential pension changes has been remarkably quiet recently, hopefully that's a good sign.
Ultimately though, nobody is going to go from wealthy to destitute. I would argue that no business should cease trading because of a 2% increase in wage costs, if they are sailing that close to the wind they are likely on borrowed time anyway.
A tax increase of £35bn is only an 3% increase in total taxes.
A significant amount of the construction Industry (or the major main contractors) operate with near 2% margins, and labour makes up near 70% of their ‘costs’.Oh here we are and here we are and here we go
All aboard and we're hitting the road
Here we go, rockin' all over the world
Not sure that there are going to be many winners this time around, only those paid minimum wage perhaps. Most of us will likely see the usual suspects of duties increased, but it looks as if savers and investors may take a hit. But remember, they will tax the growth of the assets not the assets themselves. Tax free allowance looks likely to be frozen until 2030; we need more people paying tax and this is a sensible way of doing it in my opinion.
Business looks like it is going going to face higher NI costs, and we already know wages must increase next April if employers are paying the minimum they can legally get away with. Don't forget employers receive a £5,000 pa employers allowance which will cover the increase for some employers.
Potential pension changes has been remarkably quiet recently, hopefully that's a good sign.
Ultimately though, nobody is going to go from wealthy to destitute. I would argue that no business should cease trading because of a 2% increase in wage costs, if they are sailing that close to the wind they are likely on borrowed time anyway.
A tax increase of £35bn is only an 3% increase in total taxes.
Edited by Rufus Stone on Wednesday 30th October 03:17
I’d agree many are on borrowed time, but the impact could/would be massive if these were to cease trading.
Also bear in mind, orders would have been negotiated some time back, potentially for years in advance so it isn’t simply a case of pricing in the increases as that just isn’t possible.
It’s hugely shortsighted therefore to say such an increase is irrelevant.
Edited by Hobo on Wednesday 30th October 07:26
t the bed with CGT on share sales…Rufus Stone said:
Business looks like it is going going to face higher NI costs, and we already know wages must increase next April if employers are paying the minimum they can legally get away with. Don't forget employers receive a £5,000 pa employers allowance which will cover the increase for some employers.
A naive view of the world as to be expected from this poster. The minimum wage increase affects all wages. Every band has to move up to allow for it. The cap for the employers allowance will no doubt be frozen, thus pushing more businesses into it. Many businesses are still recovering/have not recovered from the aftermath of Covid. Energy and insurance costs have gone through the roof in recent years, as have many raw materials. It's tough out there. There was a good thread in the Business section about it. These changes will be detrimental to growth and employment.Rufus Stone said:
Ultimately though, nobody is going to go from wealthy to destitute. I would argue that no business should cease trading because of a 2% increase in wage costs, if they are sailing that close to the wind they are likely on borrowed time anyway.
It’s a bit more than 2% for some business, there’s one I’m looking at a Nursery will have quite an impact
Staff costs on minimal wages will jump significantly more than 2% before any NI impact is added, they can’t reduce their staffing levels as need to maintain a ratio so prices will rise (presumably at same time as some of their customers are squeezed in other places) they were considering expansion with a new property in the future but this will knock them a bit. (It is of course not just the min wagers will need increased as a differential needs to be maintained to get some to take on more responsibility.
At the other end of middle earners lose take home (or face increased cost pressures) there is the inevitable fall out on discretionary spending - cafes/restraints will feel the pinch with reduced foot fall as folk tighten their belts at the same time as having to pay the kitchen porters/waiters etc more.
Watch your local Fish & Chip Shop, its pricing is a good barometer if owners are switched on, inputs sourced from supply chains with min wage employees served by min wage employees.
AndyAudi said:
Watch your local Fish & Chip Shop, its pricing is a good barometer if owners are switched on, inputs sourced from supply chains with min wage employees served by min wage employees.
Good call. We have two in the local town, and until a year or so ago thry were always busy. But prices now are ridiculous. We don't bother any more (used to be an occasional treat if we're were late home after a day out for instance). Both shops are quiet nowadays. I can't see both of them surviving.
It's only slightly more to go to Wetherspoons and have a perfectly nice meal and a drink.
Wetherspoons is always busy of course. Times are certainly changing.
The minimum wage and NI will be a nail in the coffin of even more of the highstreet.
Lap it up while you can Lefties...ultimately you will loose.
Rufus Stone said:
In the words of Status Quo.
Oh here we are and here we are and here we go
All aboard and we're hitting the road
Here we go, rockin' all over the world
Not sure that there are going to be many winners this time around, only those paid minimum wage perhaps. Most of us will likely see the usual suspects of duties increased, but it looks as if savers and investors may take a hit. But remember, they will tax the growth of the assets not the assets themselves. Tax free allowance looks likely to be frozen until 2030; we need more people paying tax and this is a sensible way of doing it in my opinion.
