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new tax codes

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kamakazi
kamakazi Posts: 23 Forumite
in Cutting tax
Hopefully posted in the correct thread...

With the new tax year only about 8 weeks away, and the new tax codes coming in how much in real terms is this really going to put extra in our pockets???
Maybe i'm looking at it to simply but going from;
£8105 (2012/13) to £9205(2013/14) would mean £1100 extra per year or £91.66per month in our pay packets.
seems to good to be true ...???

Comments

  • runninglea
    runninglea Posts: 907 Forumite
    Part of the Furniture Combo Breaker
    sorry but basic tax payers will receive 20% of the £1100
    Year 2019 (1,700/£17000mortgage repayment)Overall mortgage (71,400/165568) (44
    .1%) (42/100) payments made. Total paid 2019 year £1,700
    Total paid 2017 year £15,300Total paid 2018 year £13,600
  • TadleyBaggie
    TadleyBaggie Posts: 6,626 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    kamakazi wrote: »
    seems to good to be true ...???
    It is. You are looking at it the wrong way, all it means is that an extra £1100 of your income is not taxed. So for a 20% taxpayer that is £220 or £18.33 a month.
  • kamakazi
    kamakazi Posts: 23 Forumite
    TadleyBaggie wrote: »
    It is. You are looking at it the wrong way, all it means is that an extra £1100 of your income is not taxed. So for a 20% taxpayer that is £220 or £18.33 a month.
    thanks just realised my school boy error on working it out!!!
  • luvchocolate
    luvchocolate Posts: 3,387 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    very helpful thank you
  • nomunnofun
    nomunnofun Posts: 841 Forumite
    The personal allowance for next year is 9440 not 9205 - it was altered in the autumn statement
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