to ask how you will be affected by the budget announcements?

[manicinsomniac]

Sorry if there's another thread about this, I can only see lots of speculative ones.

Now that it's announced ... I admit I'm struggling to get my head around it. I don't think it's as bad as I thought? I don't think it can be that good though? I don't think there's a single thing in it that affects me. I'm not sure about any of that though because I find it all quite confusing!

So, ordinary people from ordinary families/households - how are you going to be affected, if at all?

I don't really understand what is or isn't included, but the calculator thingy on the BBC says we'll be £800 worse off. Shock. The Tories screwing over people on low wages. Because we're not trying hard enough to count as those 'hardworking' families they keep banging on about.

Also single working parent so will be around 1k worse off.

Peepper - those who earn (from salary)the most aren't the hardest hit at all! I will be a teensy bit better off. About a fiver a month. Dividend income isn't earnings, and those changes are a good thing. I think it's disgraceful that people who earn high salaries are unaffected by this budget while those who are vulnerable and rely on benefits have been hammered.

As a family we lose £840 but gain with tax threshold and some business policies according to some quick sums from our accountant.
Can't complain really. So sorry for those who are seriously worried now.

What makes me cross is that people don't seem to realise that the marginal taxation rate for people on benefits is epic.

If DH earns £1 (after his tax allowance is used up) he gets the following deductions:

£1 pre-tax
-£0.20 tax
-£0.12 NI
-£0.41 Tax credits (41%)
------
£0.27
-£0.175 Housing benefit (65%)
-£0.054 Council tax benefit (20%)
-----
£0.041

So, for every pound he earns, we lose 96% in deductions.

Dividend income isn't earnings

Of course they are!

5madthings thank you.

I am really worried about how we are going to manage long term. Dh is and has been desperate for a better job for a long time now, he applies for everything and anything higher than the 15.5k he already earns. He would love to have the opportunity to go back and retrain in something like accountancy but we just can't afford the course fees, even less so now. There are very few jobs in our area and those that exist are around the same salary as dh is on at the moment. I can't work part time because ds needs round the clock care and dh works shifts which means he cannot commit to being home at particular days or times for me to work around him.

I really don't think the government knows how it works for families like ours and those with disabled children etc.

I really worry long term what is going to happen to us and how we will manage as our tax credits just get less and less and less.

Another working single parent here. At best I will be losing around £900,at worst nearly £2,000.

Worried sick.

ssd, I think the people who will be better off are either people without children, or people with children who already don't get tax credits. The £2k/3k losses are a result of the tax credit cuts.

So, for every pound he earns, we lose 96% in deductions.

Only because you're claiming benefits!

It will have very little impact on us and what it does will be positive (slightly higher tax allowance and something else I can't recall).

The situation with uni fees and maintenance grants irks me though.

My DD is nearly 11 and stands to inherit half of my parents property when the time comes - it's a shame to think that if she wants to go to uni the costs will eat up virtually her entire inheritance, but I guess she'll still be luckier than most.

If Mum and Dad's home gets eaten up by care fees (they are in their late seventies and increasingly dubious health) funding uni will be a struggle.

Pleased to see the start of some controls to the benefits bill and a start to the living wage. It's crazy that people in full time employment get/ need hand outs*

When? Where? How?

Please tell me how the fuck people are supposed to cope NOW. Do you think I should get a second job? Or what? I work 36 hours per week and commute for two hours per day. Tell me. Do you think my employer (a school by the way and I work a 52 week year) is going to give me a pay rise?

You know who isn't losing a bean though: pensioners. Funny that despite some of them being much wealthier and having paid less into the system in tax than those who are funding their pensions. Still get their winter fuel and free tv license and bus pas. They solved pensioner poverty by screwing children because they can't vote. Hideous. I despair of this country

£2,000 worse off.

Single mother, 2x DCs (one has ASD). Their father left and moved to another country to be with OW. No family support. I feel utterly screwed over.

We are £350 better off. I am a low self employed earner but husband took a good pension early and tops up earnings. We are not in the 6 figure zone but OK. I think it is the tax thresholds that have helped. We lost child benefit a few years ago because of his earnings (though mine are below £10K).

decisionsdecisions - oops! Thank you! Wow, I really do lack basic reading comprehension

£128 a year better off, in fact.

Still, sounds like the budget is way worse than it seems on first reading. There shouldn't be so many people in such a variety of situations so negatively affected. That's horrendous.

According to that calculator we will be £250 better off although I'd rather forgo that to ensure the worst affected weren't so badly hit.

When you start to look at the loss as a percentage of earnings it's horrific.

Can you imagine if the top tier, who could afford to, had to lose 20% of their earnings.

Wayne we asked for batteries at last appointment and got 2 packs and I asked if we ran out should we ring for more? Got told no see you in six months. Hopefully it was wrong but it is a new provider so who knows.

1600 according to several calculators. Although my friend seems to think that the calculators are rubbish and no one will be 133 a month worse off. Naieve or stupid I don't know but she has managed to piss me right off.

This is disaster. I knew it was coming but really it's going to hit the poorest the hardest. I can't understand how the government can announce on the same day about IHT

ssd I don't know why I'm better off, tbh. All the other singles parents seem to be the opposite.

Personal tax allowance maybe?

I expected to lose my child benefit but that hasn't been mentioned.

Seems crazy that someone like me, who was already doing fine, should be gaining where others, who were already tight, are losing

Technically we'd be 2k worse off due to lost tax credits but reality is I start working more hours in sept when dc start school with a pay rise so we weren't going to be able to claim tax credits then anyway. To be fair I've been baffled why we get them - £300 in tc this month and I put £850 into a savings account. We don't eat out etc but we don't scrimp on things either.

"Bulldogclip

So, for every pound he earns, we lose 96% in deductions.

Only because you're claiming benefits!"

Only because he is in a low paid job and I am DD1's carer!

£1780 worse off. Looks like I'll pay less income tax though which is always nice. Tax credits slashed in half though.