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  1. #1
    Join Date
    Aug 2003
    Location
    hertfordshire
    Posts
    618

    How much tax per year

    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?
    They call it PMS because Mad Cow Disease was already taken!

  2. #2
    Join Date
    Feb 2003
    Location
    Manchester
    Posts
    9,175
    I think so.

  3. #3
    Join Date
    Jan 2005
    Location
    up north
    Posts
    5,655
    http://www.freelanceuk.com/money/paye_calculator.php

    tell you how much tax you should pay
    Its Toasted!

  4. #4
    Join Date
    May 2001
    Location
    Newcastle upon Tyne
    Posts
    29,419
    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%.

  5. #5
    Join Date
    Jul 2007
    Location
    London
    Posts
    164
    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


  6. #6
    Join Date
    Feb 2005
    Posts
    5,907
    Quote Originally Posted by C Funk View Post
    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.


    AFAIK The 10% tax band isnt being completly abolished from April, but the cases it can be used are few and far between.
    I read about the afterlife, but I never really lived...

  7. #7
    Join Date
    Aug 2004
    Location
    Midlands
    Posts
    4,191
    i hate tax
    someone had to say it. lol
    Good judgement comes from experience.
    Experience comes from bad judgement.

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