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Saving For a Space Ship

Working Tax Credit Cut By 10% This Yr For The Self Employed

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I've talked to a couple of self employed friends who have had their working tax credit cut by 10% after yearly review, from £52 to £47 a week.

​I thought this was a big hit, and they said they had no warning / explanation letter. I'm not seen anything in the news and am surprised a google search does not come up with much .

More frog boiling ? A lot of this WTC is keeping zombie firms afloat & unemployment figures down, so perhaps we will see a rise in UB figures as it' may not be survivable on WTC and they will jump ship.

I think mature single person UB is approx £77 a week

EDIT

Tax credits entitlement tables: working and have no children

https://www.gov.uk/government/publications/tax-credits-entitlement-tables-working-and-have-no-children/tax-credits-entitlement-tables-working-and-have-no-children

Edited by Saving For a Space Ship

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Less free money.

So what ?

Want more, work more, that's what I have to do.

Freeloaders & parasites aside, I was talking about genuine cases of need for people who cannot survive on low wages, so need WTC .

It would be great if there was more work to do, but increasingly, there is none,

Edited by Saving For a Space Ship

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Sooner or later the lack of effective demand in the economy will have to be addressed as will an increasingly workless future as we progress towards a more automated and algorithmic economy.

Whether this is by working tax credits or a citizens income or whatever..

I don't think the Tory's trying to apply 19th century economics to a modern automated economy will work, not least destroying work and industry in the first place, and then having the gall to call the victims 'scroungers' something they have been doing since the 80's.

Edited by aSecureTenant

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WTC is one massive elephant not just propping up families but demand for goods and services. Removing the drug is going to be incredibly difficult.

Getting Scotland off our books would free up 9bn a year Im told.

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Tax credits entitlement tables: working and have no children

https://www.gov.uk/government/publications/tax-credits-entitlement-tables-working-and-have-no-children/tax-credits-entitlement-tables-working-and-have-no-children

They've filled in Tax Calculator & it says they are only entitled to £28 a week (nearly half of last yr) , yet get £47 dropped from £52

:blink:

https://www.gov.uk/tax-credits-calculator

Edited by Saving For a Space Ship

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Can I assume that it's not only single people getting WTC cut?. Birmingham council now charge single people receiving council tax benefit 25% of the bill. Pensioners, people with children not affected. WTF.

I'm all for balls to the wall austerity, but it's got to be fair and accross everyone.

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Can I assume that it's not only single people getting WTC cut?. Birmingham council now charge single people receiving council tax benefit 25% of the bill. Pensioners, people with children not affected. WTF.

I'm all for balls to the wall austerity, but it's got to be fair and accross everyone.

As the benefit system is unfair and perverse i dont see why any austerity (real or fake) would be any different

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As the benefit system is unfair and perverse i dont see why any austerity (real or fake) would be any different

Right, bit like home owners getting jam and non home owners having to suck it up.

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You can claim tax credits.

Really? Ok, will check that out. Thanks.

I've not been paying any Class 1 contributions as self employed and thought the WTC for self employed was, or was about to be, means tested.

Edited by shindigger

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Really? Ok, will check that out. Thanks.

I've not been paying any Class 1 contributions as self employed and thought the WTC for self employed was, or was about to be, means tested.

No savings are not taken into account. Its just earnings.

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Freeloaders & parasites aside, I was talking about genuine cases of need for people who cannot survive on low wages, so need WTC .

It would be great if there was more work to do, but increasingly, there is none,

I've got news for you....people on high wages are struggling to and 60% of their income is being taken off them to support other people.

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I'm almost certain tax credits are a mechanism to massage unemployment statistics. For both employed and self-employed tax credits represent a huge disincentive to doing too much work and thus spreads the labour requirement, in the market, around the maximum number of people possible.

It would probably be cheaper and certainly more efficient to say anyone self-employed earning less than £25k pa can just stay out the tax system entirely. The counter-argument would be the effective ceiling this would impose on further economic activity by this group but I really can't see how tax credits causes any different behaviour.

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I'm almost certain tax credits are a mechanism to massage unemployment statistics. For both employed and self-employed tax credits represent a huge disincentive to doing too much work and thus spreads the labour requirement, in the market, around the maximum number of people possible.

It would probably be cheaper and certainly more efficient to say anyone self-employed earning less than £25k pa can just stay out the tax system entirely. The counter-argument would be the effective ceiling this would impose on further economic activity by this group but I really can't see how tax credits causes any different behaviour.

I'll raise your 'almost certain' for a 100%, gold plated, stark bollock naked certain.

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No changes at all in WTC for self employed.If their money has gone down its because their "claimed" earnings have gone up.Nothing more.

If single they have to work 30 hours anyway and get the 30 hour top up.

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No changes at all in WTC for self employed.If their money has gone down its because their "claimed" earnings have gone up.Nothing more.

If single they have to work 30 hours anyway and get the 30 hour top up.

There has been no rise in their earning, it has gone down.

Edited by Saving For a Space Ship

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Sooner or later the lack of effective demand in the economy will have to be addressed as will an increasingly workless future as we progress towards a more automated and algorithmic economy.

Whether this is by working tax credits or a citizens income or whatever..

I don't think the Tory's trying to apply 19th century economics to a modern automated economy will work, not least destroying work and industry in the first place, and then having the gall to call the victims 'scroungers' something they have been doing since the 80's.

Industry destroyed itself, and at any rate if they did destroy it which they didn't globalisation of which the great British public eagerly embraced so they could buy their cheap tat was the sweeping change only a few years later.

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  • 407 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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