Tax changes to HEPSS Status - minimum earning now £160K. Tax increased to £39,940 PA. Social Insurance increased this year - See below
Gross Income Based (GIB) System Tax Rates
A) Up to £25,000 |
First £10,000 @ 6% |
Next £ 7,000 @ 20% |
Balance @ 28% |
B) Above £25,000 |
First £ 17,000 @ 16% |
Next £ 8,000 @ 19% |
Next £ 15,000 @ 25% |
Next £ 65,000 @ 28% |
Next £395,000 @ 25% |
Next £200,000 @ 18% |
Balance @ 5% |
Allowance Based System (ABS) Tax Rates
First £ 4,000 @ 14% |
Next £12,000 @ 17% |
Balance @ 39% |
A tax credit of £300 (or 2% if higher) will be given of their annual tax bill.
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Social Insurance contributions increased as under:
Employee
10% on Gross earnings Per Week with Maximum of £36.30 and Minimum of £12.10
Employer
20% on Gross earnings Per Week with Maximum of £50.00 and Minimum at £28.00
Married Woman (unchanged)
£15.95 (Per Week - EE) - £40.15 (Per Week - ER)
Self Employed
20% on Gross earnings Per Week with Maximum of £50.00 and Minimum of £25.00