Tax calculator shows how Budget in 2021 will affect you

Yesterday, in his autumn budget, the Chancellor set out his latest plans for the economy, with the government hoping to deliver on its promise to “level” Britain after Covid-19.

Rishi Sunak set out a number of changes that can seem confusing and confused at times, so we’ve found an easy way to see what this all means for you.

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The big changes he announced included a major change in the universal credit and an increase in the minimum wage in the wake of the introduction of a new health and social security tax of 1.25%.

All of this came after some tumultuous months, with 6 million people taking a weekly slap of £ 20 on universal credit and others seeing their energy bills rise by £ 139.

Check out what this all means for you in the handy calculator below.

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The Chancellor warned that inflation could exceed 4% by the end of this year as the cost of living continues to rise and send more shock waves through households.

That means millions of families can see everyday things, from the cost of a Christmas turkey to water bills, and the cost of clothing increases with the cost of living.

It comes at a time of retail bottlenecks triggered by Brexit and a supply chain crisis fueled by a shortage of truck drivers.

Meanwhile, retirees hoping for a U-turn in the decision to lift the triple lock were not mentioned in the statement.

Instead, the income for those on the full state pension will rise by £ 4 to £ 5.50 per week – but is that enough to cover a TV license bill and winter together?

Just fill in your details in the form below to find out.

Elsewhere, too, there have been no steps to protect them from a 250% spike in energy bills – a move some will pay an extra £ 300 a year on top of £ 139 next year.

The households hoped for relief in the form of a VAT discount or an increase in the heat discount – these were, however, written off.

But prosecco prices are falling in a silver lining – as taxes on alcohol are tightened.

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Beer prices won’t go up next year – tax hike – but whiskey and vodka will go up from 2023.

But what does all of this mean for your salary package and your bank balance? Find out, The mirror have teamed up with the auditing company Blick Rothenberg to present you with this budget calculator.

For the latest Hull Live headlines straight to your inbox, Click here.


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