Starting salary of a private salary going through basic training is slightly over 25k, not bad. Especially when you consider mpgs starting salary is even less than that.
Also important to factor in the employer pension contribution. The MoD contribute 43.8% of our salaries towards our pension. So the total reward package of a regular private is £37,192. Highly unlikely that a young soldier could walk into a job anywhere else that provides anywhere near that level of employer contribution.
Keep the updates coming Mate - just shared re-posted your 'X' post & shared links to your 'X' & TH-cam on Linkedin (My Son also pushes your posts out to his Soldiers & Officer colleagues - as your posts are outstanding info for all ranks)
There's a story on my Instagram page with a link to a letter from the DCGS outlining the £8,000 retention bonus. Short of it is that it's only applicable to those entering their fourth year of service in 2025 and it's three years RoS.
Another great video thanks. Question about your inheritance tax. Scenario. 2 parents still living. Combined house, investments. Cars etc come to say £750’000. One parent dies so everything passes to surviving parent. Second parent dies. Do I inherit a combined inheritance allowance from them Ie. 2x £320,000 totaling £640,000 so I’d be liable for tax in remaining £110,000. Or do I just get a single £320,000 allowance from the remaining parent. So liable to tax on £430,000. I understand you are not a tax advisor but interested in your opinion without prejudice. Thanks.
I appreciate the vote of confidence. But an MBE requires officers to write you up and they tend not to like it when I call them 'butthurt' haha. Probably also doesn't help most people don't know who I am.
So… Labour are not actually coming for your pension… And of all announcements from this Budget, Fiscal Drag through not ending the Tory initiated income tax band freezes of 2021 is the element that will effect the majority of us 🤔
Timecodes:
0:00 Intro
0:52 Frozen Tax Thresholds
2:03 National Insurance Increase
3:49 VAT on Private Schools
4:39 Pensions and Inheritance Tax
6:06 Stamp Duty
7:30 ISAs
8:04 National Minimum Wage Increase
8:35 Vape Tax
8:52 Capital Gains Tax
9:44 Armed Forces Defence Budget Increase
9:57 Final Thoughts
10:20 Outro
Starting salary of a private salary going through basic training is slightly over 25k, not bad. Especially when you consider mpgs starting salary is even less than that.
Also important to factor in the employer pension contribution. The MoD contribute 43.8% of our salaries towards our pension. So the total reward package of a regular private is £37,192. Highly unlikely that a young soldier could walk into a job anywhere else that provides anywhere near that level of employer contribution.
Was no where near as bad as social media speculated
My thoughts exactly
Keep the updates coming Mate - just shared re-posted your 'X' post & shared links to your 'X' & TH-cam on Linkedin (My Son also pushes your posts out to his Soldiers & Officer colleagues - as your posts are outstanding info for all ranks)
Great video! Thanks
No dramas. Glad it helped.
A little off topic, but a retention scheme is being rolled out for next year, any update on this?
There's a story on my Instagram page with a link to a letter from the DCGS outlining the £8,000 retention bonus. Short of it is that it's only applicable to those entering their fourth year of service in 2025 and it's three years RoS.
Another great video thanks. Question about your inheritance tax. Scenario. 2 parents still living. Combined house, investments. Cars etc come to say £750’000. One parent dies so everything passes to surviving parent. Second parent dies. Do I inherit a combined inheritance allowance from them Ie. 2x £320,000 totaling £640,000 so I’d be liable for tax in remaining £110,000. Or do I just get a single £320,000 allowance from the remaining parent. So liable to tax on £430,000. I understand you are not a tax advisor but interested in your opinion without prejudice. Thanks.
It’s combined, so £650000. If this includes their main home, there is an additional £175000 per parent so 1 million total
There is a really useful page on inheritance tax on the money saving expert website which will be able to provide a better explanation then I could.
How has this guy not been given an MBE.
I appreciate the vote of confidence. But an MBE requires officers to write you up and they tend not to like it when I call them 'butthurt' haha. Probably also doesn't help most people don't know who I am.
So… Labour are not actually coming for your pension…
And of all announcements from this Budget, Fiscal Drag through not ending the Tory initiated income tax band freezes of 2021 is the element that will effect the majority of us 🤔
I agree.