Furlough Roll Call

[tomski]

I thought it would be a bit further down the line. Oh well, is what it is.

[birch-chorley]

I doubt we will see any major tax rises this fiscal or even next, the government can borrow at record low interest rates so we don’t need to panic and try to cut our way out of trouble like we did in 2010, we have time 

The smart move would be to allow the economy to recover as much as possible before taking money out of pockets in the form of tax rises. If anything I’d imagine some temporary tax cuts in the way of reduced VAT in order to stimulate consumer spending 

I wouldn’t rule out some tax increases in the short term, but they would need to be cuts that don’t impact consumer spending, such as Pension tax relief and a return of the ‘dementia tax’ that TM tried to sell at the 2018 election (it was actually a decent policy to be fair to her) 

[Sweep]

21 minutes ago, birch-chorley said:

 

I wouldn’t rule out some tax increases in the short term, but they would need to be cuts that don’t impact consumer spending, such as Pension tax relief and a return of the ‘dementia tax’ that TM tried to sell at the 2018 election (it was actually a decent policy to be fair to her) 

I can see them going after that fairly quickly, they were talking about it before all of this, so I think it's nailed on we'll be losing that

[birch-chorley]

4 minutes ago, Sweep said:

I can see them going after that fairly quickly, they were talking about it before all of this, so I think it's nailed on we'll be losing that

If that’s the case then I will be asking my employer if I can have it in my salary instead, fuck saving for a pension if it means getting taxed on the same money twice 

[Sweep]

Just now, birch-chorley said:

If that’s the case then I will be asking my employer if I can have it in my salary instead, fuck saving for a pension if it means getting taxed on the same money twice 

salary sacrifice is the way forward my friend - I'd be surprised if it wasn't something that your company are willing to offer

[Not in Crawley]

Phew - ok with employee contribution and pausing my pension I'm only £100 down a month. Day one, its fucking boring isn't it?

[DazBob]

2 hours ago, Sweep said:

salary sacrifice is the way forward my friend - I'd be surprised if it wasn't something that your company are willing to offer

I'm surprised all companies don't do this. I thought it was pretty much the norm now.

[birch-chorley]

3 minutes ago, DazBob said:

I'm surprised all companies don't do this. I thought it was pretty much the norm now.

I’m assuming my current scheme is salary sacrifice? I pay in something like 5% and they match it with another 5% 

Benefit to me is the 5% I pay would have only given me 3% in my pocket, so deferred 3% of take home salary and get 10% in my pension 

[Jol_BWFC]

1 minute ago, birch-chorley said:

I’m assuming my current scheme is salary sacrifice? I pay in something like 5% and they match it with another 5% 

Benefit to me is the 5% I pay would have only given me 3% in my pocket, so deferred 3% of take home salary and get 10% in my pension 

Worth having a look at your pay slip to see how it’s described on there. It may shed some light on it.

[Mounts Kipper]

32 minutes ago, birch-chorley said:

I’m assuming my current scheme is salary sacrifice? I pay in something like 5% and they match it with another 5% 

Benefit to me is the 5% I pay would have only given me 3% in my pocket, so deferred 3% of take home salary and get 10% in my pension 

Check you are getting the maximum tax relief, If not make sure you claim it back via HRMC. 

[Sweep]

2 minutes ago, Mounts Kipper said:

Check you are getting the maximum tax relief, If not make sure you claim it back via HRMC. 

I mentioned this to my colleagues when I joined my new company, I was amazed how many weren't claiming back the maximum 

[Sweep]

36 minutes ago, birch-chorley said:

I’m assuming my current scheme is salary sacrifice? I pay in something like 5% and they match it with another 5% 

Benefit to me is the 5% I pay would have only given me 3% in my pocket, so deferred 3% of take home salary and get 10% in my pension 

If you're doing a salary sacrifice, then they actually reduce your basic wage - so you'll see that on your payslip. The amount that your wage is reduced by, they pay into your pension, plus the NI that they would have had to pay on it. As it's paid in at source, you don't pay any tax on it, so you're not paying into your pension after you've been taxed. The company also put in their usual agreed amount.

