Home Work & Volunteering
Take part in our next Watch Club on 2nd Feb at 7.30pm. We'll be talking about the film In the Heights! Sign up to take part and receive your free NOW pass!
Come and join our Support Circle, every Tuesday, 8 - 9:30pm! Anyone is welcome to join. Sign up here
Read the community guidelines before posting ✨

How much tax per year

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
my tax code is 522L and i earn 11,194 a year before tax.
do they take 5,220 off that total and only tax me 22% on the remamining 5k?

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I think so.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    http://www.freelanceuk.com/money/paye_calculator.php

    tell you how much tax you should pay
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Until April there's a 10% income tax band too, up to about £10,000 if memory serves me right.

    After April the 10% band is being abolished and the normal rate will be 20%.
  • C FunkC Funk ********* Posts: 163 Settling in
    Hey PRETTYgreenEYES,

    For the 2007/8 tax year your basic personal allowance (or tax-free amount) is £5,225, after that you're taxed at the following rates:

    £1 - £2,230 at 10%;
    £2,231 - £34,600 at 22%;
    Over £34,601 at 40%.

    Have a look at our article on income tax to find out a bit more about it.

    Hope this helps

    :thumb:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    C Funk wrote: »
    For the 2007/8 tax year your basic personal allowance (or tax-free amount) is £5,225, after that you're taxed at the following rates:

    £1 - £2,230 at 10%;
    £2,231 - £34,600 at 22%;
    Over £34,601 at 40%.

    Have a look at our article on income tax to find out a bit more about it.

    :yes:

    AFAIK The 10% tax band isnt being completly abolished from April, but the cases it can be used are few and far between.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    :mad: i hate tax
    someone had to say it. lol
Sign In or Register to comment.