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Income Tax Confusion . . . . .
The_Salad
Posts: 118 Forumite
in Cutting tax
I am taxed at source by my employer (26 years) and still confused how my income tax is calculated. Could someone tell me if this is correct :
- £7475 - Is my personal allowance, income tax free.
- £7476 - £42475 is taxed at 20% (based on next £35k earned being taxed at 20%)
- £42475 + at 40%
- (I don't earn in to 50% bracket)
0
Comments
-
Yes, for 2011/2012 tax year.Who having known the diamond will concern himself with glass?
Rudyard Kipling0 -
yes that's correct
but do bear in mind that if you pay into a pension scheme than that is tax free
and if you have any benefits in kind (company car medical insurance etc) then this will be subject to tax0 -
Thanks both !!0
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