April 2008 Income Tax and NI Changes: How will they affect you?

Mikeyorks

MinniMe wrote: »

this tax year I am £34 a month worse off

As previous post ..... not because of the changes relating to this thread, you're not. The 10% band abolition / reduction of 22% to 20% ...... leaves you better off to the tune of circa £20pm.

If there's a reduction in your net ..... it's not for the reasons under discussion.

MinniMe_2

I don't understand, I used the calculator from the 1st post and thats where the figure came from

mitchaa

MinniMe wrote: »

I don't understand, I used the calculator from the 1st post and thats where the figure came from

Enter your £27000 into here...

http://www.thesalarycalculator.co.uk/salary.php

Mikeyorks

MinniMe wrote: »

I don't understand, I used the calculator from the 1st post and thats where the figure came from

....... shows you better off to the tune of £238.50 per annum! You put something in incorrectly.

ginvzt

I am better of by about £15 per month because of the changes. Including my husband, we are better off by about £440 per year!!! I am not complaining :-)

And if we take my payrise into account, we are better by the whole £1270!!! Now, jsut need to find a better paid job and will be fine ;-)

mitchaa

ginvzt wrote: »

I am better of by about £15 per month because of the changes. Including my husband, we are better off by about £440 per year!!! I am not complaining :-)

And if we take my payrise into account, we are better by the whole £1270!!! Now, jsut need to find a better paid job and will be fine ;-)

Are you doing your maths correctly. no such gains are to be had by this income tax change.

Max entitlement is around £34500 earnings and this equates to around £32pm

If you earn more than £34500 it drops, if you earn less than £34500 it drops.

But max benefit to anyone in work is £32pm.

I suppose if both of you were on a salary of £34500, you would see 24x£32 increase. I.e £768

ginvzt

mitchaa wrote: »

Are you doing your maths correctly. no such gains are to be had by this income tax change.

Max entitlement is around £34500 earnings and this equates to around £32pm

If you earn more than £34500 it drops, if you earn less than £34500 it drops.

But max benefit to anyone in work is £32pm.

I suppose if both of you were on a salary of £34500, you would see 24x£32 increase. I.e £768

I said - including my payrise, which started from April as well! I know, it is not because of the changes in tax system. Just for the tax change our household is better off by £440.

fan-of-ezio

According to the calculators, as I work part time I will be worse off by £257 per year. That equates to 5 weeks food shopping for me,..... or two months council tax,..... or 6 months water rates.

Mikeyorks

fan-of-ezio wrote: »

According to the calculators, as I work part time I will be worse off by £257 per year.

Not for the reasons under discussion in this thread ... you're not. The absolute maximum loss from the 10% band is £220pa and that is reduced by the increase in personal allowances. Think you should try the calculator again?

webwiz

lovingheart wrote: »

I am in the same situation and feel our Labour government betrayed workers on low incomes and brought more gloom and misery in their lifes. But what can you do?

What you can do is to vote for another party. You may have local elections in a couple of weeks. You can vote Conservative as the only other party likely to form a government or if you dont trust them vote for one of the smaller parties because even though they have no chance of forming a government soon every vote for them sends a message.

This is called "democracy".