autumn statement tax codes question.

monkeyhands

Hi all. Sorry if this is a stupid question. Mr O says that personal tax allowance will go up by £1335 next year. Does that mean my take home pay will be £111 more every month? I earn 30k a year. Thanks.

zygurat789

monkeyhands wrote: »

Hi all. Sorry if this is a stupid question. Mr O says that personal tax allowance will go up by £1335 next year. Does that mean my take home pay will be £111 more every month? I earn 30k a year. Thanks.

No he didn't
He said £1100 next year and £235 the year after
£18.33 pm next year and a further £3.92 the next

ceeforcat

zygurat789 wrote: »

No he didn't
He said £1100 next year and £235 the year after
£18.33 pm next year and a further £3.92 the next

Not sure that is correct zygurat - I believe it increases to £9440 from April 2013. The original amount was to be £9205.

System

monkeyhands wrote: »

Hi all. Sorry if this is a stupid question. Mr O says that personal tax allowance will go up by £1335 next year. Does that mean my take home pay will be £111 more every month? I earn 30k a year. Thanks.

Hi
The short answer is no. What it means is you'll pay tax on £111 less of your earnings. In terms of tax it would be £111 x 20%. So just over £20 per month.

zygurat789

ceeforcat wrote: »

Not sure that is correct zygurat - I believe it increases to £9440 from April 2013. The original amount was to be £9205.

Yes you're right, one of the few measures that will come in to effect for next year whereas most of it is for the year after and after that.
Need to get my hearing aid tuned

coshboy

I'm surprised the site hasn't put up a new calculator so we can gloat over our £20. As I haven't had a rise for 3 years, I'm quite excited about it.