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Does anyone know?

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emmy05
emmy05 Posts: 2,085 Forumite
in Cutting tax
What tax will be paid, for a 22 yr old single person, starting work on 1st Feb, til end of 2017? I'm getting myself all muddled. Does it go Feb to April for tax year? Or does it go for the whole year? So sorry lol.

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  • dori2o
    dori2o Posts: 8,150 Forumite
    Part of the Furniture 1,000 Posts
    Tax year runs 6th April one year to 5th April of the next.

    As to how much tax will be paid it depends entirely on how much will be earned in those 2 tax years.
    [SIZE=-1]To equate judgement and wisdom with occupation is at best . . . insulting.
    [/SIZE]
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Tax year is april 16 to March 17. If you havent been working you will very likely pay no tax

    April 17 is a new tax year so wvery thing starts from scratch and it depends on your earnigs as to how much tax and NI you pay
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • emmy05
    emmy05 Posts: 2,085 Forumite
    Oh sorry, the wage is 14,500 per year.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    NI is about 12.5 per cent of gross monthly income i believe
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • emmy05
    emmy05 Posts: 2,085 Forumite
    Thank you so very much, I really appreciate it. :)
  • chrisbur
    chrisbur Posts: 4,248 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    McKneff wrote: »
    NI is about 12.5 per cent of gross monthly income i believe

    Current rates are nothing payable below £672 a month, then 12% on earnings between £672 and £3583 a month and 2% on earnings over £3583.
    Next year the £672 and £3583 become £680 and £3750.
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