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

ShelfStacker_3

What you want is an ISA. You can put up to £3600 into one each year, but any money withdrawn can't be replaced. In return, you pay no tax on interest.

Barclays do one at 6.5%, HSBC at 6% and Alliance and Leicester at 6.something%. Try whichever's nearest.:)

Mikeyorks

wcmcallister wrote: »

Am I able to save monthly without paying tax on said savings? I hope to put 300-400 away monthly.

If by that you mean can you have the £300-400 gross, because you're saving it .. the answer is 'no'. It's taxed, at source, before you get it but, thereafter, you only pay tax on the interest it earns.

But certain 'savings' are tax deductable .... mainly contributions you make to a pension.

SuziK_2

I will be approx' £170 a year worse off with this new system of tax.

I am not eligible for Working Tax Credit as I'm a single woman who doesn't have a contract for over 25 hours a week. I regularly work that or more but as my contract actually states 16.25 hours a week and as and when required by the business, the goverment says nope!

As others have said, I'll be showing my opinion with my vote just as soon as they give us the option to do so.

DICK_TURPIN_4

How does this new tax system affect pensioners?

Anyone out there have any idea?

Regards to all,

Old fogey!

redrabbit29

Caterina wrote: »

As always, the ones to lose out are the low earner and part timers, and usually these are women. So what's new....

Agree with the first part, but what does it matter whether they are women or not?

Richard019

!!!!!1964 wrote: »

I earn £34,200 so I will be better off by the maximun amount, nearly £400 a year less tax. However I dont feel happy about it. I think this is totally wrong that the worse off are being penalised. Its shambolic.

I'm pretty much on the break even point but a little down for the year. If you're really unhapy about it I'll take the extra money off your hands as a way of reredistributing the wealth.;)

I can't wait for the dirty thieving gits to come round trying to get my vote at the next election. I'll love to see them trying to explain what they've done for me that should see them get my vote, I'm really looking forward to them trying to squirm out of me seeing throught their fuel tax delay sham.

bubblesbonbon

gloucesteroldspot wrote: »

They seem to have crushed the feeble back bench revolt on this issue, but I don't think the voters will forget. I believe this will lose them the next election - and I'm a life long Labour voter.

They didn't crush them - Brooon (OK, his whips then) conned them by telling the gullible twonks that there will be a review of the situation only for the Treasury to deny this a day later.

Story Here http://www.timesonline.co.uk/tol/news/politics/article3695068.ece

This PM could get a job as Ken Dodd's accountant.:D

The polling booth is the place to fight back although, if anybody is organising a protest march - Count me in!

foc

paulbh2 wrote: »

I can afford more but way should I pay more tax? I imagine from your comment above that the govenment you voted for is not stiffing me enough but giving the people who voted it in a taste of the crap I have had to put up with for the last 10+ years. And the reason why I can afford more is that I hold down one full time job and 2 part time jobs and put myself through uni while holding down those jobs. So I think that the govenment should be giving me a bigger tax break and not you.

Blimey do you actually have a life to spend all that hard earned dosh! Now the thing here is, it won't be necessary to work silly hours if everyone were paid a proper living wage and of cause tried not to live beyond thier means too much. Are there not stats somewhere comfirming that rich greedy parasites are paying less tax than the less well off? The thing is they get away with it and there's hardly a nats doodle difference between the 3 main (capitalist) party's that let them do it! Though another world is possible!

weestevieb

Where it dips after about £39000 it means someone earning £40000 is hardly any better off. Surely they are the big winners as they get the full benefit of the 10% rate going plus they benefit from the higher rate moving above what they earn. Am I missing something?
Steve

JimmyTheWig

weestevieb wrote: »

Where it dips after about £39000 it means someone earning £40000 is hardly any better off. Surely they are the big winners as they get the full benefit of the 10% rate going plus they benefit from the higher rate moving above what they earn. Am I missing something?
Steve

The graph is right, but there's a gap in the explanation. Meester explains it in post #5.
The ceiling for National Insurance contributions has been raised. NI used to drop from 11% to 1% when you reached £34,840. Now it doesn't drop until you reach £40,040.
That explains the slope downwards between these two figures.