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Income Tax Rates & Allowances and NIC's Rate for 2015-16 from today

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.

You can pay off your loan more quickly by making extra repayments voluntarily. You can do this anytime at www.studentloanrepayment.co.uk.

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