April 2008 Income Tax and NI Changes: How will they affect you?

firebird1

ShelfStacker wrote: »

Sadly for all of us, the only viable alternative right now (the Lib Dems, sadly enough, are nowhere near power) are the actual Tories.

Christ help us...

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Yup,

Looks like the Libdems could be in for a landslide. !

gordeaux

lib dems nationally for the control of parliament are a dead duck but will do well in the council elections. I guess most people will be voting with their hopes rather than toeing their political backgrounds. I can't see nick clegg as a pm. That nice Mr Brown will string things out until he has to have an election - just as John Major had to, but expect one or two sweeteners from the chancellor next year.-maybe. I am out of the lower figures and whilst I am ok I have given some money to the British Legion and to cancer- the first time for ages. I would not mind being taxed the 2p in the pound provided it helps people lower down. Getting rid of the 10p band is shocking and indefensible - it was there to help less fortunate. this latest money grabbing is to try to bribe us next year - but we won't forget that Labour- New Labour has betrayed the poorest people in this country.

Sarahx

Kernow_Kid wrote: »

I couldn't agree more.
My partner and I earn uner £16k a year each, with no kids, a mortgage and a car, living in Cornwall.
We will now pay more tax, water rates, electric, gas, petrol, etc. etc.
If we are lucky we will get 2 - 3% pay rise.
This is already wiped out by the gas/electric alone.

The only way for us to get some cash back is to have kids!
Not an option.:mad:

Hold on..... I earnt in excess of £38,000 last year. I have worked full time hours, been called in for overtime at the last minute and grafted really hard for this. Should my purse be hit hard ??? Answer the question, then read on.....

2 x 16K = 32K income - no children

me = 1 x 38k income - 3 children (1 going to uni this year so fee's etc for me to help her with)
I am a single parent, I recieve no hand-outs other than family allowance which EVERY parent gets. I get no tax relief (my ex does) I work really hard to ensure I can afford everything we need (including a £700 mortgage). My basic pay is not so high I just work overtime instead of having a life so I can be self supporting and not use the benefit system which should be there to assist people when there are no other options. (eg: those on very low incomes or genuinly unable to work). Why should I be subjected to a higher tax band? The more overtime I do the more NI and TAX I pay anyway why do I have to give more?:mad:

If you feel you'd be far better of with children just to get extra financial help maybe I should just stop slogging my guts out and go on benefits? (NOT A CHANCE!)

So to ask the question again.....should I really pay more tax and reduce my income.

I may earn a reasonable income, but definately not rich!! Will compare cars to prove it if you like!!!!!:rotfl:

Sarah x

Financial_Desert

Wendy,

Thank you - Super research to discover the sneeky things that the government is up to.

I had not read anywhere else about the new 10% savings allowance for those who's 'taxable non-savings income' is less than the personal allowance.
It will affect my household.

Also of course the allowance cannot be given as the tax year progresses but will have to be especially claimed from HM Customs and Revenue following the end of each tax year. Postive cash flow for government negative cash flow for the taxpayer as always.

weenerbunny

I'm trying to work out how much worse off me and the other half will be. I work full time, £13,500pa wage. He works temp, overall probably around £9-£10kpa.

We're not entitled to council tax benefit, jobseekers, low income or any other benefits, and never have been despite our changing circumstances.

...

Seriously though, when I was a student on part-time wage and he was fresh out of homelessness? No benefits, because I was a student.
When I quit uni because we couldn't afford it, and he lost his (then) temp position? No benefits, because he hadn't earned enough money when he was living on the streets.
When I got a full time, low-paying dead end job? I was working too many hours.

Exactly who IS entitled to assistance with their living expenses? Why is the government surprised that people are borrowing more than they can repay, spiraling into debt, not buying houses, taking up daft loans, not declaring cash-in-hand work...

MimiJane

carolineb23 wrote: »

But you don't get tax credits unless you are living on your own do you? I have never been able to get them because I live with my partner even though my wages are low

I live with my partner who is entitled to WTC after "returning to work" (government scheme) after a long illness. He works part-time. I am unable to work. As far as I am aware, it depends on your cumulative household income, although other factors are also taken into account, such as an allowance for being over 50.

foc

mickyrush wrote: »

I agree with almost everything you say except for one thing,THIS IS NOT a Labour Govt.I've been a Labour supporter all my life and if I know one thing,this shower are more Tory than the bloody Tories!!

There Is a possible alternative to the big buisness party's.

http://cnwp.org.uk/

sluggy1967

earthmother wrote: »

One group I haven't heard mentioned in all the articles and programmes I've seen about this recently is those on taxable benefits.

My husband receives long term IB - he currently gets taxed on it to the tune of about £5 a week - his tax bill will, if I've calculated it correctly, almost double - it may only be a low figure still, but it will make a heck of a difference to us. And there's no money coming from elsewhere for us to balance things out with, unless someone knows otherwise.

We are in the same position, my husband received IB & a small pension, whilst I can't work due to being his full-time carer so, we cannot claim Working Tax Credits (I guess that brings us into the category of "scroungers" according to many!!!!) so this has left us worse off. "Fortunately" my husband has now been officially declared blind, so we will benefit from getting a Blind Person's Allowance which will make us more or less the same, I think (we won't know for a month of course). So, I guess we can thank our lucky stars that he is blind!!!!!! :T

orangesmartie

I'm quite confused by this whole thing.

I live in Devon and the cost of living is quite high. In order to almost make ends meet i work two jobs. I work full time for the NHS and earn £16,799 gross a year. I also work part time at £5.52 an hour - i do 19.75 hours a week.

I'm not entitled to any benefits or help and i get taxed on any overtime that i do. I can't see that i'm going to be any better off now than I was or that I'm going to be able to reduce my hours so i don't have to work seven days a week.

To w

orangesmartie

I'm quite confused by this whole thing.

I live in Devon and the cost of living is quite high. In order to almost make ends meet i work two jobs. I work full time for the NHS and earn £16,799 gross a year. I also work part time at £5.52 an hour - i do 19.75 hours a week.

I'm not entitled to any benefits or help and i get taxed on any overtime that i do. I can't see that i'm going to be any better off now than I was or that I'm going to be able to reduce my hours so i don't have to work seven days a week.

How do i work out my full tax bill?