cookci Posted March 21, 2007 Share Posted March 21, 2007 anyone know how to calculate how this will effect us? my tax code is 501 and my base income is 14K Quote Link to comment Share on other sites More sharing options...
edge Posted March 21, 2007 Share Posted March 21, 2007 Im clueless when it comes to all this. Quote Link to comment Share on other sites More sharing options...
SMiFFAD Posted March 21, 2007 Share Posted March 21, 2007 Dunno, but apparently its gone down! which can only be a good thing. Probably equate to about 5p a month mind. Quote Link to comment Share on other sites More sharing options...
Guest Geneb Posted March 21, 2007 Share Posted March 21, 2007 how would it effect me im only on £5'500 a year? Quote Link to comment Share on other sites More sharing options...
TonyP Posted March 21, 2007 Share Posted March 21, 2007 About £15 per month. I think! That's for cookci Quote Link to comment Share on other sites More sharing options...
jaymdee Posted March 21, 2007 Share Posted March 21, 2007 Everyone's saying the basic has reduced to 20%, but forget that the 10% bracket is being abolished. cookci: Anything you earn up to £5010 is tax free. Then you get £2150 (I think) at 10% tax, then up to £36k or so at 22%, then 40% As from April 2008: The £2150 will now be taxed at 20%, and then up to £40k or so will all be 20%, then 40% So if you earn £14k now, £5K is free, then you pay approx £215 + £1507 = approx £1722 in tax per year From 2008 you'll get £5k free, then £9k at 20% = £1800. so basically, you may pay £80 MORE per year. I'm actually going to be better off, as the amount I pay in the 22% bracket is more. Quote Link to comment Share on other sites More sharing options...
Konrad Posted March 21, 2007 Share Posted March 21, 2007 how would it effect me im only on £5'500 a year? Well, if i remember right, you suppose to pay 60 pounds of tax. 4900 pounds is free of tax, next 600 pounds is 10%. Look above, this guy have more correct info Quote Link to comment Share on other sites More sharing options...
Scoboblio Posted March 21, 2007 Share Posted March 21, 2007 Everyone's saying the basic has reduced to 20%, but forget that the 10% bracket is being abolished. As usual they've juggled the tax from one hand to the other and the majority of people seem to have fallen for it. Quote Link to comment Share on other sites More sharing options...
cookci Posted March 21, 2007 Author Share Posted March 21, 2007 well that sucks! Quote Link to comment Share on other sites More sharing options...
cookci Posted March 21, 2007 Author Share Posted March 21, 2007 As usual they've juggled the tax from one hand to the other and the majority of people seem to have fallen for it. b*stards Quote Link to comment Share on other sites More sharing options...
cookci Posted March 21, 2007 Author Share Posted March 21, 2007 Everyone's saying the basic has reduced to 20%, but forget that the 10% bracket is being abolished. cookci: Anything you earn up to £5010 is tax free. Then you get £2150 (I think) at 10% tax, then up to £36k or so at 22%, then 40% As from April 2008: The £2150 will now be taxed at 20%, and then up to £40k or so will all be 20%, then 40% So if you earn £14k now, £5K is free, then you pay approx £215 + £1507 = approx £1722 in tax per year From 2008 you'll get £5k free, then £9k at 20% = £1800. so basically, you may pay £80 MORE per year. I'm actually going to be better off, as the amount I pay in the 22% bracket is more. just like a maths lesson back at school Quote Link to comment Share on other sites More sharing options...
