Most budgets in my lifetime have had little direct impact on me.
But this one looks like it's going to be a biggie, so I will be paying much closer attention than usual.
Best bet seems to be 20 per cent VAT, but deferred for a few months to give us all an excuse to dash out and buy a new car or telly.
A scaling back of the welfare state, cutting pointless non-jobs in the public sector and trimming the burgeoning education budget would all get the thumbs-up from me.
Any budget thoughts?
|
TBH, I dont think it will affect me much. In fact I may benefit more than I loose.
The rise in income tax relief will be a benefit, I dont have any other benefits to loose, I dont smoke so the fiscal red box at the Zero Imperial Palace should be pretty stable.
|
...so the fiscal red box at the Zero Imperial Palace should be pretty stable...
Extra VAT on most of what you buy apart from food?
|
|
I Echo Zero on that subject and like him/her I/we may even gain from the pain (of others)
|
>> ...so the fiscal red box at the Zero Imperial Palace should be pretty stable...
>>
>> Extra VAT on most of what you buy apart from food?
Most of the big ticket items have been replaced. My only big monthly outgoings are
Food (vat free)
Council Tax (vat free)
Gas/Electric Vat so +2.5%
|
>> Gas/Electric Vat so +2.5%
IIRC the VAT rate on fuel is 5% so that would be a 50% increase; I don't think they'd dare, especially after the recent winter which many will still be paying for.
|
"My only big monthly outgoings are
Food (vat free)
Council Tax (vat free)
Gas/Electric Vat so +2.5%"
So you've given up hookers?
|
Hookers are VAT free in the seedier establishments, though of course, if you're an MP, it's vitally important to ensure you get a receipt so you can claim the expenses.
VAT rise seems an ideal way to fix it - it shouldn't (in theory) penalise the lower earners more than anyone else, and if you want a new Plasma TV or car then you can afford to pay a little bit more. We're all going to have to fix this problem.
Well, I say "we", but I work abroad. Technically I'm helping to fix Ireland's problems.
|
I've heard that tax on insurance premiums may double, which will effect all of us (except the millions who don't bother paying it in the first place).
As a smoker I will once again be at the forefront in helping to clear the deficit :-(
|
Its going to hit me hard. Most my customers are paid by the public sector in one way or another even if they run thier own business.
The creation of public sector none jobs is actually a fiscal policty designed to keep the unemployed numbers down.
My sister has a public sector job and earns £30k a year, she reckons £22K of that goes back into the government via taxes.
An alchol tax rise of 5% or so I can put up with but if it was say 20% thats going to close down a more pubs and venues and unemployment will go up further.
University cuts could also be damaging, the government seem to be forgetting the £20bn they bring into the UK each year.
|
>>My sister has a public sector job and earns £30k a year, she reckons £22K of that goes back into the government via taxes.
Really???
She pays about 2.7k of NI 4.7k of income tax; council tax cannot possibly be more than 2k (and is probably closer to 1k). Of the remaining £20,600 of spending money, even if all of it is spent on items that are subect to 17.5% VAT, that means a further 3k of VAT.
So your sister keeps at least 17k of her income.
|
|
I wish Gordon Brown had been in the Commons to hear the final report on the "Golden Rule" which was that it had been missed by half a trillion pounds!
|
|
Insurance Premium Duty to rise to 6% from 5%. Otherwise, sin taxes don't seem to be there - and there is a REDUCTION in Cider Duty, just for Rattle.
Last edited by: Mapmaker on Tue 22 Jun 10 at 13:18
|
|
A sensible and well thought out budget IMO, so its a thumbs up from me.
|
|
Good bits from the Left and good bits from the Right, thats what Im hoping for.
|
Good for me in general - not too worried about the VAT hike for the same reasons as Zero - the market will find its own levels (i.e. the pre VAT prices may come down proportionally) in the real world - thanks to astute financial planning from the first Mrs P - my income will be safeguarded and I don't think the CGT will effect me greatly.
|
>> I wish Gordon Brown had been in the Commons to hear the final report on
>> the "Golden Rule" which was that it had been missed by half a trillion pounds!
