20% Income tax April 2008..How will it affect you?
#1
20% Income tax April 2008..How will it affect you? (Updated)
April 2008 Income tax 22% down to 20%
Updated table
£10,000 - £724.09 / £715.63 (-£8.46 pm)
£11,000 - £779.93 / £773.13 (-£6.80 pm)
£12,000 - £835.76 / £830.63 (-£5.13 pm)
£13,000 - £891.59 / £888.13 (-£3.46 pm)
£14,000 - £947.43 / £945.63 (-£1.80 pm)
£15,000 - £1003.26 / £1003.13 (-£0.13 pm) Break Even Point
£16,000 - £1059.09 / £1060.63 (+£1.54 pm)
£17,000 - £1114.93 / £1118.13 (+£3.20 pm)
£18,000 - £1170.76 / £1175.63 (+£4.87 pm)
£19,000 - £1226.59 / £1233.13 (+£6.54 pm)
£20,000 - £1282.43 / £1290.63 (+£8.20 pm)
£21,000 - £1338.26 / £1348.13 (+£9.87 pm)
£22,000 - £1394.09 / £1405.63 (+£11.54 pm)
£23,000 - £1449.93 / £1463.13 (+£13.20 pm)
£24,000 - £1505.76 / £1520.63 (+£14.87 pm)
£25,000 - £1561.59 / £1578.13 (+£16.54 pm) UK National Average
£26,000 - £1617.43 / £1635.63 (+£18.20 pm)
£27,000 - £1673.26 / £1693.13 (+£19.87 pm)
£28,000 - £1729.09 / £1750.63 (+£21.54 pm)
£29,000 - £1784.93 / £1808.13 (+£23.20 pm)
£30,000 - £1840.76 / £1865.63 (+£24.87 pm)
£31,000 - £1896.59 / £1923.13 (+£26.54 pm)
£32,000 - £1952.43 / £1980.63 (+£28.20 pm)
£33,000 - £2008.26 / £2038.13 (+£29.87 pm)
£34,000 - £2064.09 / £2095.63 (+£31.54 pm)
£35,000 - £2121.26 / £2153.13 (+£31.87 pm) Maximum sweet spot
£36,000 - £2185.43 / £2210.63 (+£25.20 pm)
£37,000 - £2249.59 / £2268.13 (+£18.54 pm)
£38,000 - £2313.76 / £2325.63 (+£11.87 pm)
£39,000 - £2377.93 / £2383.13 (+£5.20 pm)
£40,000 - £2439.47 / £2440.63 (+£1.16 pm)
Note :- NI Upper will be increased from £34840 to £40040 (It was 11% upto £34840 and 1% after. From April 08, it will be 11% upto £40,040 and 1% after and the reason as to why after £35,000 the gains drop)
Cannot progress the table beyond £40,000 as the new 40% IT threshold has not been set yet. (Due March 08) It is currently set at £39825
Updated table
£10,000 - £724.09 / £715.63 (-£8.46 pm)
£11,000 - £779.93 / £773.13 (-£6.80 pm)
£12,000 - £835.76 / £830.63 (-£5.13 pm)
£13,000 - £891.59 / £888.13 (-£3.46 pm)
£14,000 - £947.43 / £945.63 (-£1.80 pm)
£15,000 - £1003.26 / £1003.13 (-£0.13 pm) Break Even Point
£16,000 - £1059.09 / £1060.63 (+£1.54 pm)
£17,000 - £1114.93 / £1118.13 (+£3.20 pm)
£18,000 - £1170.76 / £1175.63 (+£4.87 pm)
£19,000 - £1226.59 / £1233.13 (+£6.54 pm)
£20,000 - £1282.43 / £1290.63 (+£8.20 pm)
£21,000 - £1338.26 / £1348.13 (+£9.87 pm)
£22,000 - £1394.09 / £1405.63 (+£11.54 pm)
£23,000 - £1449.93 / £1463.13 (+£13.20 pm)
£24,000 - £1505.76 / £1520.63 (+£14.87 pm)
£25,000 - £1561.59 / £1578.13 (+£16.54 pm) UK National Average
£26,000 - £1617.43 / £1635.63 (+£18.20 pm)
£27,000 - £1673.26 / £1693.13 (+£19.87 pm)
£28,000 - £1729.09 / £1750.63 (+£21.54 pm)
£29,000 - £1784.93 / £1808.13 (+£23.20 pm)
£30,000 - £1840.76 / £1865.63 (+£24.87 pm)
£31,000 - £1896.59 / £1923.13 (+£26.54 pm)
£32,000 - £1952.43 / £1980.63 (+£28.20 pm)
£33,000 - £2008.26 / £2038.13 (+£29.87 pm)
£34,000 - £2064.09 / £2095.63 (+£31.54 pm)
£35,000 - £2121.26 / £2153.13 (+£31.87 pm) Maximum sweet spot
£36,000 - £2185.43 / £2210.63 (+£25.20 pm)
£37,000 - £2249.59 / £2268.13 (+£18.54 pm)
£38,000 - £2313.76 / £2325.63 (+£11.87 pm)
£39,000 - £2377.93 / £2383.13 (+£5.20 pm)
£40,000 - £2439.47 / £2440.63 (+£1.16 pm)
Note :- NI Upper will be increased from £34840 to £40040 (It was 11% upto £34840 and 1% after. From April 08, it will be 11% upto £40,040 and 1% after and the reason as to why after £35,000 the gains drop)
Cannot progress the table beyond £40,000 as the new 40% IT threshold has not been set yet. (Due March 08) It is currently set at £39825
Last edited by Mitchy260; 31 January 2008 at 10:38 AM. Reason: Updated table
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I get paid in peanuts so how does that effect my tax?