I think that's about the gist of it anyway 

[Jol_BWFC]

45 minutes ago, Sweep said:

If you're doing a salary sacrifice, then they actually reduce your basic wage - so you'll see that on your payslip. The amount that your wage is reduced by, they pay into your pension, plus the NI that they would have had to pay on it. As it's paid in at source, you don't pay any tax on it, so you're not paying into your pension after you've been taxed. The company also put in their usual agreed amount.

I think that's about the gist of it anyway 

Yeah, agreed. That’s was I was referring to in a wishy washy way above, but I haven’t looked a payslip for months so couldn’t tell you exactly how it was described. 

[Biggish Dave]

I personally don’t think they will go after pensions tax relief to be honest. Not a high enough percentage of the country would be affected to cover the cost of this.

my predictions for what they are worth over the next couple of budgets:-

1% increase in VAT, no dividend tax relief, the remainder taxed at 10% - 12.5% while at standard rate, increasing to 35% - 37.5% as a 40% tax payer. Additional rate tax threshold coming down by £25k to ask some of the better off people to contribute more. Corp Tax going up by 1% and even bringing back the higher rate corp tax to companies with profits over £300k.

If they are considering removing triple lock, individuals need encouraging to save for old age 

Edited May 13, 2020 by Biggish Dave

[green genie]

They better not pussyfoot around with IR35 next year else every fecker will be going sole trader for tax avoidance 

Edited May 13, 2020 by green genie

[birch-chorley]

10 hours ago, Biggish Dave said:

I personally don’t think they will go after pensions tax relief to be honest. Not a high enough percentage of the country would be affected to cover the cost of this.

my predictions for what they are worth over the next couple of budgets:-

1% increase in VAT, no dividend tax relief, the remainder taxed at 10% - 12.5% while at standard rate, increasing to 35% - 37.5% as a 40% tax payer. Additional rate tax threshold coming down by £25k to ask some of the better off people to contribute more. Corp Tax going up by 1% and even bringing back the higher rate corp tax to companies with profits over £300k.

If they are considering removing triple lock, individuals need encouraging to save for old age 

Given they have talked about pension tax relief numerous times pre Covid I wouldn’t be surprised. Just reading that it would bring in about £10bn a year, twice as much as £0.01 on the basic rate of tax! It would only impact higher earners and won’t take money out of anyone’s pockets now that could impact spending - it’s far from ‘fair taxation’ as your taxing the same money twice but I think it’s highly likely 

Expect Corporation tax to increase as well given the support businesses have had 

NI increases as well, dressed up as NHS taxes 

 

[Big E]

14 hours ago, green genie said:

They better not pussyfoot around with IR35 next year else every fecker will be going sole trader for tax avoidance 

You can't offer fuck all help to folk for being outside IR35 then plonk them all in. 

[superjohnmcginlay]

Back in work tomorrow for me. Where’s that Sunday blues thread.

 

Edited May 17, 2020 by superjohnmcginlay

[radcliffe white]

Anybody else still on it 

getting tedious now 

[Sweep]

5 minutes ago, radcliffewhite1 said:

Anybody else still on it 

getting tedious now 

I've not been furloughed at all, but one of my mates has just been told he's furloughed until the end of August as things stand - he's not been in work since April, so that'll be 5 months he's had off, and he's getting his full salary, he's loving it

[Casino]

Very on it

We have about a third back in

Its not the same in this weather

 

[Spider]

I’m working.

From home.

Its much the same as I’m still in my undies

[DazBob]

I'm still on it. Been told until 31st July as things stand but that could change either way at any point.

[radcliffe white]

2 minutes ago, Sweep said:

I've not been furloughed at all, but one of my mates has just been told he's furloughed until the end of August as things stand - he's not been in work since April, so that'll be 5 months he's had off, and he's getting his full salary, he's loving it

If I end up going back to my current employer it won’t be till mid July, started end of March so it’s a while.

5 minutes ago, Casino said:

Very on it

We have about a third back in

Its not the same in this weather

 

Aye the good weather has certainly eased it but tbh I’m glad of some rain now (not too long though) 

[Casino]

37 minutes ago, DazBob said:

I'm still on it. Been told until 31st July as things stand but that could change either way at any point.

Aye

Think 1st July you can be taken back part time

If they want to