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Tag: budget

Those weekly splurges cost $7,400 extra annually. Here are the biggest budget busters

Those weekly splurges cost $7,400 extra annually. Here are the biggest budget busters

Finance
Sticking to a household budget is apparently difficult. As in, really difficult.While 74% of people say they have some sort of budget, 79% don't stick to it, according to new research from SlickDeals.net, a crowd-sourced shopping platform. The average weekly amount consumers spend — not counting bills such as mortgage or rent, utilities, etc. — is $ 340, or $ 143 more than the average $ 197 budgeted. That equals overspending by about $ 7,400 each year."The struggle with overspending exists regardless of how much people earn," said certified financial planner Josh Nelson, founder and CEO of Keystone Financial Services in Loveland, Colorado. "I've heard 'I don't know where all the money goes' from people who make a gazillion dollars and from poor college students and everyone in between."Geb
Hinkley Point C nuclear plant to run £2.9bn over budget

Hinkley Point C nuclear plant to run £2.9bn over budget

Business
French power company EDF said the new nuclear plant it is building at Hinkley Point C will cost up to £2.9bn more than thought.It raised its estimate for the project, in Somerset, to between £21.5bn and £22.5bn, blaming "challenging ground conditions".It also said the risk of the project being 15 months late had risen.The firms constructing the new plant, not taxpayers and customers, pay the bill for the increase in costs."This is clearly bad news for nuclear new build prospects in the UK, particularly in light of recent record low offshore wind prices," said Investec analyst Martin Young.Cheap windBecause of the way that the project is being funded, taxpayers and customers will not foot the bill for the increase in costs - EDF and its partner on the proj
Government’s budget surplus shrinks in July

Government’s budget surplus shrinks in July

Business
The UK posted a smaller-than-expected budget surplus in July as government spending increased.A growing wage bill and higher spending on goods and services was behind the lower surplus, which fell to £1.3bn.Analysts had been expecting a £2.7bn surplus, which would have been less than the £3.6bn booked last year.The government typically posts a surplus in July because of individuals filing self-assessed income tax returns.The government banked £9.4bn from self-assessed income tax payments in July, £300m more than the same time last year. UK economy shrinks for the first time since 2012 UK wage growth picks up to 11-year high However, the Office for National Statistics, which published the figures, warned that tax figures can vary depending on when people p
Assocham for raising tax exemption limit to Rs 5 lakh in Budget

Assocham for raising tax exemption limit to Rs 5 lakh in Budget

Finance
NEW DELHI: The basic exemption limit for an individual income tax payee should be raised to Rs 5 lakh from Rs 2.50 lakh at present, in the backdrop of inflationary impact over the years, industry chamber Assocham has said. It has suggested this in a proposal to the government as part of its pre-Budget memorandum. "Considering the inflation over the years, tax exemption limit should be increased from Rs 2,50,000 to Rs 5,00,000," the chamber's memorandum to the Finance Ministry stated. The government is scheduled to present its first full Budget on July 5, for the current financial year. It also suggested that to bring in the necessary parity among salaried and non-salaried tax payers, it is desirable that standard deduction be reinstated in the statute. "About 20 per cent of the gross salar...
Finance Ministry preparing full Budget presentation in July

Finance Ministry preparing full Budget presentation in July

Finance
The Union Finance Ministry has started preparations for the presentation of the full Budget 2019-20 by a new government in July, even as the country is in the midst of the ongoing seven-phased general elections. The Ministry has sent out communications to various industry bodies and other stakeholders inviting their suggestions on direct and indirect taxes related to various sectors. Industry leaders said they expect changes in custom rates and direct taxes as the Goods and Services Tax (GST) has removed most indirect taxes from the purview of the Budget. "We expect a lot of changes on direct tax front. If the current government comes back they would bring changes as they have certain things in their mind from previous years. "In case a new government comes, they would unlikely go for any ...