>>
The poor man is reportedly hiding in Kirkaldy suffering from depression.
As for Rattle's sister's maths, doesn't it all go back to the Bank of England at the end of the day - except may be the notes stored under mattresse or smuggled out of the country.
|
|
FTSE is recovering from its early morning jitters, pound marginally up on the dollar and euro and we're not going to the Euro.
|
|
Motoring relatively unscathed, although I suppose the VAT increase will go on fuel.
|
>>we're not going to the €uro<<
Excellent reason to have a glass or 3 of West Country Cider then my luvlies :-)
|
I'll second you on that, me old Dogpal.
Maybe a couple of bottles of Jennings Cumberland Bitter sat out on the patio later.
Thread back to booze again......recurring theme !
Ted
|
well that really wasnt as scary as everyone predicted. Its a case of "prime them with really bad news, then delight them with minor pain"
An old trick.
|
My sister works out she pays £400 a month tax, £250 a month for her student loan which is over £5k. Then she has no savings everything she buys is taxed at VAT. Then a large margin of goods cost is increased due to corperation tax. It really does go on for ever.
My biggest concern about this budget is they have sold on the student loans to another company.
|
>> My biggest concern about this budget is they have sold on the student loans to another company.
What again. The previous government already did this. Maybe there's now more than one student loans company??
When I still had a student loan (I repaid the minimum and I only ever borrowed a few hundred!), when they sold the loans back then.... I got a letter saying mine wasn't sold. No money to be made out of my less than £10/month repayments I guess.
|
Me and my sister owe thousands and we are worried that they might start changing the interest rate to such a high amount. I am going to start paying mine off soon.
We are also very annoyed about how the student loans were sold to us. It was sold as a grant we would have to be back and only when we graduated did we realise the £1000's of in interest we would have to pay back.
My tax bill will at least be £170 lower next year but then I suspect I will pay a lot more tax due to the VAT increase.
Before the budget I expected the cuts would make me about £1k a year worse off but it now looks like I will only be a few hundered down. Either way I have been putting a lot in my ISA lately.
I've also noticed the phone has been dead, I have been really busy but the last week I have been dead. I've made less than £100 this week and I suspect people have been waiting for the results of the budget before spending any money.
|
>> We are also very annoyed about how the student loans were sold to us. It
>> was sold as a grant we would have to be back and only when we
>> graduated did we realise the £1000's of in interest we would have to pay back.
If that's really true, then that is pure stupidity on your part.
Student loan repayments are not tax; they are repayments of a loan. You're not being taxed on the money, you're merely having to repay the country for the beer you drank.
Fortunately, undergraduate numbers are to be cut by 10,000 this year. To my mind they should be cut by 50%; far too many degrees are complete Mickey Mouse degrees; a con on those doing them who are forced to pay (some years down the line) for the privilege of staying off the unemployment numbers yet get nothing of value in exchange.
|
>> We are also very annoyed about how the student loans were sold to us. It
>> was sold as a grant we would have to be back and only when we
>> graduated did we realise the £1000's of in interest we would have to pay back.
Its not called a grant, its called a loan. Student Loan, not student grant. You didnt have to take it, it was all spelled out in the paperwork you signed.
For college education you had three choices.
1/ Pay it all yourself
2/ Borrow the money
3/ dont have an education and go to work.
|
>>
>> I've also noticed the phone has been dead, I have been really busy but the
>> last week I have been dead. I've made less than £100 this week and I
>> suspect people have been waiting for the results of the budget before spending any money.
>>
Rattle, I thought your business was repairing computers. How is a few % points drop in their disposable income going to affect their need to have their computers repaired?
It looks like you are claiming that your customers are spending money with you as if it was a discretionary purchase.
