How does the budget affect you

[Isseywith2witchycats]

Our circumstances both 70 so incoming to house hold 2 state pensions partner one private pension of 16000 per year so he pays tax on this, the rise in state pension means he will pay more tax on his private pension, due to redundancy and pension draw down we are mortgage free on a small 2 bed semi up north, I for one don't resent this as hopefully families struggling will be better off and while we are far from rich we are comfortable , when both of us were working income due to his job was combined salaries of net 56000 now 36000 which is why we downsized to a small house

It was a loophole. It was never intended.
Most people don't see much of a benefit from it. It save companies money however.

For me it is not so much the financial but the emotional affect.

I am so tired of working to fund people's wants and not their needs whilst being told that you should suck it up and say nothing.

The only thing this budget has done for me is to ensure that I continue to quietly quit and has made me resolve to continue with my plan to partial retire and then fully retire even earlier and divvy up my assets to my children ASAP, so we all get a chance to enjoy life and not just exist whilst having to work increasing amounts of hours to just stay comfortable.

You currently earn £45k with £5k salary sacrifice and a £2000 employer contribution with a £100 extra employers NIC saving which the employer has passed on to you.

You will now earn £48k with a 2k salary sacrifice and you can put the other £3k into the pension in the normal way. You still get the £2000 employer contribution but they will probably now only pass on say £50 of their employers NIC saving.

Well as a disabled person myself and the single mum down the road continue to be blamed for the state of the economy. 🙄

I am 41 I was only able to buy a house after saving for years and years at the age of 40 - I have a huge LTV mortgage at a high monthly payment. I have minimal savings and only have one child as we tried to be sensible knowing we needed to cut our cloth accordingly and at the time nursery bills were crippling

BUT I have recently through years and years of graft achieved a decent promotion and pay rise - which I won’t see a huge benefit from as I have high monthly outgoings and now I’m being fleeced as a middle earner

Not as bad as some of the scaremongering.

Wise. I was saying to my adult child that whilst others are richer than us, I am not happy to see their wealth be reduced if they built it fairly.

If they become poorer so do we. If they can't help their child purchase a home then there will be no builders, decorating getting work, no SAHM maybe doing a once a week clean who can use it to fund extra curricular lessons, so less tax brought in. So many suffer eventually.

Envious people are so destructive.

Have the extra baby, don't let them rob you of that as well as the money and resent it later in life.

Negatively. We'll be £3-4K worse off per year, not worked it out exactly yet. We were already struggling since the CoL crisis. I'm getting more and more angry that they won't raise the income tax thresholds. Because of that, our income decreases annually, now this big hit today. No idea what we'll do. We already live frugally, no holidays, no fancy cars, don't eat out (other than 2 or 3 times per year for a birthday or anniversary). I had been trying to get a business off the ground and that's already not doing well as people aren't spending like they used to. I feel like what's the point of working when others are getting benefits and appear to be better off than us.

Get ready for 2029 is all you can do.

I'm relieved she didn't dick about with stamp duty.

We've literally just paid ££k in SD and if she'd scrapped it and introduced an additional charge I would have vomited on my shoes.

Sorry for people currently purchasing though - I know it's a selfish thing to be relieved about.

As a single childfree person, just another year another drop in what I take home...every meagre payrise swallowed up by council tax increases, Thames Water increase and fiscal drag of threshold being frozen. Its like a yearly payout for me.

Concerned about pay per mile...it will eventually hit all cars...sigh

There has never been a budget that has ever helped people like me, never will e just hand over more of my money to pay for other people's lifestyle choices.

The cap on ISA is annoying I wanted to save as much as I could to pay for my own care later

Apart from the freezing of income tax thresholds we will be affected only by the increase in dividend tax (husband) who is a lower rate payer and tax on savings mainly me as I'm a higher rate payer but I'm in Scotland so pay 42% anyway

It's not really going to affect us but I feel sorry for the young people coming through and the struggles they have with a high cost of living. The budget will absolutely stagnate growth and we need to reduce expenditure

Even if they increased the personal allowance for the lowest band people would keep more of their pay and would need less UC to help them live.

It'll cost me heavily via the investment income tax increase, but I'm fortunate in being able to afford it so don't mind in theory

In practice however I very much resent the reasons for the tax rises, which boil down to waste, incompetence and too much featherbedding of preferred demographics ... and certainly not just among the current government

has anyone found anything that calculates the impact for you?
I don't think I'm affected apart from the salary sacrifice scheme impact......
I'm in Scotland so tax bands are already different and I won't get a pay rise that puts me into the highest band. Property is in council tax band F but that seems to only be England and I'd be happy for it be reassessed because it seems disproportionately high compared to older properties, don't have an EV, no child benefit, and don't save more than £12k a year in my ISA.....

How do we know they will be re-valuing F and up? Is that in any official releases anywhere?

How I am affected:

Fiscal drag re income tax thresholds
Dividend tax increase (co director)

Just the same shit the Tories pull tbh.

It's a real shame that no reforms were made to income tax and VAT, but I was not expecting them. At the same time as lifting the two-child cap, it would have been great to balance things by taking measures to stimulate the economy (especially small businesses, entrepreneus and £50K+/£100K+ a year earners).

I feel sorry for the teachers, nurses and others caught out in fiscal drag due to RR freezing tax thresholds once again. If I was still teaching I'd have reduced my hours back to 4 days a week to avoid going into higher tax band. I'm sure many teachers and nurses will do this, then RR will have created an even bigger teacher shortage.

I feel sorry for the young people coming through and the struggles they have with a high cost of living. The budget will absolutely stagnate growth and we need to reduce expenditure

Very much with you on the struggles for young people starting out, @Musicaltheatremum, and regarding housing it's why I cringe every time someone crows about the market being RED HOT in their area and fantasising about the profit they can make

As for growth, as said above our current problems aren't just down to Labour, but it's an issue I don't expect to improve under them when basically the only growth they care about is that in the state sector

Typo

The increase in minimum wage last year to young people has already meant they are by far the highest unemployed group. Raising the minimum wage for under 21's by about 8 percent will just mean even less employers will give young people a job.

My minimum wage job will pay slightly more and my youngest daughter will count on my UC claim.
Good news for me.

I share concerns about the next generation in the West.

Tucker Carlson said when he was interviewed by someone recently things I had thought.

He discussed assisted dying, looking at Canada (due lots of Indian expansion migration into Canada) the previous population is down now to about 65%, the older population group that build the country are 95% of those legally having their life expired and having their organs sold etc in the MAID system, then I look at our abortion rates.

Watching the way pensioners on a basic state penion are being laid into and our fertile working population are not reproducing to replacement levels, it's like a slow car crash, communism found new ways to mass slaughter.

Younger women than me without a family in their old age will regret being a wage slave and throwing away a chance at a family when they need care, it will be worse than now if things don't change in 2029.

People who want to harm the young are very cross at the older generations advising the young in helpful ways, is another trend I have noted.

I quoted the wrong poster, sorry about that.

Don’t be a dick

Same. Still in the same tax bracket on a low wage, don't claim benefits, don't own a home and children are grown up.

It's too early to say but I am already struggling to pay bills. Thames Water decided on a £200 increase this year and I just don't have that type of money. If Rachel Thieves is then taking more off me in tax... I will have even less money. And at 58, I'm too old to start having multiple children... I work two jobs in the Arts, which are not particularly well paid.

I suppose in desperation, I could go on that OnlyFannies site. Is it unethical to use other women' pics, not faces just close-ups or I was thinking of getting a Midwifery book out of the Library and photography the pics with my phone? Both ways, don't feel good.