Budget 2014

[Mr Mystery]

How do?

It's UK Budget day, so starting this thread for a wee bit chit chat.

I don't intend to worry about the politics of it, as frankly lefty as I am, it's me I'm most concerned about!

Load of politicking at the moment, and no real details for now.

[eldargal]

Your mums a budget...

[Mr Mystery]

http://ts4.mm.bing.net/th?id=H.5025538156724331&pid=1.7

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Things I like so far (watching the BBC News website live feed).....

Inheritance Tax waived for members of the Emergency Services who die in the line of duty. - Nice little touch.

New Tax being expanded to prevent people avoiding stamp duty by purchasing residential property through a company. Flat 15% on residential property worth £500k+

HMRC to obtain new powers to remove money from tax debtor's bank accounts directly, but only when they have money to pay the outstanding but refuse to do so.

- - - Updated - - -

Things I like so far (watching the BBC News website live feed).....

Inheritance Tax waived for members of the Emergency Services who die in the line of duty. - Nice little touch.

New Tax being expanded to prevent people avoiding stamp duty by purchasing residential property through a company. Flat 15% on residential property worth £500k+

HMRC to obtain new powers to remove money from tax debtor's bank accounts directly, but only when they have money to pay the outstanding but refuse to do so.

[eldargal]

Pfft.

[Mr Mystery]

Fuel duty not going up.

Beer Duty cut by a penny (YAY!) Spirits and Whisky also frozen.

Bingo Duty (didn't know there was such a thing) halved to 10% (no, me neither!)

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Baccy is going up by inflation +2% (fair enough really).

Tax Allowance....something about £10,500? Missed the main headline on the tickertape thingy. There it is....£10,000 this year, £10,500 2015. Overall, since the coalition joined in this has been promised, and delivered upon.

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Duty frozen on Cider - Cheers from the west country no doubt.

[Deadlift]

Positivity for a Conservative budget from a loony lefty, Mystery what's happened ? :)

[Mr Mystery]

Non-political viewpoint, only look at the stuff that affects moi!

Overall, I've got nowt to complain about. Beer Duty thing has a minimal direct impact, but does mean my local, now a free-house will making more profit, keeping the doors open. So happy there!

Business stuff? It's the Tories. I'm sure there's a fiddle going on somewhere, but meh. Doesn't affect me much.

£119,000,000,000 cap on welfare spending, excluding Pensions and Unemployment - Hard to quantify on account I dunno the current spending figure!

[Psychosplodge]

What are they defining as Welfare?

[Wolfshade]

http://news.bbcimg.co.uk/media/images/73679000/jpg/_73679538_osborneroll.jpg

[Wolfshade]

Summary

http://www.bbc.co.uk/news/uk-politics-26626280

Wolfie's highlights:

Point at which people start paying income tax will be raised to £10,500

Threshold for 40p income tax to rise from £41,450 to £41,865 next month and by a further 1% to £42,285 next year

Cash and shares Isas to be merged into single New Isa with annual tax-free savings limit of £15,000 from 1 July

Beer duty cut by 1p a pint

£200m made available to fix potholes

[Mr Mystery]

Seems current welfare spending is £113,000,000,000ish, expected to rise to £117,000,0000,000 next year.

So cap seems fairly reasonable.

[Deadlift]

I like the changes to corporate tax. Investing in business looks like it might actually be viable now too. With this budget and the announcement yesterday in regards to child care costs it's been a pretty good couple of days from the government for me.
Isa limit rise is awesome too.

[Psychosplodge]

Highlights

Point at which people start paying income tax will be raised to £10,500

Beer duty cut by 1p a pint

£200m made available to fix potholes

No rise in fuel duty.


Overall another year where I'm not worse off straight away. Not like when I first started work under liebour


http://i57.tinypic.com/n1cf9v.jpg
http://i59.tinypic.com/2qsc3eu.gif
http://i59.tinypic.com/2nhjcr4.jpg

[Mr Mystery]

Chas Roy-Chowdhury, head of taxation at the Association of Chartered Certified Accountants, says: "Thousands of people are about to be hit with a massive tax bill which could go back as far as 10 years. This is due to his retrospective measures to collect tax from those people who have entered into tax planning arrangements, irrespective of whether which are legitimate or not. Individuals will have to pay tax up front and only get it back if it later emerges the scheme does not break any rules."


BOO FRICKITY HOO! No more ropey tax dodges....sorry...tax planning dodges.

[Wolfshade]

Yes but I gave [instert name of big accountancy firm] a squillion pounds to make sure I don't pay a single £ in uk tax.

alos:


The Budget should enact important changes to the payment of VAT on internet purchases and downloads.

Buyers, for instance of e-books, will now have to pay the VAT rate of their home country, not that of a retailer such as Amazon.

It charges just 3% VAT, the rate in its home territory - Luxembourg.

From 1 January 2015 it will have to charge UK purchasers the 20% British VAT rate - and then hand that money over to the UK government.

It will mean higher charges for some UK internet shoppers who use a foreign service, and it will raise about £300m more each year for the Treasury.

This is an EU-wide change affecting all 28 member countries and will remove the price advantage of some internet retailers based outside the UK.

[Wolfshade]

BBC's calculator:

http://www.bbc.co.uk/news/business-17442946

Yay! Better off.

#winning

[Psychosplodge]

I'm better off, but not by as much as I expected, as last year the tax band lifting felt like it gave more return...

[Wolfshade]

See this is why you need to get married for the married coupled bonus :) totes worth it :rolleyes:

[Psychosplodge]

What? And be £400 a month worse off as the SO is then assessed on my income?

[Mr Mystery]

£125 a year better off. Which is nice.

[Wolfshade]

What? And be £400 a month worse off as the SO is then assessed on my income?

:) Yup ;)

[Psychosplodge]

Bored anyone?

http://www.torybingo.com/