Snooze Posted March 21, 2007 Share Posted March 21, 2007 As usual they've juggled the tax from one hand to the other and the majority of people seem to have fallen for it. Errr - isn't that the whole point? That's why the budget has to be balanced. The only difference from term to term, budget to budget is who the current government decide to target. If you want across the board tax cuts, you'd have to expect across the board spending cuts to match. So you'd need the NHS abolished or all public transport privatised or something if you truly want tax cuts. Quote Link to comment Share on other sites More sharing options...
jaymdee Posted March 21, 2007 Share Posted March 21, 2007 Errr - isn't that the whole point? That's why the budget has to be balanced. The only difference from term to term, budget to budget is who the current government decide to target. If you want across the board tax cuts, you'd have to expect across the board spending cuts to match. So you'd need the NHS abolished or all public transport privatised or something if you truly want tax cuts. I'd vote for those policies don't get anything for all the tax I pay. Unfortunately (reasonably) well paid, single people get nothing in this country, we just pay in Quote Link to comment Share on other sites More sharing options...
markjodrell Posted March 21, 2007 Share Posted March 21, 2007 Only good thing to come out of this budget is that hopefully it will ensure that Gordon (smug bastard) Brown will never realise his ambition and become prime minister . God help us if he ever does Quote Link to comment Share on other sites More sharing options...
DaveK Posted March 21, 2007 Share Posted March 21, 2007 I'm happy CGT allowance increased slightly. I now want my house sale to occur after April 6th - combined with the slightly increased allowance and the fact that it's a new financial year, my CGT drops from £845 to £375. Not bad for a £134K sale! Quote Link to comment Share on other sites More sharing options...
ivan Posted March 21, 2007 Share Posted March 21, 2007 Only good thing to come out of this budget is that hopefully it will ensure that Gordon (smug bastard) Brown will never realise his ambition and become prime minister . God help us if he ever does Unfortunately it looks as if he will. If Labour vote him in as their Leader I think he's got a couple of years before he needs to call an election. Quote Link to comment Share on other sites More sharing options...
garethr Posted March 21, 2007 Share Posted March 21, 2007 and don't forget that there are National Insurance changes as well.... Quote Link to comment Share on other sites More sharing options...
Pixelfill Posted March 22, 2007 Share Posted March 22, 2007 ... don't get anything for all the tax I pay. Unfortunately (reasonably) well paid, single people get nothing in this country, we just pay in too true However I think I'd rather pay and get no benefits than pay and need the NHS Mike Quote Link to comment Share on other sites More sharing options...
Pixelfill Posted March 22, 2007 Share Posted March 22, 2007 and don't forget that there are National Insurance changes as well.... Don't get me started on that ... Mike Quote Link to comment Share on other sites More sharing options...
Kopite Posted March 22, 2007 Share Posted March 22, 2007 Do I dare ask what the Nation Insurance changes are..... Quote Link to comment Share on other sites More sharing options...
TrickTT Posted March 22, 2007 Share Posted March 22, 2007 BBC budget guide There is a calculator on there that will tell you how the changes affect you. I'm better off with tax, but overall worse off with fags/petrol etc Quote Link to comment Share on other sites More sharing options...
Konrad Posted March 22, 2007 Share Posted March 22, 2007 Next year, the indications are that you will be £44.62 better off. Quote Link to comment Share on other sites More sharing options...
tbourner Posted March 22, 2007 Share Posted March 22, 2007 I should be £7 a month better off on the tax side. Whoopee!! Watching his budget broadcast last night, going on about families and shit; me and my girlfriend, both working full time (and looking for part time work to add on), paying a mortgage, don't claim anything, dont smoke or drink: We worked out we'd be better of if we have kids! Preferably 2!!! WTF is that about. We're actually considering having children now, we don't want any and no doubt I'd treat them really badly because I really don't want to be a dad, but life is so tough as it is it's the best option for us. Quote Link to comment Share on other sites More sharing options...
DaveK Posted March 22, 2007 Share Posted March 22, 2007 I'm apparently going to be about £190 a year better off - which is surprising, because I'm in the salary band that they keep saying wasn't really affected. I think the fact that I don't drink / smoke probably helps. Wasn't sure I got the fuel estimation right either. But who cares - I got told my payrise today. Not life changing but better than it has been for a few years now. Quote Link to comment Share on other sites More sharing options...
Gaz Walker Posted March 22, 2007 Share Posted March 22, 2007 £72.30 better off here. Blow me down with a feather... Gaz. Quote Link to comment Share on other sites More sharing options...
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