Tax changes to HEPSS Status - minimum earning still £160K. Tax increased to £43,140 PA. Social Insurance increased this year - See below
Gross Income Based (GIB) System Tax Rates
|
A) Up to £25,000 |
|
First £10,000 @ 8% |
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Next £ 7,000 @ 22% |
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Balance @ 30% |
|
B) Above £25,000 |
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First £ 17,000 @ 18% |
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Next £ 8,000 @ 21% |
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Next £ 15,000 @ 27% |
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Next £ 65,000 @ 30% |
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Balance @ 27% |
Allowance Based System (ABS) Tax Rates
|
First £ 4,000 @ 16% |
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Next £12,000 @ 19% |
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Balance @ 41% |
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 from 1st August 2022 - see under:
Employee
10% on Gross earnings Per Week with Maximum of £36.70 and Minimum of £12.50
Employer
19% on Gross earnings Per Week with Maximum of £50.50 and Minimum at £28.50
Married Woman (unchanged)
EE £15.95 - ER 20% Maximum £40.15 - Minimum £18.15
Self Employed
20% on Gross earnings Per Week with Maximum of £50.50 and Minimum of £28.50