More We're All Phooked, Race To The Bottom, Tin Foil Hatter Paranoia

[19 year mortgage 8itch]

2 things, the classic squeeze.

Already experiencing price inflation supposedly off the back of minimum wage increases and now I've got proof of how the tax and NI changes will make me poorer this month. Good luck out there.

[jagger]I know it's only anecdotal but I like it. [/jagger]

[Errol]

Could you explain the tax/NI bit?

[19 year mortgage 8itch]

Could you explain the tax/NI bit?

I'm what now seems to be called a "middle income earner". Earns too much to get tax credits but not enough to serve champagne and caviar every night.

GO made a great fanfare in the budget about raising the tax threshold so people like me pay less tax. Unfortunately for me, the changes to pension and removal of the serps opt out has increase my NI by far more than I get back for the tax change. As there is no pay rise this tax year, from March to April my take home pay has gone down.

Isn't it a 1.4% national insurance increase for those of us previously opted out? As well as a 3.4% increase in my company's NI bill.

I suspect This will not be the last moan you hear on the subject.

[spunko2010]

For different reasons to you my income has also dropped due to tax changes this year. Ie divided changes from the budget.

[ChewingGrass]

The tax system in the UK is far too complicated, thats why they get away with it as most people will just shrug their shoulders as it is too hard to work out.

I employ an accountant and know more than most peeps through years of experience and even I have found it too hard to accurately predict this year.

Will wait till the dust settles and adjust accordingly later in the year.

[sisyphal]

http://www.thesalarycalculator.co.uk/salary.php

Salary Calculator usefully compares "2016 Take Home" to "April 2015 Values". I was looking today wondering why take home hadn't changed as I'd expected, an NI change would explain it.

[interestrateripoff]

Give with one hand take away with the other. The vast majority find they are no better off.

[TheCountOfNowhere]

Give some with one hand take away much more with the other. The vast majority find they are no better off.

[Funn3r]

As forever the large print giveth, even unto the small print taketh away, Amen.

[campervanman]

Price inflation in the UK is down to the fall in Sterling on Brexit concerns.

[long time lurking]

Price inflation in the UK is down to the fall in Sterling on Brexit concerns.

OIl dropping out of inflation stats feck all to do with brexit

[Austin Allegro]

The tax system in the UK is far too complicated, thats why they get away with it as most people will just shrug their shoulders as it is too hard to work out.

I employ an accountant and know more than most peeps through years of experience and even I have found it too hard to accurately predict this year.

Will wait till the dust settles and adjust accordingly later in the year.

Also, one risks being branded an evil Tory little better than a Russian gangster if one uses legitimate tax avoidance schemes. In the popular mind it seems that it's ok to get relief on tax if the government does it for you (tax credits etc) but not if you do it yourself!

[PopGun]

Also, one risks being branded an evil Tory little better than a Russian gangster if one uses legitimate tax avoidance schemes. In the popular mind it seems that it's ok to get relief on tax if the government does it for you (tax credits etc) but not if you do it yourself!

Depends on whether you preach deficit hysteria or not, which would be a tad hypocritical no?