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The Budget: You what?

The Budget: You what?

10:06am 22nd March 2013
(Updated 10:06am 22nd March 2013)

There are hard times again for West Norfolk's Public Services but for businesses and those of us who work for them, it's been fairly good.

What does it mean for ME?

Duty on petrol and diesel will be frozen. It was due to go up 3 pence in September.

Duty on booze is going up - EXCEPT for beer which will come down by a penny from this weekend.

No mention of cigarettes - duty on them will remain the same.

And there'll be far more help for people trying to buy homes. If you can save up a 5% deposit, the government will lend you a 20% deposit. You can then take that to the bank to get a mortgage on a new build house.

Sharon Edwards works for the King's Lynn Chartered Accountant Mapus Smith and Lemmon

She says the amount of money you can earn before paying tax is going up and that's great news for everyone:

"We already knew the tax allowance was going to go up on the 6th April 2013 to £9440 and the aim was for fewer people to be paying any tax at all.  We knew that eventually that was due to go up to £10,000 but they've brought that forward to the 6th April 2014, and that means that fewer of us will be caught up in the tax regime at all."

For business there's also a lot of help:

There'll be a crackdown on tax avoiders, and the taxes that banks have to pay will go up.

Corporation Tax will go down, and your boss won't have to pay the first 2 thousand pounds of national insurance on new employees.

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