2022/23 He gets a universal loan payment of £335 a month, which adds up to £4,019 over the year. Financial assistance with housing costs depends on the property and the place where it is rented. He also receives a total living allowance of £650.
2023/24 Earnings growth is based on September inflation data; But the government says UC applicants who work less than 15 hours a week must show they are trying to get more work or risk having their pay cut.
2022/23 He pays £4,284 a year in income tax while his National Insurance (NI) bill is £2,839. This translates into a monthly salary package of £2,240 per month.
November 2022 Canceling the 1.25 per cent increase in NI contributions means he would be better off at £22 a month.
2023/24 A reduction in the base tax rate from 20% to 19% would reduce his tax bill by £214, while the NI change would increase it to £268, giving him a better profit of £482.
Earns £6,916 part-time (14 hours a week) at minimum wage
2022/23 Her low income means she’s not entitled to income tax or National Insurance and takes home £576 a month. Add to that a universal loan payment of £623 and child benefit of £87. He is also paid a living wage of £650.
2023/24 He gets a raise if the minimum wage (currently £9.50 an hour) is raised. However, she currently works less than 15 hours a week, so she will be under pressure to do more or see her UC salary cut.
Unmarried couple in their 30s, no children
First income £55,000, second income £35,000
2022/23 Our couple have a combined annual income tax and social security bill of £22,034. This gives a combined monthly income of £5,664.
November 2022 The NI change means they’re better at £68 a month.
2023/24 The income tax changes are worth £601 while the reduction on his NI bill is £811 giving him a better profit of £1,412.
Unmarried couple, two children, one disabled
First income £23,000, second income £5,928
2022/23 Our couple have a combined income tax and social security bill of £3,466. Her net monthly income of £2,122 is supplemented by £145 in child benefit and a £623 universal credit payment. You will also receive £800 as a living allowance.
November 2022 NI change is worth £11; However, they are only £5 per month as their UC is adjusted.
2023/24 The basic rate reduction is £104 per year, while the NI change adds up to £130. However, his higher salary will reduce his annual UC by around £120. The result is an extra £114 in his pocket.
married couple, three children
£57,000. an income of
2022/23 The earner pays £9,976 in income tax and £5,214 in national insurance annually. This equates to a monthly income of £3,484 and £61 in child benefit.
November 2022 The NI change means they rise to £46 a month.
2023/24 Income tax changes are worth £364, while NI deductions are worth a total of £555, meaning they’re £919 better.
married couple, two children
both unemployed, have a full time carer
2022/23 The wife is a full-time carer for her disabled husband, so she receives a monthly universal credit payment of £1,583 and child benefit of £145. You are entitled to a living allowance of £800.
2023/24 His finances would benefit from the rising profits, but other than that there was nothing in that budget to help him. The government has not said whether the cost of living payment will be repeated next year.
First income £200,000, second income £100,000
2022/23 Our high achievers pay a whopping £102,388 in income tax and £16,473 in National Insurance annually. This gives a combined monthly income of £15,095.
November 2022 The NI change means they rise to £286 per month.
2023/24 Our rich couple is very wealthy. The income tax changes, including removing the top rate of 45% on income over £150,000, are worth £3,254, while the NI relief is £3,436, meaning they’re £6,690 better.
basic state pension
2022/23 His state pension is £141.85 a week or £567 a month. He will also receive an additional £163 to top up his pension balance. He is also paid a living wage of £950.
2023/24 He does not benefit from tax changes announced to him. However, the state pension is subject to a “triple lock”, meaning it is increased by the highest of three possible numbers: inflation (in September), average earnings or 2.5% in April.
Married pensioners, both in their 70s
State pension plus £8,000. private pension plan
2022/23 Your combined pension gives you a monthly income of £1,624. He pays £307 a year in income tax on his personal pension. You will receive a pensioner’s maintenance allowance of £300.
2023/24 They would benefit from an annual increase in the state pension, while the income tax change would benefit them a better £15.