Budget 2015

J

jimmybell

Veteran
 SW London
So then.. this is big!

Thus far:

Chancellor delays plan for a budget surplus by a year
Borrowing for this year revised down to £65.9bn
£37bn of spending cuts planned for this parliament
Public sector pay awards of 1% a year for next four years
Bank levy rate to be reduced over six years
Taxes paid on cars will contribute to new road fund

As it happens i think BBC is updating this page: http://www.bbc.co.uk/news/uk-politics-33440315
 
CornishRob said:
Any contractors or Directors on here? Looks like we are getting shafted
Click to expand...
You mean the corporation tax decrease along with the £5000 allowance and then staged tax rates?
 
'Good' news is that 'VED' will once again become 'road tax' as it will be ring-fenced for 'road investment' - although I'm sure that's a broad brush term so they can use it for speed cameras, traffic calming measures & managed motorways, rather than new trunk roads/motorways.
 
mmm-five said:
CornishRob said:
Any contractors or Directors on here? Looks like we are getting shafted
Click to expand...
You mean the corporation tax decrease along with the £5000 allowance and then staged tax rates?
Click to expand...

The staged dividend tax rate yes. Its now going to be 7.5% after the first 5K upto the next band. It was 0 previously with the tax credit as a basic rate tax payer!
 
Verrry interesting budget, looking forward to the media written exec summaries to assess the outcome. i imagine there will be 'are you better off' calcs by this evening.
 
CornishRob said:
mmm-five said:
CornishRob said:
Any contractors or Directors on here? Looks like we are getting shafted
Click to expand...
You mean the corporation tax decrease along with the £5000 allowance and then staged tax rates?
Click to expand...

The staged dividend tax rate yes. Its now going to be 7.5% after the first 5K upto the next band. It was 0 previously with the tax credit as a basic rate tax payer!
Click to expand...

Ah yes, the smaller entrepeneur/business owner gets his trousers taken down by yet another government, whilst multi-million dollar corporations get away with blatant tax dodging. :headbang:

And, yes, I'm a director and business owner. Albeit a pi55ed off one right now. :thumbsdown:
 
How does this translate to the current model:

BBC said:
Dividend tax credit to be replaced with a new tax-free allowance of £5,000 on dividend income. Rates of dividend tax to be set at 7.5%, 32.5% and 38.1%.
Click to expand...

Found it:

Effective dividend tax rate now
0pc
25pc
30.56pc

Rate after April 2016 (after £5,000 allowance)
7.5pc
32.5pc
38.1pc
 
VED changes are confusing... But the take-home for me is that it ain't getting cheaper :lol:
 
Seems the main change in VED is that small cars that currently pay no tax will all be charged £140 pa from 2017.

No change for any of us then!
 
DLH said:
Seems the main change in VED is that small cars that currently pay no tax will all be charged £140 pa from 2017.

No change for any of us then!
Click to expand...

No, that's not what it said. For cars registered after 1st April 2017 there will be three new bands zero, standard and premium. Cars that will pay zero tax will be electric vehicles as per the present. Standard will be £140 and will cover 95% of all cars registered although the 'showroom' tax at up to £2000 will still be payable in the first year.

According to the budget there will be no change to the VED for existing cars. Supposedly we won't pay more in tax than we do to.....we shall see. I thought the VED increased every year as introduced by the labour government.

And from 2020/2021 the funds raised through VED will be used to fund the roads. So, as pointed out it will technically become 'road tax' and that will no doubt ignite the whole driver vs cyclist debates.
 
For the vast majority of working folks very little change , more heartened by the proposed new ceilings on total household benefits of £23k , its a scandal that it was even possible to "earn" more in handouts than you could by working , Wrong , very wrong :thumbsdown:
 
Angie4m said:
DLH said:
Seems the main change in VED is that small cars that currently pay no tax will all be charged £140 pa from 2017.

No change for any of us then!
Click to expand...

No, that's not what it said. For cars registered after 1st April 2017 there will be three new bands zero, standard and premium. Cars that will pay zero tax will be electric vehicles as per the present. Standard will be £140 and will cover 95% of all cars registered although the 'showroom' tax at up to £2000 will still be payable in the first year.

According to the budget there will be no change to the VED for existing cars. Supposedly we won't pay more in tax than we do to.....we shall see. I thought the VED increased every year as introduced by the labour government.

And from 2020/2021 the funds raised through VED will be used to fund the roads. So, as pointed out it will technically become 'road tax' and that will no doubt ignite the whole driver vs cyclist debates.
Click to expand...
As I said "No Change for any of us (Z4 owners) then.

Which bit of that didn't you get? :poke:
 
Did you see the small print as well, cars costing new over £40k will pay an additional £310 per year for 5 years.

So not a case of "just" £140 then.
 
Yep, spotted that... Dealer normally pays the first road tax, right ? But £450 for 5 years is seriously expensive. As some of us know. Bit of a bitch given how efficient new, premium cars are nowadays. Just as well you bought your porker when you did PVR... Though it would be nice NOT to hear you crowing about it aaaaaall the time :D
 
seriously peed off with the new budget. i will get taxed on an additional 18k per year and thats just to begin with. there are bound to be further repercussions. just means i will have to work a bit harder to make it up!

i dont see any benefits for me whatsoever in the new budget and im guessing they will just p!ss the additional taxes up the wall like they have been doing for the past 15 years or so!
 
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