Oh yes, if you didn't get a student mainetance grant, it means your parents were rich enough for you not to qualify for the grant. Therefore you took out a loan funded by the taxpayer, and it is just that - a loan. So have fewer 10 pint all night and day benders, and pay it back without whinging. :-)
|
>> So have
>> fewer 10 pint all night and day benders, and pay it back without whinging. :-)
Also, would it be better to pay off the loan rather than pay into your ISA?
|
|
how much do you owe, and what are your repayments and the term.
|
>>then delight them with minor pain"<<
I do that to the missus (not literally you understand) if I was to bend the mota I'd say itsa gonna costa da £1000's ... when she climbs down orf the ceiling I say nah, its only £900!
Tiddly Teddy's Cumberland Ale sounds a bit of alright & at 4.0% ya can do justice to a few :)
|
>> Any budget thoughts?
There's no point in worrying about what might (or might not) happen. Compared to what life was like during WWII most people are in clover. You can worry yourself into an early grave if you like, but I'm not.
|
>> >> Any budget thoughts?
>>
>> There's no point in worrying about what might (or might not) happen.
Cider's gone down. That's good enough. It's an excellent budget.
|
Well cider had to go down because its what everybody will be drinking while they are on the dole.
As for my business some of it is essential but some of it is not. People might ask a friend of a friend and more more likely to DIY in bad times.
A lot of my business is support too.
|
"what everybody will be drinking while they are on the dole"
What dole? Won't be to long before that goes down too...
|
|
Well the money they get from shop lifting or credit card fraud then :).The expected unemployment rate at 8% things in society are going to get bad. I expect to see lots of early 1980's riots but this time it will be from middle England.
|
|
Maybe that's why they're honouring the Police's pay rise due in September.......
|
Possibly but then they are not replacing any of cops that retire so they won't even be any police. They say it won't effect the number of coppers on the beat but I am not so sure.
It will be interesting to see how the housing benefits change effects people too. I think limiting to £400 a week is a good idea. It will only really effect the extreme benefit claimer.
|
People on the dole should nto have enought money to pay for alcohol. Its for food and rent, not booze, 60 inch wide plasma tvs or playstation 3's.
Fags too. Claimants should not be able to buy fags.
|
>> Fags too. Claimants should not be able to buy fags.
Why not ? At least if they buy fags and booze the exchequer gets most of its money back.....
|
>>
>> >> Fags too. Claimants should not be able to buy fags.
>>
>> Why not ? At least if they buy fags and booze the exchequer gets most
>> of its money back.....
And employ lots of people to process all the money going and back again.
|
|
No not happy, we are supposed to get rid of a million government seat warmers.
|
|
who would then go on benefit. Fag anyone ?........
|
>> who would then go on benefit. Fag anyone ?........
we dont pay their final salary pension on the dole.
|
|
True, but then in retirement they'll spend less.....oh look guess what, another recession if people spend less.....what shall we do now chaps ? Last one out put the lights off eh ?
|
|
Dont ask me, I became economically inactive.
|
Rattle, stop moaning and whinging. take L'escargot's advice and cheer up and sup a few jars tonight. Be happy. You are dragging other people down the depressive route with your constant worrying and negativity about life.
|
--->People might ask a friend of a friend and more more likely to DIY in bad times.<---
Don't be so glum chum ~ you tune puters, I used to tune mota's,
population of Manc = 750,000, a lot of dudes will maybe put orf the purchase of a gnu computer if things go TU
so there will be more work 4 U 2 do ... this is what I found in ze motor trade.
Last edited by: Dog on Tue 22 Jun 10 at 20:23
|
2.4 million last time I checked, but that is including either Greater Manchester or the Greater Manchester urban area which ever you believe is Manchester. I personaly prefer the Greater Manchester Urban area because it is more realistic - it excludes Wigan but includes Macclesfield.
I think we will all need to wait and see what happens.
|
Just watching the news... Vox pops with "typical" family on benefits; "typical" low earner; and "typical" middle income earners - most seem to be worse off next year (all other factors being equal) by less than a hundred pounds per annum. One MOP in particular was complaining at some length about how unfair it is that they are to be forced to survive on £20 p.a. less than this year.
