How much tax per year

Former Member · January 2008

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?

Former Member · January 2008

I think so.

Former Member · January 2008

http://www.freelanceuk.com/money/paye_calculator.php

tell you how much tax you should pay

Former Member · January 2008

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 Funk · January 2008

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 Member · January 2008

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 Member · January 2008

:mad: i hate tax
someone had to say it. lol

How much tax per year

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