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MSE News: Budget 2013: Personal tax allowance
Comments
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Assuming you mean the newly announced 2014/15 rates as jellyhead says have you included the increased tax free allowance of £10,000 in your calculation?The reduction has pushed my earnings over the basic tax threshold. I'm now a higher rate tax payer, and have benefitted in no way whatsoever.
That means you have to earn £41,865 before you become a higher rate tax payer. Also anything you contribute to a pension effectively pushes the figure up higher.0 -
There was a point in the chancellor's speech where he was talking about the 10% starting rate for income tax. I thought I heard him say it would become a 0% rate but I've not found anything in the budget report or anywhere else about it. Does anyone know?0
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That is what a pension is for.Great.
Just when I thought there would be some chance that there would actually be a budget policy that benefits me, a regular, average, single, skilled worker, it turns out there isnt.
The reduction has pushed my earnings over the basic tax threshold. I'm now a higher rate tax payer, and have benefitted in no way whatsoever.Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
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Could anyone do me a favour and spell out how personal allowances affect higher rate (40%) income tax? My confusion arises from what part of a salary is effected by what rate. So, this coming financial year for example, how much can you earn before 40% tax comes in?0
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murphydog999 wrote: »so, this coming financial year for example, how much can you earn before 40% tax comes in?
£0 - £32,0100 -
Thanks, but does that take into account your personal allowance?0
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Cheers twig, just what I needed.0
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The £32,010 is the amount you pay basic rate tax on after your personal allowances have been deducted. The £9440 is a typical single personal allowancemurphydog999 wrote: »Thanks, but does that take into account your personal allowance?0
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