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

oscar_merkx

Thanks for this.

I will have a look into this.

crandall

I am retired with taxable income of £6591. Obviously I don't receive a paypacket anymore so will I have to wait for the next tax year to receive any benefit and how much could I expect? Your thread mentions basic tax rate of £6035 qualifies and I can see I only just top this amount which means that many oaps (especially women) will not qualify but don't get tax credits either. I thought Gordon Brown was helping those most affected by the loss of the 10%? It seems it doesn't pay to save for your old age.

gemlcoleman

HI

Can anyone help, Im useless at tax etc.

Ill be leaving my job in Sept to go into fulltime education... will I still get the money back (i'll need it!!)

Thanks
Gemma

tuggy12

I believe the extra £600 allowance is for this tax year only.

So what's going to happen next year - back where we started?

dipashah

Hiya,

I am currently in between jobs and have sept off before i start my new job in october. Does this mean i do not get the additional £60 at all or do i get it in Oct instead?

Getting a bit confused by it all!

Thanks!

ExNicotineQueen

dhassen wrote: »

Thanks to MSE for the note in this week's e-mail about the extra £60 in September's pay packet.

Just wondered yet, those of us on the 'good' side of the graph who should've been better off with the 20p threshold, has anyone noticed a difference in their pay packets since April? I haven't, but wasn't sure if this didn't come into affect until September either? Can anyone clarify this? Or if anyone's pay packet has been better off since April (because of the change, not a pay rise or whatever) can you let me know? Cheers!

Since April 2008 my monthly wages have increased by £10 per month (not due to any pay rises or anything).

shirlgirl

Apologies if this was mentioned somewhere in the previous 10 pages!!!!

How does this affect people who are paid on a weekly basis??

cheers!

truescot

Can someone please clarify this for me, I think I am being thick!

On the HMRC website it says that for 2008/9 the "Basic Rate" of tax will be applied for those earning £0-£36K, with anything above that being "Higher Rate". I presumed this related to 20%/40% respectively.

I also understand that with the change in allowance basic rate will be from £6035 to £40 035, with anything above that taxed at 40%. Especially the "higher rate threshold ( If I just assume that the HMRC table ingnores allowance)

These two seem to be completely unrelated.

Where am I getting confused and what exactly is the situation?

Glencoy

Unfortunately the rebate will not be paid to those folk over 65. The Government say that these over 65's already benefit by higher personal allowances. This is true but they are progressively reduced down to the basic level ( the same as everyone under 65 gets) if the over 65 earns more than around £20k- including any pension payment they may be lucky enough to receive. So it may be that two folk working in the same place one over 65 and one under,and both earning the same, and doing the same job, the younger person will probably get a higher basic allowance. That's called encouragement to continue working or something! The tax system is supposed to treat all the same- clearly it don't. But then nothing new there is there?

TigerLily7

I work part time and will cross the £6,035 threshold sometime mid September, will I receive the payout? And if so how will it be spread across the year? Thank you in advance!