Hypno's "just for today" diary of rediscovery.

short_bird

so, how's the frozen child benefit and child tax credit change to 40,000 gong to affect everyone?

hypno06

Well, I will lose what little tax credit I received, but at least I still get my CHB for now, so for me it could have been worse.

Obviously, as time goes by, with inflation rising, and the general cost of living increasing, the impact of those freezes will be felt more, but in the shorter term it is almost business as usual for me.

More will come out in the next few days, of course, but it my worst case scenario calculations are not needed, and for that I am very grateful!

taxi73

Luckily it doesn't affect me at all....our worst problem would've been a rise in fuel....as we use so much of it...though they'll probably put it up in a few months.
The vat going up won't make much difference as it only affects luxury items in the main and I have no money for luxuries..lol
I don't have Tax credits or CB so nothing there
My sick pay stays the same...
So got away quite lightly....thought it was a fair budget all said and done.

Karmacat

Hi there - nope, it didn't affect me other than the £1000 extra in personal allowances - tho I can't remember what VAT is *on* - I seem to remember its on phone bills.... but it could be worse.

I would truly love to see George Osborne's DFW diary

taka

I'm not sure how much the budget will effect me! :eek:

Probably no salary increases for a while (I'm in the public sector. Not sure how the Scottish parliament will change things in the coming months - I think this year's funding has already been decided) I think our unions were arguing over a 0.25% to 0.4% increase this year so if we don't get it I'll probably not really notice! :cool: I've done my 2010/2011 planning presuming we'd get no increase anyway.

I dare say even the non VATable stuff like basic foods will still rise (due to rising transport costs etc due to the VAT increase) which'll be annoying.

Who knows how the other changes will affect me in the years to come...

Can anyone remember what'll happen to National Insurance in 2011 now? Am I right in thinking we'll still have a 1% employee increase (that Labour brought in) and the new government have only done away with the employer increase? Is that right?

Walshyboy84

Well...

I get a small increase from the increase in Income Tax allowance...

I don't get a pay raise for two years but do get increments... If I show enough pizazz, I should be able to bag myself a promotion in all the reviews that I'm running at the moment :cool:

Basically, as a graduate trainee, I have a job for now but not in September 2011 :eek:

Better start looking at those recruitment agencies... Especially how with all these cuts, somehow the country is going to grow by 1% this year and then almost 3% for the next 3 years!

savingmore

ok, this is a usual article - we think VAT is not on food, but it is on some....but interestingly it is NOT on Jaffa Cakes!!!! :j:j:j:j:j but it is on toothpaste, toiletries and cleaning products, so although the prices are small these could become things to stock up on before jan.....
i have put the link at the bottom, there are some really good articles on this site and help you work out exactly what the budget will mean for you (they email you a response if you give details).....

VAT is payable on grocery items such as toothpaste and cleaning products as well as sweets, drinks and snacks. Based on the average basket of goods, the VAT hike of 250 basis points could cost consumers up to £33 a year more, says mySupermarket.co.uk.
A spokesman said: 'There are some strange discrepancies between the types of foods that qualify for VAT making it hard to predict where the increase will hit shoppers most. By making some smart decisions, consumers can avoid paying VAT on a lot of convenience foods.
'For instance, a gingerbread man decorated with two chocolate eyes is exempt from VAT, but if it contains any more chocolate, standard-rated VAT is charged. Likewise, unshelled salted nuts are exempt, but shelled salted nuts are not.'
Other foods that come under the zero-rated VAT banner, despite being 'convenience foods' include Jaffa cakes, milkshakes, chocolate spread and tortilla or corn chips.
Products where VAT is payable
Wholly or partly chocolate coated biscuits
Gingerbread man decorated with chocolate (unless this amounts to no more than two chocolate eyes!)
Arctic Rolls
Sorbet
Chocolate bar
Nuts or fruits covered in chocolate or yogurt
Flavourings for milk shake
Potato crisps
Roasted or salted nuts without shells


...and the VAT-exempt alternatives
Chocolate chip biscuits
Jaffa cakes
Cream Gateaux
Mousse
Chocolate spread
Toffee apples
Milkshake
Tortilla or corn chips
Roasted or salted nuts supplied in shells e.g. monkey nuts, pistachios

Read more: http://www.thisismoney.co.uk/bargains-and-rip-offs/money-saving-ideas/article.html?in_article_id=506772&in_page_id=512#ixzz0rbQrz5Ne

milann

Interesting just what Vat is on and not on. What is classed a luxury and what is not - I'd class toothpaste as a necessity though - LOL I seem to remember my mum saying something about her using soot as a child when I was little - not sure if she was kidding me though cos I hated cleaning my teeth LOL

Is getting the correct cash for each envelope a nightmare Hypno - sounds a good system though - basically what my mum did but with jars.


Milann

boredofbeingathome

Imagines stampede for VAT exempt Jaffa cakes

hypno06

God bless jaffa cakes!

Milann, getting the change for the envelopes is not a problem, as my office is directly above a bank.....so can nip downstairs and change money without any probs at all

Today sees the end of my first week of doing the envelopes, and I am pleased with the result so far - I haven't overspent. I have made wise decisions, and I have a few pennies left over (85p to be precise) which will go in the holiday money pot, along with the surplus from the races the other night.

So, if I can stick with it, then it should be great, but it is of course all down to discipline.

Came home to a letter saying that court proceedings have been issued on my behalf concerning my accident almost 3 years ago. We shall wait and see how that progresses. She has already admitted liability so hopefully it will be sorted reasonably soon.

Chicken legs are cooking and veg and couscous will accompany them, with more veg and couscous being put aside for lunch tomorrow.

I hope you have all had a good day. The sun has been lovely - shame I work in something resembling a cupboard!