Thu, Mar 25, 2010
We’ve just launched another new tax calculator, but this one gives an interesting insight into the announced changes for national insurance from the 2011 tax year.
tax calculator powered by UK Tax Calculators
Our 2011/2012 Tax Calculator is fully customisable and allows you to be the chancellor, as you can tinker with all the major income tax rates, allowances, bands and tapering limits.
We have preset the calculator to what we think is a possibility for income tax 2011/12 . However, the method we employed was an average of the last 5 years of tax changes applied to the 2010 rates.
This provided a new Personal Allowance of £6,838 and well as a higher rate band that starts at £38,425.
If the official rates are similar to these there will be interesting consequences for people earning £20,000+.
Due to the confirmed amendments to the national insurance lower rate (+1%) and upper rate (+1%) – as well as and increase to the primary threshold by £570/annum – people earning these amounts will be taking home less pay than this year.
Have a play with the figures on the 2011/2012 Tax Calculator and see if you can find a good point for the personal allowances, bands etc to be set at.