Absolutely rinsed in this budget - almost £1k a year worse off.

[Mushroo]

Honestly in despair at this government. On a very high level calc, we are so much worse off!

We both pay a lot into pensions, so the NI change is about £700 a year worse off.

We have an EV car, so based on our 4k a year mileage, it’s about £120 a year. (Although how it will be enforced I have no idea).

Stagnating tax thresholds, probably about £100 a year between us.

Council tax F house (4 bed end terrace, not a mansion, needs renovating). So risk of revaluation after having paid a fortune in stamp duty. We didn’t get first time buyer stamp duty relief because we bought about 2 years too early, and we moved before Covid so no relief there either. So overall we’ve paid about £30k in stamp duty already over our lifetime.

Weve already had the private school hit (which is a separate debate and we’ve accepted that) but wow, we are just being kicked on all sides.

We are classic ‘middle earners’ - earn about £70k each, but have mahoosive mortgage and pay over £2k a month in nursery fees already.

Every measure just seems to have a negative effect on our lifestyle, which is ‘comfortable’ but increasingly squeezed.

And I would pay it. I believe in a fairer society and properly funded public services, and if that means that higher income people like me pay more then that's good.

@Mushroo

You said you've already accepted the VAT increase with the private school, but you've not put the costs in the spreadsheet

Which part was incorrect? Are you paying for private school or not?

That’s what the nazis believed about the disabled 🤢

The problem is you’re trying to live beyond your means. Earning £140k as a couple with multiple children is nowhere near private school territory. And if you have kids in nursery AND private, you’ve even gone for a private primary school - which is unusual. Unless you have lots and lots of kids. Which you shouldn’t have had if you can’t afford it!

Everyone wants not to pay tax. But they want a functioning NHS, potholes filled, good schools, NHS dentistry, good councils, streets kept clean, free childcare... and in the case of the OP, she wants to keep the household income of £140k all to themselves.

Make the complaining about tax make sense?

I’m surprised it was even worth you getting an EV in the first place for driving a paltry 4k miles a year

You're paying £28k between you into pensions. Equivalent of £1400 per month in take home pay.
Yes saving for retirement is important but I'm sure you can pay in a bit less to give you more take home if needs be

I honestly cannot understand the purpose of your post. Noting your circumstances, surely £1k per annum worse off is insignificant? If you cannot absorb that, then you need to consider your options to move house and review other lifestyle choices that will provide more disposable income if that is the issue.

Correct.

They will be revaluing all houses in bands F G and H. The primary purpose of this is to see whether they are worth more than £2m. However in the process those houses will be put into the correct council tax bands and so there will be many people who have homes worth less than £2m who will see their council tax rise fairly significantly nonetheless.

To claim you're rinsed by this budget when it's 0.7% of your income means you either can't do sums or don't understand what rinsed means.

Anyone with £700 left each month after paying all their bills is well off.

Quite honestly if we had £700 per month left over after paying all bills, I would feel like I’d won the lottery. That’s £8,400 every year - that’s a lot more than comfortable! If your life is so difficult and you don’t get to spend time with your children, why not stay at home to look after your children and move to a cheaper area or a smaller house?

Sorry, but equating every opinion that doesn’t align with your far left views with nazism has had it’s day. People have moved on.

If your mortgage is 2.5k I doubt you have a house worth over 2million to pay the 'mansion tax'? That's a mortgage of around 350k I think.

Who do you think she’s ‘giving’ to? The treasury? The infrastructure investment badly needed across the country? The NHS? The nursery workers that take care of her child, many of whom will receive top up benefits? The state pension that her and her partners parents receive?

I didn't say there are areas where there are only £2 million houses. I said there are lots of areas where a big mortgage is necessary - for even a basic house because house prices are high. Eg London. Yes people can ‘move to cheaper areas’ as is always trotted out but is it really good for society if people leave their family support systems, childcare options etc? And what about leaving an established job to find a new one in this new cheap area - not always that easy? And what happens to ‘the north east’ when everyone has moved there for the lower house prices? I was simply pointing out that some areas of the country have high house prices and therefore high borrowing is necessary to secure a typical family home. A big mortgage doesn’t mean someone is living in the lap of luxury, it sometimes means they were born in the south east and quite reasonable would like to stay there.

But I think you know that and you’re just trying to bicker.

Hit very hard?! Your take home pay will reduce by about 1% percent. Likely less as it is unlikely your husband's pension contributions will be salary sacrifice

You aren’t absolutely rinsed though. You’re calculating that you’ll need to pay an extra £1000 a year. That’s not absolutely rinsed. 😂

We’ll all be paying a whole lot more if public services continue to be underfunded.

Is this rage bait?

Yeah but that's different, the squeezed middle can be supported but no one else.

What is his public sector pension? Final salary?
It s not a vast amount of extra for you in scheme of things
You stand to be in good position pension wise .
School fees will come to an end so that will be huge gain in say 12 years that you can invest
Look on the bright side

That money, for a lot of people, nearly their entire take home wage for the month.

I can't reconcile "we are so much worse off" with someone on a 140K household income losing 1K to taxes.

Someone on 40K losing 1K would really notice.

I'm not saying it doesn't sting, but if paying 1K on that income really causes problems then they need to make some changes. And be thankful they are in a position to do so.

University pension schemes (USS/SAUL) are salary sacrifice, but as I understand it the proposal is to introduce NI contributions on pension contributions, so your net take home and tax liability stays the same, but your pension contributions are reduced, so it's your future income that's taking the hit.