How Much Has the Budget Benefitted/Cost You?

[Spydaman]

I don't know yet but I’m expecting petrol, alchohol, classic car tax, income tax at the very least to cost me a few £100s.

[alscar]

I’d be extremely happy if it was only going to be a few hundred.
Spoiler alert - I won’t be.

[P-Jay]

Bit of pre-budget guess work eh? Cool.

I've got an EV coming in Early Jan so I'm hoping rumours around a reduction in VAT on domestic supply or on away from home EV chargers.

Sounds like income tax and NI aren't being touched, not in my bracket anyway.

VED at £600 a year on EVs is a bit unfair I think given they still cost so much more than ICE cars, but that was last Budget so only new to new EV owners, not generally.

Alcohol, honestly I couldn't care, it's pennies on a pint that already can vary in cost from £2.85 in 'spoons to £5 in the local and £8 in 'on the town'.

Stamp duty, although I am moving next year, doesn't effect me in Wales.

I don't think much from this 'once in a generation' budget that the media is scaring us all into reading about will touch me in any meaningful way, but the knock on effect on inflation/interest rates probably will.

[Spare tyre]

As long as cheese balls don’t go up too much

Oh and frubes

[The Leaper]

I'm a State pensioner so I do not earn.

I expect my council tax paid to double, my income tax paid to increase by 15%, tax on dividends to increase by 10%age points, and I'll pay more for diesel. I may have to pay NICs on my unearned income as a pensioner, maybe at 2%.

I expect the 2 children cap to be removed.

I do not expect any spending cuts of any meaningful size to be announced.

Watching the bond markets will be tearful for Reeves, I suspect.

R.

[ScotHill]

Spare tyre said:

As long as cheese balls don t go up too much

Tesco are selling pickled onion balls at a penny a gram, they're dressed up in festive packaging but really they're a modern timeless classic and perfectly constructed to dissolve after a couple of bites so you honestly can just keep shovelling them in. The equivalent Monster Munch are almost twice as expensive at their cheapest so this really is an investment opportunity.

The budget isn't the be all and end all.

[Matt..]

If they make the salary sacrifice changes that are rumoured it will cost me thousands a year and I’m not a particularly high earner. It s set to cost me 10% of my pension contributions which is very significant. It will absolutely have an impact on me at a time when I really need to be buying a new house.

[crofty1984]

I'm just hoping she doesn't can the classic car VED relief. I was looking forward to my car becoming tax-free in April.

[Square Leg]

Part of my income is from rentals, so I’m thoroughly expecting some lubeless fisting from our Rach.

[Camoradi]

I'm going to predict she will look at increased tax on savings interest and dividends by taking away any remaining allowances.

In which case I'll stop taking dividends until I stop work and then extract money from my Ltd Co using a MVL.

I'm 2 moves ahead of the chess champion

[2 sMoKiN bArReLs]

Camoradi said:

I'm going to predict she will look at increased tax on savings interest and dividends by taking away any remaining allowances.

In which case I'll stop taking dividends until I stop work and then extract money from my Ltd Co using a MVL.

I'm 2 moves ahead of the chess champion

The most sensible thing she can do is go back to the banks etc deducting tax before paying interest. (And then non tax payers have to claim the tax back). The admin savings for everybody would be massive & tax receipts would go up as there must be hundreds of thousands of people who probably don't even realise they owe tax & never get caught up with.

[Rollin]

Last one increased a CGT bill by £40k through BADR changes. Expecting another shafting.

[Camoradi]

2 sMoKiN bArReLs said:

Camoradi said:

I'm going to predict she will look at increased tax on savings interest and dividends by taking away any remaining allowances.

In which case I'll stop taking dividends until I stop work and then extract money from my Ltd Co using a MVL.

I'm 2 moves ahead of the chess champion

The most sensible thing she can do is go back to the banks etc deducting tax before paying interest. (And then non tax payers have to claim the tax back). The admin savings for everybody would be massive & tax receipts would go up as there must be hundreds of thousands of people who probably don't even realise they owe tax & never get caught up with.

I worked in a bank in those days and customers could complete a form (R85) which meant the bank paid their interest gross. Typically people used to complete them for children's savings accounts.

[AB]

Doubling of my council tax as a minimum. Should slip under any mansion tax as long as they don't decide to do some finger in the air valuations.

No doubt it'll cost me personally, as well as my businesses, so it'll cost me more to make it, more to take it out and more to spend it on the things I've already been taxed on and more to spend it.

So yeah, I'll be in a top mood on Wednesday, obviously, like the rest of the country with the exception of the people who don't bother.

From the workers to the shirkers, should be the motto.

[2 sMoKiN bArReLs]

Camoradi said:

2 sMoKiN bArReLs said:

Camoradi said:

I'm going to predict she will look at increased tax on savings interest and dividends by taking away any remaining allowances.

In which case I'll stop taking dividends until I stop work and then extract money from my Ltd Co using a MVL.

I'm 2 moves ahead of the chess champion

The most sensible thing she can do is go back to the banks etc deducting tax before paying interest. (And then non tax payers have to claim the tax back). The admin savings for everybody would be massive & tax receipts would go up as there must be hundreds of thousands of people who probably don't even realise they owe tax & never get caught up with.

I worked in a bank in those days and customers could complete a form (R85) which meant the bank paid their interest gross. Typically people used to complete them for children's savings accounts.

A far more sensible approach

[BoRED S2upid]

crofty1984 said:

I'm just hoping she doesn't can the classic car VED relief. I was looking forward to my car becoming tax-free in April.

Why would she bother?

[Matt..]

I guess I’m expecting to be very screwed (beyond the massive salary sacrifice hit).

I’m 40 earning reasonable money but sub £100k. I imagine I’ll get screwed to pay the pensions and non-workers. Then I’ll get screwed again by inheritance changes and lack of ability to save for my retirement.

I spend a lot of time travelling out of the country now so spend all my money elsewhere. Travel keeps me sane in this current economic hellscape.

[gareth_r]

2 sMoKiN bArReLs said:

The most sensible thing she can do is go back to the banks etc deducting tax before paying interest. (And then non tax payers have to claim the tax back). The admin savings for everybody would be massive & tax receipts would go up as there must be hundreds of thousands of people who probably don't even realise they owe tax & never get caught up with.

I wonder how much difference that would actually make? HMRC collude with the banks to tax my savings interest if it's less than £10,000.

https://www.gov.uk/check-if-you-need-tax-return

[Dan_1981]

She's going to screw me left right and centre.

Tax, pensions and the probable removal of the ECO car schemes which affects too few a number of people to get much attention but is really going to piss me off.

[2 sMoKiN bArReLs]

gareth_r said:

2 sMoKiN bArReLs said:

The most sensible thing she can do is go back to the banks etc deducting tax before paying interest. (And then non tax payers have to claim the tax back). The admin savings for everybody would be massive & tax receipts would go up as there must be hundreds of thousands of people who probably don't even realise they owe tax & never get caught up with.

I wonder how much difference that would actually make? HMRC collude with the banks to tax my savings interest if it's less than £10,000.

https://www.gov.uk/check-if-you-need-tax-return

I reckon it could save a fair bit in admin & also would raise a fair chunk more tax too. Many a mickle makes a muckle!