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Minimum Income Floor for 2025-2026 tax year
jadex
Posts: 812 Forumite
Anyone knows what would be MIF for next financial year?
Current one is £1556.30.
Will it go up inline with other increases (6.7%) to £1660ish?
Some councils which use MIF for Council Tax reduction have it as £1640ish.
So I think it would be somewhere in the region £1640-1660 but can't find any definitive answer.
As my start up year is ending, I am trying to work out if we will get any help.
Current one is £1556.30.
Will it go up inline with other increases (6.7%) to £1660ish?
Some councils which use MIF for Council Tax reduction have it as £1640ish.
So I think it would be somewhere in the region £1640-1660 but can't find any definitive answer.
As my start up year is ending, I am trying to work out if we will get any help.
0
Comments
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The standard individual MIF is 35 hours at NLW. From April this will be £12.21, multiplied by 35 hours equals a individual MIF of £1851.85 per month.Obviously some people will have a different MIF depending upon their circumstances0
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less tax and NI as paid by a self-employed person, as the MIF is a net amount, not gross.kaMelo said:The standard individual MIF is 35 hours at NLW. From April this will be £12.21, multiplied by 35 hours equals a individual MIF of £1851.85 per month.
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£1,642.72 is next year's MIF for 35 hours.4
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Hmm, I kind of failed miserably with my earlier post.Apologies to the OP for giving incorrect information and thanks to both of you who corrected my error.2
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