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10pence tax band
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Topic: 10pence tax band (Read 20928 times)
Grier78
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10pence tax band
«
on:
April 19, 2008, 02:13:21 PM »
I have read quite a lot recently on various websites and publications about the abolision of the 10pence tax band and most of it is just plain wrong and misinformed.
To clarify, the 10p rate was on the first £2230 of yearly earnings above your tax allowance. Any earnings after that were taxed at 22% upto the higher earnings limit.
This has now changed to paying a flat 20% on any earnings above the tax allowance, which means that you would now pay £446 tax on the first £2230 earnt above your allowance.
However, as the tax allowance has increased this year and benefits such as child allowance have also increased there are very few people who are left worse off after this tax change.
Yearly earnings Income Tax 2007-2008 % of income paid Income Tax 2008-2009 % of income paid Difference per month
5000 £0.00 0.00% £0.00 0.00% £0.00
6000 £0.00 0.00% £113.00 1.88% -£9.41
7000 £177.50 2.54% £313.00 4.47% -£11.29
8000 £342.90 4.29% £513.00 6.41% -£14.18
9000 £562.90 6.25% £713.00 7.92% -£12.51
10000 £782.90 7.83% £913.00 9.13% -£10.84
11000 £1,002.90 9.12% £1,113.00 10.12% -£9.18
12000 £1,222.90 10.19% £1,313.00 10.94% -£7.51
13000 £1,442.90 11.10% £1,513.00 11.64% -£5.84
14000 £1,662.90 11.88% £1,713.00 12.24% -£4.18
15000 £1,882.90 12.55% £1,913.00 12.75% -£2.51
16000 £2,102.90 13.14% £2,113.00 13.21% -£0.84
17000 £2,322.90 13.66% £2,313.00 13.61% £0.83
18000 £2,542.90 14.13% £2,513.00 13.96% £2.49
19000 £2,762.90 14.54% £2,713.00 14.28% £4.16
20000 £2982.90 14.91% £2,913.00 14.57% £5.83
From the table above you can see that the most anyone is going to be worse of by is £14.18 a month for an income of £8000 per year.
«
Last Edit: April 19, 2008, 05:06:12 PM by Grier78
»
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booder
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Re: 10pence tax band
«
Reply #1 on:
April 19, 2008, 02:14:24 PM »
..
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kinboshi
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Re: 10pence tax band
«
Reply #2 on:
April 19, 2008, 02:17:28 PM »
...
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Claw75
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Re: 10pence tax band
«
Reply #3 on:
April 19, 2008, 02:18:56 PM »
rip
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Grier78
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Re: 10pence tax band
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Reply #4 on:
April 19, 2008, 02:38:37 PM »
Quote from: booder on April 19, 2008, 02:14:24 PM
..
Sorry posted to early and couldnt delete it so had to edit it to nothing whilst I finished.
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Rooky9
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Re: 10pence tax band
«
Reply #5 on:
April 19, 2008, 04:29:31 PM »
When I did tax exams the 10% rate applied to the first 10,000, not 1000.
It works out that if you earn around 18k a year or more then you are better off (in terms of income tax payments!) under the new system.
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TheAuditor
http://blondepoker.com/forum/index.php?topic=41003.0
boldie
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Re: 10pence tax band
«
Reply #6 on:
April 19, 2008, 04:36:52 PM »
Excuse me...but erm...What's your point?
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Rooky9
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Re: 10pence tax band
«
Reply #7 on:
April 19, 2008, 04:54:03 PM »
Quote from: boldie on April 19, 2008, 04:36:52 PM
Excuse me...but erm...What's your point?
Me?
Just that I think the OP calculation is wrong.
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TheAuditor
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kinboshi
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Re: 10pence tax band
«
Reply #8 on:
April 19, 2008, 05:02:09 PM »
Quote from: Rooky9 on April 19, 2008, 04:54:03 PM
Quote from: boldie on April 19, 2008, 04:36:52 PM
Excuse me...but erm...What's your point?
Me?
Just that I think the OP calculation is wrong.
I think he was aiming that towards the OP. But with boldie it's hard to know what he's on about at the best of times. Did you know his name is actually a typo!
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gatso
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Re: 10pence tax band
«
Reply #9 on:
April 19, 2008, 05:04:52 PM »
my vote goes for op .I was trying to figure out the point too.
I agree with the 18k as well
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doubleup
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Re: 10pence tax band
«
Reply #10 on:
April 19, 2008, 05:07:46 PM »
Quote from: kinboshi on April 19, 2008, 05:02:09 PM
Did you know his name is actually a typo!
I feel that I must warn you that the commitee for the defence of the follically challenged is monitoring your communications and assembling a dossier on your activities.
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Grier78
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Re: 10pence tax band
«
Reply #11 on:
April 19, 2008, 05:08:57 PM »
Quote from: Rooky9 on April 19, 2008, 04:29:31 PM
When I did tax exams the 10% rate applied to the first 10,000, not 1000.
It works out that if you earn around 18k a year or more then you are better off (in terms of income tax payments!) under the new system.
Thats capital gains tax threshold which is 0% for the first £10,000. But I had cocked my figures up (and incidentaly the last tax return I filed) I have corrected them above.
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wader leg
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Re: 10pence tax band
«
Reply #12 on:
April 19, 2008, 05:14:51 PM »
Quote from: kinboshi on April 19, 2008, 05:02:09 PM
I think he was aiming that towards the OP. But with boldie it's hard to know what he's on about at the best of times. Did you know his name is actually a typo!
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Rooky9
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Re: 10pence tax band
«
Reply #13 on:
April 19, 2008, 05:15:20 PM »
Quote from: Grier78 on April 19, 2008, 05:08:57 PM
Quote from: Rooky9 on April 19, 2008, 04:29:31 PM
When I did tax exams the 10% rate applied to the first 10,000, not 1000.
It works out that if you earn around 18k a year or more then you are better off (in terms of income tax payments!) under the new system.
Thats capital gains tax threshold which is 0% for the first £10,000. But I had cocked my figures up (and incidentaly the last tax return I filed) I have corrected them above.
I meant the first 10,000 after the personal allowance. I stand to be corrected though, it was 12 months ago since I passed it, and in all seriousness, enough time for me to have erased it from my memory!!
Something like:
Old:
Personal allowance X @ 0%
Next 10,000 @ 10%
Up to 38k ish @22%
Over 38k ish @40%
New:
Personal Allowance X @ 0%
up to 38k ish @20%
Over 38k @ 40%
«
Last Edit: April 19, 2008, 05:18:46 PM by Rooky9
»
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TheAuditor
http://blondepoker.com/forum/index.php?topic=41003.0
boldie
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Don't make me mad
Re: 10pence tax band
«
Reply #14 on:
April 19, 2008, 05:16:18 PM »
Quote from: gatso on April 19, 2008, 05:04:52 PM
my vote goes for op .I was trying to figure out the point too.
I agree with the 18k as well
Yeah it was with regards to the OP. I just don't get what the point of the thread is...I know quite a few threads on blonde have no point to them but the post implies that there is a point to the thread and I just don't see it...apparently on other forums people have gotten this wrong...maybe the post belongs on other forums?..Or is this a wisdom sharing excersise...just wondering.
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