Note the following changes to personal tax rates, allowances and National Insurance Contributions for tax year 2015/2015
Important rates for tax year 2015/16
Basic rate of income tax 20%
Basic rate band £0-£31,785
Higher rate of income tax 40%
Higher rate band £31,786-£150,000
Additional rate 45%
Additional rate band £150,000
Personal Allowance
those born after 5 April 1948 £10,600
those born between 6 April 1938 and 5 April 1948 £10,600
those born before 6 April 1938 £10,660
National Insurance contribution thresholds
Weekly Lower Earnings Limit (LEL) £112 per week
Weekly Primary Threshold (PT) £155 per week
Weekly Secondary Threshold (ST) £156 per week
Upper Earnings (UEL) £815 per week
Upper Profits Limit (UPL) £42,385
Employment Allowance £ 2,000 (per year, per employer)
Important rates for tax year 2015/16
Basic rate of income tax 20%
Basic rate band £0-£31,785
Higher rate of income tax 40%
Higher rate band £31,786-£150,000
Additional rate 45%
Additional rate band £150,000
Personal Allowance
those born after 5 April 1948 £10,600
those born between 6 April 1938 and 5 April 1948 £10,600
those born before 6 April 1938 £10,660
National Insurance contribution thresholds
Weekly Lower Earnings Limit (LEL) £112 per week
Weekly Primary Threshold (PT) £155 per week
Weekly Secondary Threshold (ST) £156 per week
Upper Earnings (UEL) £815 per week
Upper Profits Limit (UPL) £42,385
Employment Allowance £ 2,000 (per year, per employer)