Just a reminder of what to look forward to (especially the permies here):
BBC News - Consumers warned about April tax shock
Income tax changes
The biggest change for most people next month will be income tax.
On the positive side, half a million people will be taken out of the tax bracket altogether.
That is because the amount anyone is allowed to earn before paying tax rises from £6,475 to £7,475.
But on the negative side, 750,000 more people will pay tax at the higher rate of 40%.
That is because the higher rate threshold has fallen from £43,875 to £42,475.
National Insurance changes
As far as National Insurance contributions are concerned, all 29 million employees in the UK will pay an extra 1%.
The employee contribution rate is rising from 11% to 12%.
But higher earners pay an additional rate as well.
Until now, employees had to earn over £844 a week to pay that additional rate.
But from 6 April, anyone earning more than £817 a week will pay.
And instead of the present 1% contribution rate, those higher earners will pay 2% instead.
Taking both the tax and NI changes into account, the IFS estimates than anyone earning more than £35,000 a year will be worse off.
Labour party are pledging to reduce tax, borrow the money instead, so come election time, if you want to be better off, you are advised to do what 99% of the voters are going to do, and that's vote for Red Ed.
HTH
BBC News - Consumers warned about April tax shock
Income tax changes
The biggest change for most people next month will be income tax.
On the positive side, half a million people will be taken out of the tax bracket altogether.
That is because the amount anyone is allowed to earn before paying tax rises from £6,475 to £7,475.
But on the negative side, 750,000 more people will pay tax at the higher rate of 40%.
That is because the higher rate threshold has fallen from £43,875 to £42,475.
National Insurance changes
As far as National Insurance contributions are concerned, all 29 million employees in the UK will pay an extra 1%.
The employee contribution rate is rising from 11% to 12%.
But higher earners pay an additional rate as well.
Until now, employees had to earn over £844 a week to pay that additional rate.
But from 6 April, anyone earning more than £817 a week will pay.
And instead of the present 1% contribution rate, those higher earners will pay 2% instead.
Taking both the tax and NI changes into account, the IFS estimates than anyone earning more than £35,000 a year will be worse off.
Labour party are pledging to reduce tax, borrow the money instead, so come election time, if you want to be better off, you are advised to do what 99% of the voters are going to do, and that's vote for Red Ed.
HTH
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