Taxable Pay Brackets

longboarder1973

Hi

i was wondering if anyone knew the taxable pay brakcets. I thin they used to be something like:
4300 = 10% tax
30,000 = 22%
30,001+ = 40 %

as i say i am not sure in the slightest about the figures, so if anyone knows, that would be great. thanks

sleepless_saver

The figures change every financial year. Everyone gets a personal tax allowance which for most people is £5,225. It will be on your tax code as 522L or whatever. Then after that, it's £1-£2,230 at 10%, £2,231-£34,600 at 22%, £34,601+ at 40%. So if you earn £7,455, you would get the first £5,225 free of tax and then pay 10% on the next £2,230.

There is a great site http://www.listentotaxman.com/ which calculates it for you ( won't work if your tax is complicated)

msmicawber

Don't forget, though, that the 10% bracket is being removed at the end of this fiscal year.