Is it the first £4200 that is tax-free?
2007-01-21 21:44:14 · 6 answers · asked by martina_ie 3 in Business & Finance ➔ Taxes ➔ United Kingdom
The basic allowance is £5,035. If you're aged between 65 - 74 it's £7,280 with a max earning level of £20,100, and if you're 75 & over it's £7,420, also with a max earning level of £20,100. See weblink below for further details.
2007-01-21 21:48:46 · answer #1 · answered by uknative 6 · 0⤊ 0⤋
At the moment you can earn £5035 (£97 a week) a year before you pay tax.
Then it is 10% on the first £2150 over £5035( £41.00 a week over £97 a week)
Anything over that is taxed at 22%
You pay NIC at 11% on any earnings over £97 per week
So if you earnt £100 per week you would pay 30p in tax and 33p in NIC
Hope that helps
2007-01-21 21:49:27 · answer #2 · answered by footynutguy 4 · 0⤊ 0⤋
£5035=2006/7
2007-01-21 21:50:47 · answer #3 · answered by man with the golden gun 4 · 0⤊ 0⤋
Think if you are a bog standard person it is about 5030 per year.
2007-01-22 02:45:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
20% on income up to £34,700, 40% thereafter.
2016-03-29 08:42:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It all depends on your tax code and circumstances
2007-01-21 21:48:13 · answer #6 · answered by nick w 2 · 0⤊ 1⤋