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New tax rates.

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
When the tax boundaries were changed, eg making it all 20% rather than 10% and then 22%, have these changes actually happened yet? If not, when do they come into practise?

Sorry if that's not a very clear question, I can't think of how else to word it :blush:

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I understand. I don't know the answer though.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    No, not yet. I think it's next April, but not 100%.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    It is 2008, but thanks for posting the question anyway :)

    I was too lazy to log in and ask myself, then I found the answer anyway.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Its starting next tax year, so on any income earned from the 6th April 2008


    I will stop being a smart-arse accounts person now.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    well, don't! Who else is going to give us the answers?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Thanks everyone :)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Knee High Stripy Socks wrote: »
    When the tax boundaries were changed, eg making it all 20% rather than 10% and then 22%, have these changes actually happened yet? If not, when do they come into practise?

    Sorry if that's not a very clear question, I can't think of how else to word it :blush:

    It's crap, it means anyone on a certain wage (I think it's less than 18k?) actually gets less of the money they earn.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    katchika wrote: »
    It's crap, it means anyone on a certain wage (I think it's less than 18k?) actually gets less of the money they earn.

    Yeah, it sucks. They say they're giving more back but I doubt it'll make up the difference.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    There hasn't been any mention of what the revised tax free personal allowance from April 2008 will be, so it might not be as bad as you think - the 10% rate band currently only covers 2230 of your income so it's not a great deal really. It's a bit of a bummer for me personally as I only pay tax at 10% as I'm such a part timer.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    will effect women mostly I suspect. What a crock!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    IIRC from the reports at the time, it's going to hit independant single adults the worst, young builders, sparkies, labourers, lifeguards......

    The ones with a low profile who the mass public don't really care about.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    ah right, i figured the people who are currently in the 10% bracket would be hit the hardest. You may be right though.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Scary Monster wrote: »
    young builders, sparkies, labourers,


    These people are quite often classed as self employed and currently pay tax at a flat rate of 20% (or up to 30% if they haven't registered) under the new CIS scheme anyhow. At least if they are under PAYE they get the benefit of their tax free personal allowance weekly or monthly rather than waiting til they complete their tax returns at the end of the year. Anyhow - I'm sure the basic personal allowance is going to have to increase by quite a decent amount to even things out a bit. I got the idea that the government wanted to simplify the tax system primarily.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Joolyknockers wrote: »
    I got the idea that the government wanted to simplify the tax system primarily.

    Noooooooo.

    I suspect (cynic that I am) that the government wanted a way to try and up taxes whilst under the guise of simplifying things.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Scary Monster wrote: »
    Noooooooo.

    I suspect (cynic that I am) that the government wanted a way to try and up taxes whilst under the guise of simplifying things.

    I suspect that as. It simplifying personal tax, but other areas such as corporation tax get worse every. The high rate is going to come down but the lower rate is going up form 19% now to 22% over three/four years. Small business pay enough tax (Corporation, ERS NI, VAT etc) as it is.
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