There is a lot of data and numbers, but the real question that you (me too) want answering is: How will this affect me?
Basically, if you’re self employed, earning ‘median wage’ or a higher earner, it’s more bad news in already very tight economic times.
Although the Treasury Minister would argue you will see your money back in public services.
Let’s hope thats the end of healthcare waitlists and Government overspending…
Anyhow, here are the numbers summarised to see how it will indeed affect the working person:
Employed People
- Median wage of £34,996 per year will be £194 worse off (£16 per month);
- Low earners on National minimum wage, £20,683 per year, will be £85.80 better off (due to change in NI thresholds);
- £48k a year earner will be £761 a year worse off (£63 a month);
Self Employed People
- £50k annual profits will mean they are £813 a year worse off (£67.75 a month) and take less home than UK self employed tax payers;
- £75k annual profits will mean they are £1,313 a year worse off (£109 a month).
Whilst Isle of Man inflation is at 5.2% and the Government have acknowledged that costs of living are high, its solution to help us all seems to be to take additional taxes, NI and rates from hard working people.
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