Business looks like it is going going to face higher NI costs, and we already know wages must increase next April if employers are paying the minimum they can legally get away with. Don't forget employers receive a £5,000 pa employers allowance which will cover the increase for some employers.
Potential pension changes has been remarkably quiet recently, hopefully that's a good sign.
Ultimately though, nobody is going to go from wealthy to destitute. I would argue that no business should cease trading because of a 2% increase in wage costs, if they are sailing that close to the wind they are likely on borrowed time anyway.
A tax increase of £35bn is only an 3% increase in total taxes.
It's not only a business owner that is impacted when they go bust. The staff are made redundant, suppliers are left unpaid and people who have paid for work / products are left out of pocket.Oh here we are and here we are and here we go
All aboard and we're hitting the road
Here we go, rockin' all over the world
Not sure that there are going to be many winners this time around, only those paid minimum wage perhaps. Most of us will likely see the usual suspects of duties increased, but it looks as if savers and investors may take a hit. But remember, they will tax the growth of the assets not the assets themselves. Tax free allowance looks likely to be frozen until 2030; we need more people paying tax and this is a sensible way of doing it in my opinion.
Business looks like it is going going to face higher NI costs, and we already know wages must increase next April if employers are paying the minimum they can legally get away with. Don't forget employers receive a £5,000 pa employers allowance which will cover the increase for some employers.
Potential pension changes has been remarkably quiet recently, hopefully that's a good sign.
Ultimately though, nobody is going to go from wealthy to destitute. I would argue that no business should cease trading because of a 2% increase in wage costs, if they are sailing that close to the wind they are likely on borrowed time anyway.
A tax increase of £35bn is only an 3% increase in total taxes.
Edited by Rufus Stone on Wednesday 30th October 03:17
Taxing businesses even more to employe people just seems counter productive. I wonder if anyone will raise the questions regarding the Chancellor's CV today...
Though to be honest the biggest impact for me has been the total doom and gloom coming from Downing Street.
rustyuk said:
Rufus Stone said:
In the words of Status Quo.
Oh here we are and here we are and here we go
All aboard and we're hitting the road
Here we go, rockin' all over the world
Not sure that there are going to be many winners this time around, only those paid minimum wage perhaps. Most of us will likely see the usual suspects of duties increased, but it looks as if savers and investors may take a hit. But remember, they will tax the growth of the assets not the assets themselves. Tax free allowance looks likely to be frozen until 2030; we need more people paying tax and this is a sensible way of doing it in my opinion.
Business looks like it is going going to face higher NI costs, and we already know wages must increase next April if employers are paying the minimum they can legally get away with. Don't forget employers receive a £5,000 pa employers allowance which will cover the increase for some employers.
Potential pension changes has been remarkably quiet recently, hopefully that's a good sign.
Ultimately though, nobody is going to go from wealthy to destitute. I would argue that no business should cease trading because of a 2% increase in wage costs, if they are sailing that close to the wind they are likely on borrowed time anyway.
A tax increase of £35bn is only an 3% increase in total taxes.
It's not only a business owner that is impacted when they go bust. The staff are made redundant, suppliers are left unpaid and people who have paid for work / products are left out of pocket.Oh here we are and here we are and here we go
All aboard and we're hitting the road
Here we go, rockin' all over the world
Not sure that there are going to be many winners this time around, only those paid minimum wage perhaps. Most of us will likely see the usual suspects of duties increased, but it looks as if savers and investors may take a hit. But remember, they will tax the growth of the assets not the assets themselves. Tax free allowance looks likely to be frozen until 2030; we need more people paying tax and this is a sensible way of doing it in my opinion.
Business looks like it is going going to face higher NI costs, and we already know wages must increase next April if employers are paying the minimum they can legally get away with. Don't forget employers receive a £5,000 pa employers allowance which will cover the increase for some employers.
Potential pension changes has been remarkably quiet recently, hopefully that's a good sign.
Ultimately though, nobody is going to go from wealthy to destitute. I would argue that no business should cease trading because of a 2% increase in wage costs, if they are sailing that close to the wind they are likely on borrowed time anyway.
A tax increase of £35bn is only an 3% increase in total taxes.
Edited by Rufus Stone on Wednesday 30th October 03:17
Taxing businesses even more to employe people just seems counter productive. I wonder if anyone will raise the questions regarding the Chancellor's CV today...
Though to be honest the biggest impact for me has been the total doom and gloom coming from Downing Street.
Knock on will just be higher wages for all, inflation and increased costs.
Worth looking at govt borrowing too - 10 year rates hit 4.32% yesterday - even higher than post-Truss - that is a very very big elephant in the room.
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