I've been on benefits for a year now and I'm not complaining about the budget.
|
As for as I can tell there have been no real benefit cuts at least not for the genuine poor. The housing benefit change is probably for the good. If I moved out I would not expect to pay any more than £100 a week rent so I don't know why anybody thinks they can live some where for £400 a week on the government.
I have concerns about the disability allowance changes though, I know a few people on this and they are genuine. Would my very ill aunty who suffers from severe MS (she can't walk, can't move her hands or anything, she needs 24/7 care) be subject to a fit for work interview?
Despite the my moaning the budget has not been as bad as I expected BUT I am worried it will stop growth and cause mass unemployment which means all the cuts have been for nothing.
|
>> I would not expect to pay any more than £100 a week rent so I don't know why anybody
>> thinks they can live some where for £400 a week on the government.
Exactly. I was fairly stunned to discover that my £82wk rent would be covered for me, and that's on a 3-bedroom house with front and back gardens.
I was fairly surprised that capping HB at £250wk for 1-bed, £290 for 2-bed, £340wk for 3-bed and £400wk for >3-beds would save as much as £1.8bn a year by 2015. There must be an awful lot of tenants with incredibly high rents (ie potential Daily Mail stories) out there.
|
"I have concerns about the disability allowance changes though, I know a few people on this and they are genuine. Would my very ill aunty who suffers from severe MS (she can't walk, can't move her hands or anything, she needs 24/7 care) be subject to a fit for work interview?"
I didn't read about this bit but there was a lady on the radio not 30 mins ago saying she had arthritis and didn't want to go through the humiliation of having to explain why she should get benefit, it was all too much and intrusive.
So how's it been working up to now? Could I have applied and got it? I have a massive amount of sympathy for the genuinely ill and have spent much of my own time fund raising for various causes in that direction, but I think it reasonable that anyone expecting a handout should justify it, and be challenged about it if in the circumstances are doubt. And that should be a regular occurrence, if it is a condition which may alter for the better. Of course severe cases (and I know it's hard to draw the line) can be treated in different way. I suspect it's borderline cases they are trying to stamp on anyway, not your aunt Rats.
|
I know of too many getting what they do not deserve. A relative when I was a child got all sorts including car etc. The walking stick came out near the time to revisit the GP. That was about all it took.
I recall stories of people on housing benefit getting thousands per month to get a large house in London. Well if they were not working why not move them to a more modest area? We were talking £3k+ per month. I couldn't afford to live there with a job.
|
Exactly. I also think the government should reconsider re-schooling kids too. If a mother has been unemployed for years but is living in a swanky area why is taking them out of school a massive argument? I am pretty much priced out of my local area and I don't expect any help. I do have a genuine reason to live here though as it is where my business is.
If I was unemployed and needed help with my rent then a nice flat on the 30th floor on some council block in Salford is what will happen. I would not expect a nice flat on Chelsea Harbour.
I am also not sure about free bus passes for the over 60's regardless of income. This is costing local councils a fortune and just helps people like Brian Sooter (sp) become richer.
I also think getting rid of working tax credit completly and introducing a £10k tax threshold will help a lot. It will save a fortune on paying IR staff to check all the tax credit forms.
My biggest concern is still all the cuts though.
I also think the governments are missing a trick on cheap housing. I think a new bread of council estates need to be built. If the cost of renting is a lot lower than the governments welfare bill will also be much lower. My solution would be tower blocks as we are running out of green fields we can build on but then experiments of the past have shown tower blocks don't work.
What they have done in some of the innercities of Manchester is built mixed estates with some council and private properties and it seems to really work.
Housing is my biggest concern of all but that has been a problem for a long time not just since the recession. I really laugh at my plan at university, in 2003 we all had a chat about how we could buy a £30k house in Salford between us with our student loans and then rent them out. Thouse houses (corrie style) now go for over £100k.
I really do think housing could cause the next crisis in this country.
|
>> My solution>> would be tower blocks as we are running out of green fields we can build
>> on but then experiments of the past have shown tower blocks don't work.
