Income Tax Rates
20% Basic Rate: £0 – £31,785
40% Higher Rate: £31,786 – £150,000
45% Additional Rate: £150,000+
Income Tax Allowances
Personal Allowance for anyone born after 1938 £10,600, born before 1938 £10,660, (income limit for age related allowances is £27,700). Blind Persons Additional Allowance £2,290.
National Insurance Rates
Class 1: Lower Earnings Limit (LEL) £112, Primary Earnings Threshold (PET) £155, Secondary Earnings Threshold (SET) £156, Upper Accrual Point (UAP) £770, Upper Earnings Limit (UEL) £815.
Class 2: £2.80 per week, Small Earnings Exception £5,965 per annum, Special Rate for Share Fisherman £3.45 per week, Special Rate for Volunteer Development Workers £5.60 per week.
Class 3: £14.10 per week.
SSP, SMP, SAP, SPP Rates
Statutory Sick Pay (SSP) weekly rate increases to £88.45 today. Employees must have average weekly earnings (AWE) of at least £112 to be entitled to SSP for any periods of incapacity for work (PIW).
Statutory Maternity Pay (SMP) weekly rate increases to £139.58 today. Employees must have average weekly earnings (AWE) of at least £111 in an 8-week relevant period.
Statutory Adoption Pay (SAP) weekly rate increases to £139.58 today. Employees must have average weekly earnings (AWE) of at least £112 in an 8-week relevant period.
Statutory Paternity Pay (SPP) weekly rate increases to £139.58 today. Employees must have average weekly earnings (AWE) of at least £112 in an 8-week relevant period.
Small employers (where Class 1 Nic is £45k or less for the previous tax year) are able to recover 100% of SMP, SPP & SPP, plus 3% compensation for the Employers National Insurance incurred. Other employers are able to recover 92%.
Company Cars & Vans Rates
Cars: Benefit Charge is a % of the list price plus accessories, the % depends on the CO2 emissions (ranging from 5% for <51g CO2 to 37% for >209g CO2. Fuel Multiplier £22,100.
Vans: Benefit Charge £3,150. Fuel Benefit Multiplier £594. Zero emission vans is only 20% of £3,150, being £630.
Student Loan Thresholds
You only start making repayments when your income is over the threshold of £333 per week, £1,444 per month or £17,335 per year. You pay 9% of the income OVER the threshold. For example if you earn £25,000 per annum, you will pay 9% on £7,665, being £689.85 per annum (£57.47 per month). You’ll be due to start repaying your loan in the April after you complete or leave your course.