Budget 2025

[First Aspect]

Yep. That’s going to annoy me. And doesn’t seem to be in line with their green agenda.
It will cost me an extra £12 to pick my daughter up from Uni. Plus I have to recharge at expensive motorway charging points.
Still far cheaper and more convenient than public transport.

It does have to happen eventually though, to replace fuel duty. At least to begin with it's not much more than the heavily taxed latte you needn't have bought at the service station waiting for the car to charge.

 

[Psamathe]

I think you pay an annual estimate, say £300 for 10,000 miles.
Then when the car is serviced or MOT’d you either pay more or get a rebate depending on actual miles. Or when you sell it.
So yes there needs to be some sort of honesty. But fiddling mileage on an EV is probably quite tricky, but I’m sure there will be work arounds soon.

I assume EV tend to uploads data to manufacturer on an ongoing basis. Interesting privacy if Gov. decide to require access to that. What about public charging stations?

 

[PurplePenguin]

Interestingly dividend tax is going up. Once upon a time there was little difference between taxation of members of LLPs and the self-employed who set themselves up as companies. That difference has got bigger and bigger over time with recent rumours about increases for LLPs. This has just widened the gap even more.

 

[First Aspect]

Interestingly dividend tax is going up. Once upon a time there was little difference between taxation of members of LLPs and the self-employed who set themselves up as companies. That difference has got bigger and bigger over time with recent rumours about increases for LLPs. This has just widened the gap even more.

Is there any benefit now to an LLP Vs. Ltd company? If not it's kind of the price for the limitation of liabilities.

 

[First Aspect]

Who was it a few weeks ago who postulated that a lot of the messaging was so negative that we would all be happy that it wasn't quite as bad?

Good prediction, that one.

So was the freeze in income tax thresholds that I predicted my good self.

That's not a tax rise, though. No no, what it actually is, is a way of making sure everyone is a higher earner, without needing to be paid better.

Very clever.

 

[pubrunner]

It seems that there is to be 40% tax for online gaming - up from 21%.

How will this be enforceable ? - won’t people just use VPNs to avoid it ?

 

[Dorset Boy]

Who was it a few weeks ago who postulated that a lot of the messaging was so negative that we would all be happy that it wasn't quite as bad?

Good prediction, that one.

So was the freeze in income tax thresholds that I predicted my good self.

That's not a tax rise, though. No no, what it actually is, is a way of making sure everyone is a higher earner, without needing to be paid better.

Very clever.

I saw a stat that said the personal allowance freeze will bring an additional 780,000 people into basic rate tax, from being no tax payers by the end of the 2030/31 tax year!
That's good for very low earners ......... not!

 

[Dorset Boy]

It seems that there is to be 40% tax for online gaming - up from 21%.

How will this be enforceable ? - won’t people just use VPNs to avoid it ?

Presumably if the money is paid into a UK bank account it will be deducted at sourse, or it is applied to all winning wherever the mug lives.

 

[PurplePenguin]

It seems that there is to be 40% tax for online gaming - up from 21%.

How will this be enforceable ? - won’t people just use VPNs to avoid it ?

It is a tax on the companies not the consumers.

 

[PurplePenguin]

Is there any benefit now to an LLP Vs. Ltd company? If not it's kind of the price for the limitation of liabilities.

There are benefits of both structures, but right now members of an LLP pay a lot less tax.

 

[pubrunner]

I think you pay an annual estimate, say £300 for 10,000 miles.
Then when the car is serviced or MOT’d you either pay more or get a rebate depending on actual miles. Or when you sell it.
So yes there needs to be some sort of honesty. But fiddling mileage on an EV is probably quite tricky, but I’m sure there will be work arounds soon.

Can they do it by the mileometer ? You could go abroad and rack up 1000+ miles which they can't charge for.

 

[icowden]

Do EVs have a yearly MOT (after a certain age)? That records mileage on ICE vehicles. Between new and start of any official safety check could be self declared verified on any sale or 1st safety check.

Yes, at 3 years like all other cars. Still costs the same and takes the same time but the MOT Centres have to do a lot less.

 

[Beebo]

Can they do it by the mileometer ? You could go abroad and rack up 1000+ miles which they can't charge for.

That’s not something I had thought of.
Everyone is going to be holidaying in southern France this year.

 

[icowden]

The EV tax:

• There will be a new mileage tax for electric vehicles from April 2028. "In 2028-29, the charge will equal £0.03 per mile for battery electric cars and £0.015 per mile for plug-in hybrid cars, with the rate per mile increasing annually with CPI,"

According to my research this means:

• £0.05 per mile for ICE (based on current fuel duty)
• £0.03 per mile for EV

Not sure how the calculation works out for plug in hybrids. I suspect somewhere in the middle.

 

[Beebo]

Why are they taxing savings? Seems another overly complicated issue. You can’t save more into an isa and anything outside the isa gets taxed higher?

“tax on some savers will go up
From April 2027, there will be a two percentage point increase to the basic, higher and additional rates of savings income tax, increasing them to 22%, 42% and 47% respectively.
Most people do not save enough to fall into paying income tax on their savings, but it does make the system more complicated.
There will also be increases in the rates of tax on dividends and property income.”