>>
>>
THe problem is the people that occupy these tower blocks when they are built.
|
>> My solution
>> would be tower blocks as we are running out of green fields we can build
>> on ..............
My solution would be to curb the population growth, so that we didn't need so many new houses.
|
|
And of course you can become registered disabled through drink or drugs abuse.....
|
|
I believe that 5% vat stuff goes up to 6%
|
I listened to most of it yesterday on Radio something and I didn't find anything to alarm me. It was never going to be good news, but nor would the route that we were going down have been. It's here, let's get on with it shall we? Just gotta have a few pints less a week or work a bit harder. Rule Britannia.
M
|
>> I believe that 5% vat stuff goes up to 6%
No. The 5% VAT rate - electricity, gas etc. remains at 5%.
The 5% Insurance Premium Tax rate goes up to 6%.
|
Or indeed cake abuse if some of the fatsos with scooters around here are anything to go by.
If you do cut back the public sector where are all these jobs going to come from exactly? The private sector aren't going to create non jobs. They also don't like employing previously public sector workers as they generally expect employment law and health and safety legislation to be adhered to which private sector employers don't like. There is also the attitude that public sector workers are generally less able than private sector workers but I've yet to see actual evidence of this assertion so I assume it is just prejudice.
Which is worse. Having an extra million people on the dole or having them in the public sector spending more money and keeping the economy running? Everything you earn is taxed. Just about everything you buy is taxed. Food isn't entirely vat free either. Check your shopping bill and see which items attract VAT.
There are loads of empty properties around the country. Lots up north. Would save a fortune moving the long term unemployed with no qualifications up north where they they can at least moulder away on the dole at less of an expense.
|
|
I didn't think it sounded that bad, but according to the BBC budget calculator I'm going to be about £480 a year worse off :( Suppose it could be worse/many worse off than me etc.
|
£20 a year worse off for me so not so bad as it is solely fuel use that will cost a bit more. It's a duff calculator as you can't have a pre 2001 car and it doesn't mention insurance or VAT on food increases.
Was watching that budget debate on dispatches. Some daft women was on about cutting a public sector workers pay and increasing pension contributions so a 25k earner would be £3k a year worse off! Clearly she lived on a fat salary where that much money was a drop in the ocean.
|
|
I will be £416 better off.
|
>> it doesn't mention VAT on food increases.
Food is zero rated; you don't pay VAT on food. (Sweets and confectionary and restaurant food are a different matter, of course.)
|
>> Some daft women was on about cutting
>> public sector workers pay and increasing pension contributions so a 25k earner would be >> £3k a year worse off!
>>
Take a look at this graphics.thomsonreuters.com/10/UK_PSNB0610.gif
It shows graphically how our borrowing has been growing annually. Note that to work out the cumulative debt, you need to add each years borrowing (area under the graph). Everyone in Britain needs to change their habits so that we reduce imports, increase exports, holiday at home, and live within our means. In other words: stop buying Panasonic TVs, Fiat Pandas, Apple Macs, iPods, iPhones, iPads; stop going on holiday to California; and stop slagging off the likes of Tesco, Shell, M&S, Vodafone etc. when they earn huge profits for UK plc.
As for exports, we shall have to become a low wage economy to compete with the Far East.
Stop whinging, and take our bitter medicine of 10% reduction in living standards for the long term health of our nation.
|
>> BBC budget calculator
Sorry, should have given a link: news.bbc.co.uk/1/hi/business/10335476.stm
|
|
£166.75 better orf in this owse.
|
news.bbc.co.uk/1/hi/business/10335476.stm
I got the webpage but there was no calculator.
|
>> news.bbc.co.uk/1/hi/business/10335476.stm
>>
>> I got the webpage but there was no calculator.
Should be - starts under 'Your Details'. Still there for me. 'Calculate Results' button right at the bottom.
|
"I'm going to be about £480 a year worse off :( "
That'll be the same £480 from me too - Income tax, NI, and child tax credit. Add in the VAT rise and it's the thick end of a grand - or more. Ouch. :-((( Better tap up my boss about that promotion again!
