What percentage of tax do I pay on my wages in 2011?
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What are the changes from 2010, and what do you think will happen in 2012?
Rates are 20% for taxable income (all the income you have from most sources less the personal allowances set out by Paul Ross) until your total taxable income exceeds £35,000. (£42,475 less the personal allowance of £7,475).
Basically if you earn less than the personal allowance - shortly to be £7,475 a year - then you will be a NIL rate taxpayer. Over this 'tax-free' bit and you fall progressively into 20, the 40 then the new 50% rates of taxation (for those with earnings over £100,000).
Don't forget you need to still add in savings income (interest from the bank etc will fall into the 20/40/50 bands) and investment income in the form of share dividends have a slightly different regime wherein the 10% tax credit covers up to the basic rate of tax but cannot be reclaimed by non-taxpayers and higher rate / additional rate taxpayers will have to pay an extra amount to uplift their tax take to 32.5% and 42.5%.
but don't forget national insurance as the rules on that have changed too and its often overlooked - partly the reason why the last government saw it as an easy target when increasing tax as you tend to disregard that portion of the payslip!
it's one good reason why many people consider an increase in vat to be a fairer tax rise than NI or income tax as there are many people who spend large amounts on high ticket vatable items but are fortunate to structure their income to have paid minimal income tax and NI.
Ahh tax time. Also a good time to consider income protection insurance- i look over mine each year at tax time. SimplyFinance have a quote you can get here - http://www.simplyfinance.co.uk/income-v1.dhtml
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