Changing Tax Bands and How They Affect The Tax You Pay
This post is written for a few lovely ladies on twitter who have been asking me how the change in tax bands will affect the amount of tax they pay. Some things just can’t be answered in 140 characters so I thought I’d write it down here instead
The tax bands and personal allowances in the UK have been changing quite a lot over recent tax years and it’s causing quite a bit of confusion. These are the rates for the tax years 2010-11, 2011-12 and 2012-13. A tax year runs from 6th April through to the following 5th April.
So what does this mean? In order for you to see the impact I’ve done a series of illustrations for you ranging from an annual income of £10k to £50k and shown you how much tax you would end up paying under each tax year.
So as you can see from the above, the changes mean that you’ll be paying less tax compared to prior years in all of the above examples. Hope this helps