It's not like as a single earner family I don't pay nearly £4k a year more tax than if SWMBO and I were both working at half my earnings (although then I suppose I would have to fork out ££££ for child care, so it's probably swings and roundabouts!)
|
>> If you do cut back the public sector where are all these jobs going to
>> come from exactly? The private sector aren't going to create non jobs.
Quite. So why should the private sector fund the non jobs instead - which is what is currently happening.
>> like employing previously public sector workers as they generally expect employment law and health and
>> safety legislation to be adhered to which private sector employers don't like.
Nonsense. If there is any truth in what you say, it is because they are inclined to work 9-5 and to strike and to expect pension contributions of 25% or more of their salary that private sector workers can only dream of.
>> Which is worse. Having an extra million people on the dole or having them in
>> the public sector spending more money and keeping the economy running?
Having them in the public sector. The reductio ad absurdum of your argument is that EVERYBODY should work for the state. This has been tried, and proved to fail.
|
Many year ago when I did A level Business Studies it included a bit about fiscal policy. One of the key things was the government always made none jobs because it was far better to pay somebody £20k and have them spending which creates more jobs and tax income than to have them on the dole.
I am so glad they are still going ahead with the Metrolink extension (there wasn't really any chance of it being canceled anyway) and the Leeds to Liverpool electrification as that will create 1000s of jobs.
As Ted said to me at least they will be 100 or so new jobs here for driving the new trams :p the downside is they will probably be 100 less posts for bus drivers.
My business is still dead, not had anything like this since the media first started going on about the recession. I can only conclude its either the budget or the flipping football.
Last edited by: RattleandSmoke on Wed 23 Jun 10 at 12:34
|
>> Many year ago when I did A level Business Studies it included a bit about
>> fiscal policy. One of the key things was the government always made non jobs because
>> it was far better to pay somebody £20k and have them spending which creates more
>> jobs and tax income than to have them on the dole.
Well, they certainly taught you the answer in which the State takes control of the lives of everybody. The Small State approach does not do that.
Remember, the more public sector employees there are, the greater your taxes, Rattle.
|
>> Many year ago when I did A level Business Studies it included a bit about
>> fiscal policy. One of the key things was the government always made none jobs because
>> it was far better to pay somebody £20k and have them spending which creates more
>> jobs and tax income than to have them on the dole.
>>
Gordon Brown must have gone to the same school. Did they not teach that such a policy does not work, it is like borrowing on your new credit card to pay off the debts and interest on your old card, and borrowing some more for good measure to spend on yet more non-essential goodies.
Last edited by: John H on Wed 23 Jun 10 at 13:26
|
>> Many year ago when I did A level Business Studies it included a bit about
>> fiscal policy. One of the key things was the government always made none jobs because
>> it was far better to pay somebody £20k and have them spending which creates more
>> jobs and tax income than to have them on the dole.
Jeez, University education has really gone down the crapper.
>> I am so glad they are still going ahead with the Metrolink extension (there wasn't
>> really any chance of it being canceled anyway) and the Leeds to Liverpool electrification as
>> that will create 1000s of jobs.
No it wont. The crews, and gangs, and management already employed on other project will simply move to the new ones on completion of the old.
>> My business is still dead, not had anything like this since the media first started
>> going on about the recession. I can only conclude its either the budget or the
>> flipping football.
This is where your university fiscal studies department let you down. Its caused by the warm weather. People are not indoors hunched over computers.
|
>> £2K worse off. Aargh!
>>
As I said above "In other words: stop buying Panasonic TVs, Fiat Pandas, Apple Macs, iPods, iPhones, iPads; stop going on holiday to California; " ;-)
Last edited by: John H on Wed 23 Jun 10 at 13:28
|
I have not bought a Panasonic TV, Fiat Panda, Apple Mac, IPOD IPhone or IPAD.
(tho I wil be going to california, and buying an iphone and ipod there - that doesent count does it?)