it is way to complex this working out but I doubt I will be any better off lol, Gordon will find another way to take it back...oh hold on 2p on petrol thats it.
it is way to complex this working out but I doubt I will be any better off lol, Gordon will find another way to take it back...oh hold on 2p on petrol thats it.
#19
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Steal from the poor to feed to the ''rich'' ....Better than a kick in the bollocks i suppose if you earn more than £15000.
Poor people are quite often claiming various credits or benefits from the government so in a round about way they are paying less out of their wage packet each month.
Anyway I always seem to be funding them in government schemes so it's nice to get a reduction for once.
Poor people are quite often claiming various credits or benefits from the government so in a round about way they are paying less out of their wage packet each month.
Anyway I always seem to be funding them in government schemes so it's nice to get a reduction for once.
#21
Its just based on salary, does take into account anyones actual means, somebody could be on 50k, have a mortgage and 4 kids, high travel costs or a couple with no kids no mortgage and 2 * 50k salaries.
Doesnt take into consideration the people that my wife's friend deals with, few million in the bank, very clever acountants and pay very little tax.
PAYE = FOOKED !
Doesnt take into consideration the people that my wife's friend deals with, few million in the bank, very clever acountants and pay very little tax.
PAYE = FOOKED !
#22
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Simon
#23
Have a look here and play with the calculator...
The Salary Calculator - Take-Home
You get rewarded financially for getting married and for each and every child you have
Good idea i think personally
Last edited by Mitchy260; 26 January 2008 at 03:38 PM.
#24
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I do believe the American tax system does exactly that.
Have a look here and play with the calculator...
The Salary Calculator - Take-Home
You get rewarded financially for getting married and for each and every child you have
Good idea i think personally
Have a look here and play with the calculator...
The Salary Calculator - Take-Home
You get rewarded financially for getting married and for each and every child you have
Good idea i think personally
#25
I'm all for this. My gross basic is £44,000 plus I like to hit the overtime now and again and seeing the amount I pay each week in stoppages is downright insulting. I don't mean to brag about it but when you work a lot of hours and have an obscene amount of money deducted from your pay it really pisses you off.
Last edited by MrRA; 26 January 2008 at 03:47 PM.
#26
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think i gain too. about £22k for a warehouse skivvy in lincs is a pretty good wage. so if that works out to £420 a week topline...
but then again the mrs only works in a factory minimum wage so i dare say what i gain she will lose as we have no children.
oh... joy...
but then again the mrs only works in a factory minimum wage so i dare say what i gain she will lose as we have no children.
oh... joy...
#27
Pah - you want to spawn and get married, you pay for it sucker.
I'm going to spend all my money on beer, pies, cars, CD's, DVD's, Computer games, expensive nights out, and all the other fun stuff.
Work hard at school, get decent grades, get a good job = get royally screwed over by any government in order to pay for those who couldn't bother their **** to do what you did. IMHO.
I'm going to spend all my money on beer, pies, cars, CD's, DVD's, Computer games, expensive nights out, and all the other fun stuff.
Work hard at school, get decent grades, get a good job = get royally screwed over by any government in order to pay for those who couldn't bother their **** to do what you did. IMHO.
Last edited by Prasius; 26 January 2008 at 04:07 PM.
#28
I'm all for this. My gross basic is £44,000 plus I like to hit the overtime now and again and seeing the amount I pay each week in stoppages is downright insulting. I don't mean to brag about it but when you work a lot of hours and have an obscene amount of money deducted from your pay it really pisses you off.
And go to bed alone every night
Last edited by Mitchy260; 26 January 2008 at 04:21 PM.
#29
Yeah well.. technically I can blame my marital and childless status on the Government anyhow, so thats their fault as well
To be fair, it does seem unfair that those who earn less gain less comparative benefit from an income tax drop - obviously those who earn more will save more from a 2% drop, but to actually end up paying more tax because of it is obviously messed up. I'm guessing I'm going to be about £25 a month better off, but, "in real terms" that means bugger all because inflation will eat all that up before I even get a chance to buy another couple of CD's with it.
To be fair, it does seem unfair that those who earn less gain less comparative benefit from an income tax drop - obviously those who earn more will save more from a 2% drop, but to actually end up paying more tax because of it is obviously messed up. I'm guessing I'm going to be about £25 a month better off, but, "in real terms" that means bugger all because inflation will eat all that up before I even get a chance to buy another couple of CD's with it.