#Budget2013: Your questions answered
What are your concerns about the Budget? Share them here and our experts will do their best to answer them.
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Nimesh Shah of Blick Rothenberg Chartered Accountants was here on 21 March 2013 for a live lunchtime Q&A session on how the 2013 Budget affects you.
Nimesh is a personal tax adviser with over eight years of continuous experience in practice, with a broad range of experience in UK personal taxation. His particular areas of expertise include the taxation of non-UK domiciled individuals and real estate taxation.
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I'll admit to being baffled about the changes designed to help house buyers. Does this apply only to new builds? How much dearer does your new home have to be than your current one? And what are the basic restrictions? We're thinking of moving to another part of the country and were aiming to buy a house at about the same price.
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@Independent #budgetquestions If I made use of the 5% deposit scheme. Could I buy out the government's share early?by ryanpb via twitter 3/21/2013 10:36:16 AM -
See our TaxFax pdf supplement produced in conjunction with Blick Rothenberg chartered accounts and updated with yesterday's Budget announcements. blogs.independent.co.uk
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Q. I already have childcare bills and my husband and I both work – how do I claim this £1,200?
Rachael Walker
A. The new tax relief scheme will be introduced from Autumn 2012. Unfortunately, no further specific details on how the scheme will operate were released at yesterday’s Budget. -
Q. Do both parents have to be working to qualify for a childcare tax credit?
Danny Williams
A. The new scheme will affect families with childcare costs where both parents work but they do not qualify for tax credits. Both parents must individually earn less than £150,000 to qualify for the tax relief. -
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Q. I'll admit to being baffled about the changes designed to help house buyers. Does this apply only to new builds? How much dearer does your new home have to be than your current one? And what are the basic restrictions? We're thinking of moving to another part of the country and were aiming to buy a house at about the same price.
House Hunter
A. There were two new measures announced to support home ownership –
Help to buy: equity loan applies to new build home only
Help to buy: mortgage guarantee applies to new or existing properties.
Both measures apply to maximum home values of £600,000. -
Q. So is the beer at my local really going to get a penny cheaper or will my landlord just keep it?
Steve Riley
A. It depends on how thrifty your landlord is! You will want to wait until after midnight on Sunday to have a pint as the 1p reduction doesn’t take effect until after then! -
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Q. Where do my wife and I stand on all the pension changes if we reach 65 in 2017 and 2019 respectively? Apologies for the broad question but I'd be grateful for a pointer to start figuring it all out.
Pension Home-runner
A. It was announced yesterday that the new single tier state pension will begin in 2016-17. The single payment is worth £144 per week in today's money. How you and your wife will be affected will depend on your current entitlement to the state pension. The broad rule is that if you’re entitled to more than the single tier payment under the current system rules you should be protected. You can check your current entitlement to state pension with the Department for Work & Pensions. -
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Can't see the wood for the trees. How's the Budget going to help me as a small business (a print shop with me and two part-timers)?
by SMB
Yesterday’s Budget announced a new £2,000 allowance, aimed at small businesses, although businesses of all sizes are eligible. From 6th April 2013, all businesses will be entitled to a £2,000 employment allowance towards their employer National Insurance bill. -
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Will the grants for fracking make a big difference? I'm petrified at the though of this taking off big-time in the face of major concerns. What is on offer? FN
by Fracking Nuisance 12:40 PM
The new tax incentives to encourage the development of shale gas are subject to a Government consultation. It is expected the new allowance will reduce the rate of tax on shale gas production significantly, but we don’t have details of the size of the allowance. The Government has commented that UK shale gas could make a big contribution to the country’s energy needs as well helping economic growth. -
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I see there will be no tax if I earn under £10,000. How much do I lose if I earn £100 over that? Does it affect my whole tax or just anything over the £10,000?by Asif K 12:54 PM
You don’t pay any tax on the first £10,000 you earn; thereafter, you will pay 20% income tax on earnings up to £32,010. Note that the £10,000 personal allowance comes in from 6th April 2014. The personal allowance from 6th April 2013 is £9,440. -
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I am 67 and my current pension is £107.45 plus £67.82 SERPS, 2nd pension etc. When £144 flat rate comes in, do I lose these extras I have paid for and revert to £144 meaning a fall in income?
The broad rule is that if you’re entitled to more than the single tier payment under the current system rules you should be protected. Therefore, I believe the higher state pension you currently receive should be protected. Saying that, I suggest confirming with the Department for Work and Pensions. -
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I am 64 and currently receive a State Pension of £121 p.w. Will this increase to £144 p.w. when the new changes come into effect and, if not, will my Pension still rise each year in line with inflation?
by Kate Powell 12:56 PM
A. I believe you should be entitled to the single-tier state pension when this begins in 2016-17 but as with the earlier query, it’s worth checking with the Department for Work and Pensions. -
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Q. I work in an estate agency. What do I need to know about the Budget changes on help with deposits? Is it going to make a change to the doldrums we've been suffering? Kent
A. The new initiatives announced yesterday on supporting home ownership have raised a lot of interest.
As I see it, there are two initiatives to be aware of –
1. Help to buy equity loan – this is where the Government will provide an equity loan worth up to 20% of the value of a NEW build home, which is repayable when the home is sold.
The maximum home value is £600,000 and there will be no income cap constraint to who is eligible.
The scheme is available to all buyers, whether first time or those wanting to move up the property ladder.
2. Help to buy mortgage – the Government will offer a guarantee to lenders who who offer mortgages to people with a deposit of between 5%-20%.
Again, the maximum home value of £600,000, there is no income cap and available to all homebuyers. -
Q. I see the Indy paper made a point of juxtaposing the Budget gloom with the Barclays bonuses. After all the Big Talk, was anything done to tackle the FAT Cat bonus issue?by NotAFatCat 1:22 PM
A. Good spot! There were a number of tax giveaways yesterday which should mainly be funded by the increase in the bank levy rates from next January. -
Q. So what do you think SHOULD have been done in yesterday's Budget? Edby Eddie B 1:12 PM
A. It would have been good to see something on VAT. A reduction on VAT from 20% to 5% for home improvements and extensions would have encouraged activity within construction and stimulated the housing market. -
Q. Was anything done to help people like me (I think the term is 'long-term jobless') get back to work? FGby 1inamillion 1:18 PM
A. Yesterday’s Budget announced a new £2,000 allowance to encourage businesses to hire new staff. From 6th April 2013, all businesses will be entitled to a £2,000 employment allowance towards their employer National Insurance bill. -
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