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Tax Updates April 2017/18

PERSONAL ALLOWANCE: April 2017/18 = Basic allowance £11,500, income above this amount taxed at basic rate tax, 20%.

Higher rate tax income above £45000, taxed at 40%

National Insurance: April 2017/18 = Pay 12% employee national insurance above annual salary of £8164.00

Employer 13.8%, employees over 21

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Newsletter September

NEWLETTER

PERSONAL ALLOWANCE: April 2016/17 = Basic allowance £11,000, income above this amount taxed at basic rate tax, 20%.

Higher rate tax income above £42385, taxed at 40%

National Insurance: April 2016/17 = Pay 12.8% national insurance above annual salary of £8060.00

 

SELF EMPLOYED: Pay class 2 NIC at £2.80 per week if profit is £5965 or over per annum.

Also pay class 4 NIC if profit exceed £8060 per annum.

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