In my defence I am also holidaying in the uk.
|
Its certainly a lesson that when times are good, you should spend a little but save alot more as there is nearly always a bad time on the way.
I speak as someone who has never owned a credit card an no intention to go that way either, I dont understand borrowing for daily expenses and therefore cant understand why a government has to. Its like maxing out your credit cards so your kids like you.
No wonder our former Great Leader is in hiding. Stupid man.
|
£690 worse off for me. And that's before they decide to put my pension contributions up from 11% of my gross wage to 15%. (Which we've been told is definitely coming).
I'd like to see a massive crackdown on two camps. The Stella drinking scroungers who spend their day sat at home filling in their incapacity benefit forms and choosing their motability cars (I deal with them on a regular basis). The other camp being those with 'wealth' who employ accountants to avoid income tax and VAT. I have a friend with a very successful business, who pays significantly less tax than I do. He collects receipts for everything to claim back the VAT and his tax avoidance is all done 'legally'.
|
Everyone shouldn't work for the state. You need a balance of both. When you're already in recession you have to work out which is worse overall. It won't always be the same answer as it will depend on what you're paying people to do. Considering the disgusting state of most of the roads there is plenty of scope for a few more pot hole fillers. There are plenty of jobs that could be done. Not all need to be the pointless equality and diversity coordinators or cricket promotion officers.
Pension contributions are nothing like 25%. Even the final salary I had while still in HE was 14% employer provided. It is a well known fact people do not pay enough into their pensions anyway. The pension short fall was entirely down to that pillock Brown taxing profits of pension companies. If he hadn't have done that there wouldn't be anywhere near the short fall there is now.
|
|
£60.78 per annum better off. I'm well pleased.
Last edited by: L'escargot on Wed 23 Jun 10 at 15:17
|
|
£510 better off. Will pay even less tax in Jan, if any at all.
|
£236.50 worse off.
Won't buy that bluray player now so it'll roughly even out. Sorted.
|
Just spent the afternoon doing a bit of legal tax avoidance. You don't need to pay an account to that :).
I will see that going through receipts and entering formula into spreadsheets is the most tedius thing you can ever do.
I will pay less tax too, but I will pay a lot more in VAT.
As for the FIAT Panda going through all the receipts as I have done I am paying quite a lot less in petrol now, no repairs and no road tax so it should be cheaper. I am just kicking myself for loosing the road tax recipts on my Corsa :(. Maybe I could submit the tax disc itself?
|
£263.50 better off.
Bit odd really, but then the calculator didnt take into account how I spend my disposable income (VATable items or not)
|
I don't think anyone will be better off after the VAT increase.
2.5% is expected to raise an average of £425 per household per annum. Don't forget you are paying VAT on virtually everything from your bottle of wine or beer to your petrol, your clothes, all those purchases in the supermarket that don't all within the definition of food, your phone bill, your car repairs, that restaurant meal, the list goes on.
|
I am not VAT registered but my latest expenses showed I had spent £6000 on business related items. I have to pass any VAT increase onto my customers and sometimes that means I have to swallow it.
It could be worse for those who are VAT registered I guess as they would have to increase their chages by 2.5% full stop.
|
|
Have just thought about my spend each month and thinking about it that 200 odd quid saving is about what my VAT bill will rise by so all in all I think I will break even. Not to bad for a budget that was intended to be painful.
|
|
But the effect will take months to have an affect. The real pain in this budget is not the tax changes but the cut backs.
|
I agree Rattle. There is going to be a lot of moaning and groaning when the the cuts begin to bite.
|
|
Rattle, do some thinking for yourself and stop trotting out the standard labour party reply.
|
Rattle, if you weren't peddling such socialist claptrap I'd give you some suggestions about saving tax.
And nobody will be putting up their prices by 2.5%, it's 2.1%.
|
In some areas I welcome the cuts. Some Civil Servants have it quite easy compared to the rest of the real working world. Thats not to say most don't work hard either.
