Are working people really safe from tax rises? In this video I break down how the next UK Budget could load the bill onto you without touching basic or higher income tax rates—through stealthy changes like a lower VAT threshold, National Insurance on rental income, a so-called “mansion tax” on ordinary homes, extended fiscal drag from frozen tax bands, cuts to pension tax-free lump sums, and removing key VAT exemptions.
We’ll look at what this means for sole traders, landlords, small businesses, freelancers, and families—from instant 20% price hikes to higher rents, persistent inflation, and sticky interest rates. If you run a business, MTD (Making Tax Digital) admin could pile on top (quarterly filings, penalties, digital records).
Chapters
0:00 – The big claim: “We won’t tax working people” (and why that’s misleading)
1:36 – VAT threshold slashed to £30k: instant 20% price shock for services
2:54 – Admin pain & MTD: quarterly VAT returns, penalties, and survival tips
4:00 – NI on rental income: why tenants end up paying the bill
5:13 – “Mansion tax” on £500k+ homes: middle-class squeeze, not oligarchs
6:21 – Fiscal drag: frozen bands, more higher-rate taxpayers, less take-home
7:02 – Pensions: cutting the tax-free lump sum and who it really hits
7:24 – VAT exemptions at risk: food, kids’ clothes, energy-saving materials
9:38 – The inflation + tax + rates triple whammy (and what to do now)
11:45 – Action steps, MTD plan download, and how we can help
Disclaimers: This video is for education only, not tax advice. Your situation is unique—seek professional guidance.
Credit to : Your Accountant