How will the budget affect your finances - calculator

*zippy*

Looks like we will be £200 a year better off, but CT and water increases will eat most of that up straight away so we won't be going too mad with the money either.

exil

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!

If you're getting tax credits then the abolition of the 10p band will be cancelled out by the increased tax credit threshold (which is worth about 500 a year). And if your income is low enough to be hit by the 10p band (under 15k) then the NI changes shouldn't have any impact - they hit people on 40-50k a year. Unless hubby is on 40k and you are on under 15k...... (which is actually my own situation with one high earner in the family and one low one)

I'm never sure what a "modest" salary is. Usually it seems to mean "about what I earn".

Basically the effect of all the changes is going to be minimal for most people - except low earners not able to claim tax credits who will lose out - and as an old-fashioned socialist I find this strange to say the least.

pigsmightfly

I think I've done mine wrong coz it says I'll be £1,686.22 better off!

These were my results:

Current Year Next Year Difference
Alcohol 159.23 159.23 0

Fuel 384.17 396.65 £-12.48

Income tax 1274.3 1222.9 £51.4

National insurance766.15 745.25 £20.9

Tax credits 0 1626.4 £1626.4

Whats the tax credits bit? I don't get tax credits so why is it saying I will next year?

immoral_angeluk

pigsmightfly wrote: »

I think I've done mine wrong coz it says I'll be £1,686.22 better off!

These were my results:

Current Year Next Year Difference
Alcohol 159.23 159.23 0

Fuel 384.17 396.65 £-12.48

Income tax 1274.3 1222.9 £51.4

National insurance766.15 745.25 £20.9

Tax credits 0 1626.4 £1626.4

Whats the tax credits bit? I don't get tax credits so why is it saying I will next year?

Are you sure that you're actually entitled to them now but now claiming them??

pigsmightfly

immoral_angeluk wrote: »

Are you sure that you're actually entitled to them now but now claiming them??

I'm not entitled to any tax credits as far as I am aware. I work full time etc. so can't see why I would be

Lorian

pigsmightfly wrote: »

Whats the tax credits bit? I don't get tax credits so why is it saying I will next year?

You need to tick the box and enter your spouse's income too for it asses tax credits with more accuracy.

pigsmightfly

Lorian wrote: »

You need to tick the box and enter your spouse's income too for it asses tax credits with more accuracy.

Thanks for that. It now says I will be £111.32 better off - wish it was the above amount not :rolleyes:

pigsmightfly

Lorian wrote: »

You need to tick the box and enter your spouse's income too for it asses tax credits with more accuracy.

Thanks for that. It now says I will be £111.32 better off - wish it was the above amount now :rolleyes:

*zippy*

Lorian wrote: »

You need to tick the box and enter your spouse's income too for it asses tax credits with more accuracy.

I did the same thing at first and got quite excited

johanne

Ooo actually yeah working it out from 08 when the 10p band is abolished.... im actually £158.86 a year worse off!!! :eek:

I'll only be 22 by then.. and so wont get working tax credit...

(im on minimum wage of £8099 a year at the moment, then £9737 when im 22 in sept - still not enough to pay my house bills!)