| shenagxthy | Date: Monday, 10 Jun 2013, 02:38:56 | Message # 1 |
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| 12 tax and NI thresholds announced today
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Public SectorInfrastructure Capital ProjectsLife SciencesManufacturingPrivate EquityReal EstateSports Business GroupTechnology, Media TelecommunicationsTravel, Hospitality Leisure"Today's figures largely confirm estimates made at the time of the Emergency Budget in June, but have been finalised following the release of the CPI and RPI figures for September, on which some figures are based.
"Now that the final figures are known, the effect on disposable incomes is clear. The personal allowance for 2011/12 <a href=http://pierrehermparis.webs.com/>hermes kelly</a>
has been increased by 1,000 to 7,475. The basic rate band has been reduced from 37,400 to 35,000, so taxpayers who were within the higher rate in 2010/11 (incomes over 43,475) will not see a tax saving from this change. Most taxpayers with an income over this level will see a cost of 80 pa. The threshold for the 50% band is unchanged at 150,000.
"Employees will also see an increase in national insurance (NI) costs. The employee NI rate is to rise from 11% to 12% <a href=http://pierrehermparis.webs.com/>hermes kelly</a>
on earnings between 139 and 817 per week (7,225 and 42,475 pa) and from 1% to 2% on earnings above this level. Similar rises in thresholds apply for the selfemployed who pay Class 4 national insurance, which rises from 8% to 9% on earnings between 7,225 and 42,475, and from 1% to 2% on earnings above this level.
"The starting points for the main NI rates have been increased from 5,715 to 7,225 and the top limits have been reduced from 43,875 to 42,475. Whilst at lower earnings levels this offsets the increased rates, any employees earning over 24,000 will see an increase in national insurance. At earnings of 30,000 there is an increase of 62 per annum, whilst at 50,000 the increase is over 120.
"The tax credit rates have also been announced. Whilst the main rates remain the same as for 2010/11, the couples' rate sees a small increase. However, the increase in the taper rate from 39% to 41%, and the reduction in the second threshold from 50,000 to 40,000, will mean reductions in credit payments for many. Those on low incomes will be protected. For example, a couple with two children where one spouse earns 30,000 will see a modest increase in credits of 98, whilst a similar couple on 45,000 will see a reduction of 545.
"In summary, it is mainly higher rate taxpayers who will see increases in tax and national insurance charges. Taking all the changes together (including child benefit), a couple with one earner taking home 25,000 pa and two children will see a reduction of 387 in overall liabilities. A similar family on 40,000 will see a reduction of 38, whilst a family on 50,000 will see an increase of 747. The withdrawal of child benefit from higher rate taxpayers will mean further increases from January 2013. Although the precise details of this change have yet to be announced, the reduction in the higher rate threshold may mean that child benefit will be withdrawn at lower income levels than may have been expected."
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
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