UK Tax News from TaxPenny

Our tax calculators have now been updated to include the upcoming 2012/2013 tax rates and allowances.

Give them a try at www.uktaxcalculators.co.uk or try the widget below!

You will need to select 2012 on the widget.

Good news, as announced in last year’s budget, is the increase of the personal tax free allowance (under 65′s) to £8,105. This does however seem to be removed for higher rate earners as the higher rate threshold has been reduced to make up the difference of £630!

So if you are earning below £42,475 then you can expect a reduction in your tax bill.

Changes to the primary threshold for National Insurance Contributions have also been made.

For the full table of updates visit the rates and allowance section at http://www.uktaxcalculators.co.uk/how-to-calculate-tax.php.