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Tax help needed please....
Luis-FlightManWithAPlan
Posts: 336 Forumite
Hello! just a quick question really,with the new tax year starting and with myself having only been in full employment for a few months I need some advice.
If earn up to £425 a month will I still not have to pay any Tax or NI on it? Also say if I earnt £625 in a month,would I only have to pay the standard tax and NI on the extra £200?
Its just with the new tax year stating and im all this on the news about the 10p tax? im not sure whats going on!will my pay be greatly effected? Cheers!
If earn up to £425 a month will I still not have to pay any Tax or NI on it? Also say if I earnt £625 in a month,would I only have to pay the standard tax and NI on the extra £200?
Its just with the new tax year stating and im all this on the news about the 10p tax? im not sure whats going on!will my pay be greatly effected? Cheers!
Dec Wins : Gold Leaf Necklace
Jan Wins : Tell No One Dvd
Jan Wins : Tell No One Dvd
0
Comments
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You are allowed to earn £5435 before taxation starts
You earn £425pm x 12 = £5100
You should pay no tax, if you do you'll get it adjusted or a rebate.
Anything you earn over £5435 is taxed at 20%0 -
You are allowed to earn £5435 before taxation starts
You earn £425pm x 12 = £5100
You should pay no tax, if you do you'll get it adjusted or a rebate.
Anything you earn over £5435 is taxed at 20%
Its just taxed at 20% (not incudling NI?) Has all this taxing changed for say my earning bracket since the start of the new tax year or is it just pretty much the same?Dec Wins : Gold Leaf Necklace
Jan Wins : Tell No One Dvd0 -
NI is another 11% on top of that.
The 543L code is for the new tax year 08/09 yes (543L = £5435 allowance)0
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