New Tax thingymebob

binnie

Sorry if this has already been asked, but today one of my work colleagues mentioned that people like us who earn a minimum wage will now pay 20 % tax instead of the normal 10%.

Can anyone explain what that means. I actually earn £5.60 an hour (just over min wage) and work 27.5 hours a week. My tax code was 522L , but not sure if it has changed or not.

Sorry if I am vague on this, but just wondered if I'm going to be worse off than before.
:eek:

adamuk73

binnie wrote: »

Sorry if this has already been asked, but today one of my work colleagues mentioned that people like us who earn a minimum wage will now pay 20 % tax instead of the normal 10%.

Yes, you will be £141.34 a year worse off, even taking your increased tax allowance into account.

Bless Labour eh? Who would have thought that they would screw the lowest-paid in society???

binnie

Thanks Adam, Whats the world coming too eh?
Making the poor poorer and the rich richer.
I would like to see Gordon Brown manage on £5.60 an hour, but then I suppose he would get us tax payers to foot his grocery bill, council tax, new kitchen etc. :rotfl:

dwileflunker

binnie wrote: »

Thanks Adam, Whats the world coming too eh?
Making the poor poorer and the rich richer.
I would like to see Gordon Brown manage on £5.60 an hour, but then I suppose he would get us tax payers to foot his grocery bill, council tax, new kitchen etc. :rotfl:

Not forgetting his TV licence !!

BoGoF

Binnie, out of interest, what age are you?

if you are 25 or over and upped your hours to 30 a week you would qualify for working tax credit

binnie

I am 46 years old, but because I'm married and my husband earns a decent income, then we can't get any help.
Trouble is, his decent income gets swallowed up just like my little wage, and now we just work to live, like everybody else does.
What a mess this is all becoming, i wonder if there will be any money left for us when we retire or free bus fares etc.