Categorized | news

The New “Silver Striver” Tax – What You Should Know…

There are currently over a million so called “silver strivers” still clocking in and out everyday. They don’t want retirement…they want to work.

This over 65 age bracket enjoy raking in the cash, there is no doubt about that, and, right now as we speak, they don’t pay any National Insurance.

Why? Because they have already paid into the system, year after year. Many workers over the age of 65 already have 40 years of National Insurance contributions to their name. That is more than enough if you ask me.

Unfortunately, it seems the government don’t care about my opinion or the hard working “silver strivers” of our nation.

So it didn’t come as any surprise when a government backed commission recently announced that over 65’s who have a regular salary should NOT get a pass when it comes to National Insurance.

What they are proposing is that every over 65 worker will be paying top whack, week in and week out, just like the rest of the workforce.

This also includes self employed workers by the way. Contractors and freelancers who are over 65 will have to pay…and pay they will, to the tune of £2 billion pounds a year.

No wonder the government want to tax the over 65’s. I can imagine them sitting around a long table in a meeting room, all suited and booted and with one main agenda on their minds…”How can we get more money?”

“Tax the silver surfers,” is what one official suggested, no doubt.

“What a great idea,” replied the person at the head of the table. “Put that into action. Meeting over.”

So here we are. Right on the brink of our hard working over 65s about to be taken advantage of, yet again.

It wouldn’t surprise me if many of these workers and self employed people decide that enough is enough. “Might as well retire for good,” they will say.

For those of you who are not going to give in, especially those brave contractors and freelancers over the age of 65, then my advice is to hire a contractor accountant.

Sure, you might be forced to pay National Insurance contributions once again. There is nothing you can do about that. However, if you have a good contractor accountant in your corner they can help you save money in other ways.

In other words, you won’t be out of pocket, and for many contractors over 65 you will be in profit.

Hire a contractor accountant today and experience the satisfaction of victory for yourself.

Be Sociable, Share!

Leave a Reply

You must be logged in to post a comment.

  • Switch Accountants for FREE

    Switch Accountants for FREEAt K&B Accountancy Group we have introduced a simple and straightforward approach to changing accountants. We’re offering contractors, consultants and freelancers the opportunity to switch to K&B Accountancy Group for FREE without the need to pay for any ‘catch up’ or retrospective accountancy fees for the previous year’s accounts and corporation tax return* *T&Cs apply

our top 5 twitter posts


contractor accountants


twitter Join the conversation
Free Telephone Advice