What could the Budget mean for your personal finances?

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Their policy - your pocket. What will the Budget mean for you? Photo: Ben Birchall/PA Wire

Earnings

The amount you can earn before you pay income tax goes up to £9,440 next month.

A possible announcement in tomorrow's Budget is to increase that amount to the benchmark £10,000. The Coalition aspired to this by 2015, so they may seek to make a splash by moving that forward.

But beware, this could be matched by dragging more earners into the 40% tax bracket. It is likely there will be winners and losers in this section of the Budget.

The amount you can earn before paying income tax could go up in this Budget
The amount you can earn before paying income tax could go up in this Budget Credit: Martin Keene / PA Wire

Self-employed

If you are a self-employed worker there are some possible changes to National Insurance (NI) contributions.

The present system means self-employed pay a lower rate partly because they get fewer pension benefits.

However, the pension system will soon change to a flat rate of £144 a week. This could be used as an opportunity to bring NI contributions from the self-employed to the higher level.

It could also be argued that this is a simplification. It is not certain - but is a good Budget bet.

Airlines are hoping for the scrapping of Air Passenger Duty
Airlines are hoping for the scrapping of Air Passenger Duty Credit: Steve Parsons/PA Wire

Holidays

There have been last minute pleas for the scrapping of Air Passenger Duty.

The boss of airline easyJet was boosted in her appeal by accountants saying that 60,000 jobs could be created in the UK by an end to the duty.

The industry sees this tax as restricting the development of the aviation sector as well as limiting holidaymakers' spending power.

A family of four on its annual trip to Florida, for example, is paying £260 just on the duty. The government says this is a 'green' tax and is therefore likely to stick to its guns.