Struggling to work out whether you’ll be better or worse off after today’s emergency budget?
Let’s face it, the chances are you’ll be worse off, and to find out by how much (even the Queen’s income has been frozen), use the BBC’s budget calculator.
It won’t be 100% accurate, as the tax system is too complex to be fully represented in a simple online calculator, and sadly it doesn’t take into account the rise in VAT next year (estimated to cost the average household £425 per year, according to Kelkoo), but it should give you an idea on where you’re losing out, from the following areas:
- Income tax
- National insurance
- Child benefits
- Tax credits
- State pension
If you’re interested in learning more about the data behind the budget, The Guardian looks at the key datasets.
photo credit: _M-j-H_
- Budget Calculator: Are You Better Or Worse Off? (March 16, 2016)
- 2014 Budget Calculator (March 19, 2014)
- Thousands Use Twitter To Complain About HMRC Phone Lines (September 9, 2015)
- How Much Is Your Electricity Costing You Right Now? (August 18, 2016)
- Could A Dashcam Save You Money On Your Car Insurance? (October 11, 2016)