I doubt this will come up in many pub quizzes, but the answer is employees, and the self-employed a bit. Not we employers, whose share hasn’t changed. And, as a result of the usual smoke and mirrors, nobody much, as we’ll all actually be paying more tax. It’s inflation and the freezing of the tax allowances that’s to blame. Pensioners don’t pay national insurance, but have done pretty well from the 8.5% rise in the state pension. However, that will push many, if they have even if they have an extra £100 a month of income, into the world of taxpaying. And we’re having many conversations with those likely to earn more than £1,000 of interest now that rates have gone up, who’ll need to complete a tax return in Jan 25. As for the trumpeted ‘abolition’ of the self-employed weekly NI payment. Well, £3.45 won’t buy a frappuccino these days, and it’s likely to save the gov. more in admin than it is to benefit many families. Hard-working or otherwise.
“Cash ISA allowance could be cut this month”
Our mantra has long been ’straightforward advice that you can understand’. That can mean trying to simplify the many complex products and options with which the world of finance tries to befuddle its target audience.
