out of interest how has the budget affected lone parents?

[meglet]

the bbc calculator has me £0.00 better off.

work part time, 2 dc's.

[thelittleredhen]

You'll pay less tax on your wages and tax credits will go up.

It has mine down to go up by £80.

Minimum wage will also go up by 20p when that comes into affect.

So really, not very much but then at least they're not taxing us more for being single parents.

[Lonecatwithkitten]

£90.36 worse off ??.

[susiedaisy]

I have no idea tbh. What did they do to tax credits?

[thelittleredhen]

No idea, it just says that they'll be £80 higher next year.

I wonder what you've done to be worse off lonecat ?

[meglet]

littlered I don't pay tax, that stopped a couple of years ago.

I thought tax credits were frozen for another year? A 3yr freeze?

[thelittleredhen]

No idea, it's just what the BBC site said :/

[Lonecatwithkitten]

I have commited the crime of being self employed, employing 17 other people and having self employed profits of over 50K. The tough thing about self employed is I pay tax on those profits even if I reinvest them in the business.
In theory I am the single mum the government wants, but in truth I am taxed to buggery. My shopping is all Sainsburys essentials and I just manage to cover my bills each month.
The sad thing is I think the alternatives will be even worse.

[theendoftheendoftheend]

Mine said £315 better off! ?

[theendoftheendoftheend]

Wrong face I meant

[meglet]

lonecat you lost your cb I guess, a couple of years ago?

[Lonecatwithkitten]

Yup 6 months after ExH buggered off.
I'm just fed up as a massive net contributor, my employers NI payment was 2.5K last month and I feel there is nothing for me in this budget.

[IneedAdinosaurNickname]

Apparently I'll be £78 better off. Is that per week? I won't hold my breath tbh

[meglet]

excuse my language, but it fucking sucks.

I think I'm hitting a pre-election depression. hoping for the best but preparing for the worst (con/ukip alliance).

[meglet]

ineed that was in answer to lonecat by the way. not you!

[twirlypoo]

£90.17 better off, but im not utterly convinced. I'm self employed and I think universal credit is going to screw me over

[WhenTheDragonsCame]

Supposedly I am going to be £115.99 a year better off. That's £25.99 extra child benefit and £90 extra tax credits.

[gillybean2]

I'll be 222.99 better off so it says.
120 income tax, 12.48 NI, 10.39 Child benefit and 80 tax credits.

Of course ds may decide to leave education by then, in which case I'll be a whole heap of worse off with no CB or tax credits and my council tax going up to 2 adults while still paying all the same bills as well as his food and clothes etc. Can't imagine he'll earn enough on an apprenticeship to help pay his way...

[thelittleredhen]

Lonecat - Is your business a Ltd company? Would that help to make your salary, salary and business earnings, profit/capital?

[Kewcumber]

I was going to say what littleredhen said lonecat if you are a limited company then any money (within reason thatits not a holiday in the Seychelles) spent on the business will be tax deductible. You certainly shouldn;t be paying business expenses and NOT getting a tax deduction for them (tbh even if you're self employed you should get a tax credit for them its just that the threshhold is higher for self employed about what is considered a business expense)

You need some proper advise.

Personally I gather I will be about £5 per month better off... yay me! Shall I blow it on two coffees a month? Decisions, decisions.

[meglet]

kew the champagne's on you .

[Kewcumber]

Well maybe one bottle a quarter. Not sure how much we'll each get of it though. Perhaps first 4 to IM me can have a decent glass each.