Tax Limit

[lorettacritchet]

Hi, I thought the tax limit/band was £9k+ or something for the 2012/2013 year..... but checking the inland revenue website it says £8k+, have i lost my mind or read the wrong information?
Can someone please advise the correct "limit" so to speak before we have to pay tax.

[Kiddleywinks]

For 2012 -2013 tax year I have it down as £8150

Next years (2013 -2014) I think it's £9440

HM Revenue & Customs: Income Tax allowances (http://www.hmrc.gov.uk/rates/it.htm)

[MrAnchovy]

I think there's a typo there Kiddlywinks...

This year (2012/13) you can earn £8,105 before you start paying income tax at 20%, but you start paying Class 4 NI on profits over £7,605 at 9%.

For last year (2011/12 - tax return and payment due online 31 January 2013) you can earn £7,475 before you start paying income tax at 20%, but you start paying Class 4 NI on profits over £7,225 at 9%.

And for next year (2013/14) you can earn £9,440 before you start paying income tax at 20%, but you start paying Class 4 NI on profits over £7,755 at 9%.

[Kiddleywinks]

I think there's a typo there Kiddlywinks...



:blush: I'm forever doing this, apologies, it is in fact £8105 :p