This is probably going to sounds really stupid but am I right in saying that for 2014/2015 I wouldn't pay tax on the first £10,000 earnings? So if for example (purely made up) I earn £12,000 in that tax year I only pay around 20% tax on £2,000??

Sorry but i'm new to all this and am finding it hard to work out what I should be putting aside each month.

Thanks