My other half works in a mixture of private and NHS hospitals - the waste in some NHS locations is shameful, and the impact is often seen in front line services. For example our A&E department had a new ward built alongside it - the whole purpose of this is to admit patients who have not been seen within the 4 hour target. This enables them to tick a box, but offers no benefit to the patient. The private sector is a far tighter ship delivering care by directing resource where best needed with as few managers as possible.
I love the NHS, but I think its time to start reducing it and encoraging those who can afford to to make their own provisions through tax / NI allowances
|
I am no labour party socialist. By biggest concern is any downturn in public spending could hit me hard. Maybe its about time I open up a discount junk food shop instead, that is one business which seems to be booming lately.
I think a much better way would be to slowly introduce the public sector job cuts. If anything it needed to happen slowly a few years ago but Britain cannot take a massive loss of jobs now.
In reality I don't think the VAT increases will have a major impact either way.
I think we all need to wait and see what happen. I am not against the cuts and I can see why they are needed. I just think it could be far too much too soon.
|
If the country didn't take credible moves to sort out the financial mess, the danger was the credit rating would be hit and therefore make the existing borrowing more expensive. I think there will be worse to come.
I am glad I do not have a mortgage anymore. And over the next few years interest rates will also increase - thankfully ;-)
|
Although it looks like I'm down £480 (according to the BBC calculator), the plan was that our currently not great financial situation would improve later this year when SWMBO finishes her course and gets a job.
Unfortunately she's training to be an operating department practitioner, working in the NHS. Not looking like such a great plan now :(
|
...Unfortunately she's training to be an operating department practitioner, working in the NHS. Not looking like such a great plan now :( ...
Focus,
Fear not, the NHS behemoth is ring fenced.
Mrs F's sounds like it will be a proper job, but it matters not, the health gravy train rumbles on.
|
>> Mrs F's sounds like it will be a proper job, but it matters not, the
>> health gravy train rumbles on.
Oo no, not quite. Most of the trust are currently in severe debt, and shedding staff, cutting nursing training, and reducing services.
|
>>
>> Fear not, the NHS behemoth is ring fenced.
>>
>>>
>>
>>
>>> dont believe all you read in the daily ####=_0(87u7y
|
>> Mrs F's sounds like it will be a proper job
Indeed - as I've mentioned before it's a lot more proper than mine, but for less than half the money. And they weren't even allowed to watch the game today - something about not letting the patient die...
Last edited by: Focus on Wed 23 Jun 10 at 23:15
|
I heard a radio report which said 'health' was one of the departments which was not being forced to make cuts.
Dunno how that impacts on the individual trusts.
|
As my wife says as she leaves each morning
"Bye, just off to save lives"
|
Lets just hope they have got the balance right though. Just one thing I don't understand where have the borrowings come from? Is it lots of government departments taking out bank loans or is the debt loans taken out by the governments them selves?
|
|
The loans are taken out against Government Bonds - people trade them, get it right and the loan rate drops, get it wrong and the rate goes up - Barings Bank seems to think it was OK, pound has gained weight on the foreign exchanges which supports that view.
|
|
I remember the Barings case. Didn't one trader (Nick somebody) nearly bring down the entire country?
|
>> No, not even close.
More info on wiki: en.wikipedia.org/wiki/Nick_Leeson
EDIT: the film: www.imdb.com/title/tt0131566/
Last edited by: Focus on Wed 23 Jun 10 at 20:54
|
>>I don't understand where have the borrowings come from?<<
You'll have to consult the Oracle for that answer comrade ~
video.google.com/videoplay?docid=7065205277695921912#
|
>> I was fairly surprised that capping HB at £250wk for 1-bed, £290 for 2-bed, £340wk for 3-bed and £400wk for
>> 3-beds would save as much as £1.8bn a year by 2015.
>> There must be an awful lot of tenants with incredibly high rents (ie potential Daily Mail stories) out there.
Oooh yes.
tinyurl.com/34c7nl6
|
-----> Oooh yes. <-----
= Mugs R us.
|
A budget we will need to take notice of. - Zero
