New Tax Year, New Rates

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)