August 2 2014 Latest news:
Chancellor of the Exchequer George Osborne holds his red dispatch box as he stands with the Treasury team outside 11 Downing Street before heading to the House of Commons to deliver his annual Budget statement. PRESS ASSOCIATION Photo. Picture date: Wednesday March 20, 2013. See PA story BUDGET Lead. Photo credit should read: Dominic Lipinski/PA Wire
Friday, March 22, 2013
Thanks to accountancy and business experts KPMG and their budget calculator, it’s easy to find out how the budget will impact on your finances.
The calculator takes into account all of the measures implemented in the budget, as well as people’s personal circumstances, to provide an annual figure.
According to Clare Goodswen, from financial experts M+A Partners, there will be savings provided by the new budget, but they will be small.
“It isn’t a dramatic budget,” she said. “People are not going to be loads better or loads worse off.”
So we asked three members of the public how they felt.
Catherine Parfitts, 29, of Hempnall, will save £154.76.
Married with two children, Mrs Parfitt works part-time in a family business with her husband. After entering her details into the calculator it showed, with a high CO2 emissions car, an increase of £15 in next year’s road tax bill, and an extra £10.98 per annum spent on alcohol with the higher tax on wine. With the increase in personal allowance to £10,000, Mrs Parfitt will save £179 in income tax and £10.90 in National Insurance contributions. The mum-of-two was pleased with the results, and said: “That’s nice, I didn’t expect the budget to affect me at all, and I hadn’t really considered finding out.
“We don’t have to pay for fuel, as we get this for free through an eco-scheme using recycled fuel.”
Jonathan Crinnion, 30, of Norwich, will save £266.68.
Mr Crinnion will lose £18.32 in cigarette tax, but will regain this in lower National Insurance contributions at £18 less. Working about 50 hours a week as a chef, he will see a £267 reduction in his income tax.
“It’s nice that I’m saving something but I don’t think I’ll notice that much difference,” said Mr Crinnion. “It’s only just over £5 a week, which isn’t going to affect me very much.”
Stephanie Wittham, 61, of North Walsham, will be £238.92 better off. Mrs Wittham, who is retired, will have an extra £140.40 added to her state pension, and a £238.92 reduction on her income tax from a private pension.
The retired librarian will have some small losses, however, with a £10 increase in road tax, and an extra £6.07 in fuel.
“I am very pleased,” said Mrs Wittham. “I didn’t realise I’d be so much better off. I thought I’d save some money but not that much.”
Click on the link at the top right of this page to see how this budget affects you.