How will the budget affect your finances - calculator

immoral_angeluk

Found this calculator on the BBC website that shows how this years budget will affect you financially....
http://news.bbc.co.uk/1/shared/bsp/hi/business/budget_calc/html/budget_calculator.stm

Apparently we're going to be £402 better off next year (Yea right..)

Next year, the indications are that you will be £402.14 better off.
Current Year -- Next Year -- Difference
Alcohol -- 140.11 -- 148.43 -- £-8.31

Fuel -- 352.16 -- 363.6 -- £-11.43

Income tax -- 1604.3 -- 1552.9 -- £51.4
National insurance -- 931.15 -- 910.25 -- £20.9
Child benefits -- 1515.8 -- 1570.4 -- £54.6
Tax credits -- 4996.39 -- 5306.4 -- £310
Vehicle excise duty -- 125 -- 140 -- £-15

Bargain_Rzl

Welll whoop de doo. I'll be all of £61.38 better off - all as a result of the annual adjustment in tax & NI banding thresholds. Would have had another £10.91 if it wasn't for additional taxation on booze.

However I did a little calculation myself yesterday which told me that when the new income tax bandings come in in 2008 I will be approx £300 better off. That, I'm happy about. I do hope that people with less money than me aren't going to find themselves short because of the abolition of the 10% band. TBH although an extra £25 a month will be very welcome, I don't "need" it the way a lot of people do.

highguyuk

I'm £39 better off.

Did it for a £3k pay rise, which is expected later in the year. Yet, I still work out £39 better off with a £3k pay rise. Don't get it! lol.

Storm

Well, I'm going to have to be careful not to go too mad with my savings, cos from April next year I will be £12.19 a year better off :j

Wow, that extra £1.015 a month will make all the difference to my budget!

Snaggles

I'll be £273 better off based on 1 child and working 24 hours per week, but after I have the baby and reduce my hours to 20 per week, I'll be £374 better off. Bet I wont notice any difference though!

julybride

okay i am due to have a baby any day... and i and hubby are definitely not better off.. we will end up being really hit... and it looks like me going back to work would actually be a completely false economy!!!! we both earn a modest salary and the national insurance and abolition of the 10p rate just completely hurts us. I am disgusted... and child benefit and tax credits increases won't even touch the sides. I just can't see how this helps anyone unless they are earning a fair amount already!

AJolly

Ill be £72.30 better off on my current wages, even with the £500 (avg.)payrise its still the same.

onedayiwill

Hahahah. I will be ..... duh duh duh .... £1.40 better off :rotfl:

skylight

Allegedly, we will be £680 a year better off - £760 if OH gives up smoking. (Apparently our Tax Credits will shoot up??)

But - will believe that when I see it. The calculator doesn't take into account the removal of the lowest tax band and 2p tax drop that takes effect 2008 - and I haven't worked out what that means to us yet!!!!

johanne

If i stop drinking alcohol . i'll be £72 a year better off.. £6 a month. :j :rotfl:

immoral_angeluk

julybride wrote: »

okay i am due to have a baby any day... and i and hubby are definitely not better off.. we will end up being really hit... and it looks like me going back to work would actually be a completely false economy!!!! we both earn a modest salary and the national insurance and abolition of the 10p rate just completely hurts us. I am disgusted... and child benefit and tax credits increases won't even touch the sides. I just can't see how this helps anyone unless they are earning a fair amount already!

I'm in the same boat. Can't afford to go back to work as I'd only be £15 a month better off after childcare, tax credits etc. Just not worth it!