A Happy New Tax Year to you all. Whilst you are all busy preparing your year end here is a quick look at the new rates and thresholds for tax year 2012/2013. For more details please visit our Tax and NI page or download the employer helpbook from http://www.hmrc.gov.uk/helpsheets/e12.pdf
PAYE
Tax codes suffix with “L” go up by 63 points making the new standard tax code 810L which gives you a tax free allowance of:
£8105 per annum
£675 per month
£155 per week
Annual Tax thresholds have changed to:
20% on earnings up to £34,370
40% on earnings from £34,371 to £150,000
50% on earnings above £150,000
National Insurance
Employees: 12% of earnings above £634 per month and 2% on earnings above £3540 per month
Employers: 13.8% of earnings above £624 per month
Statutory payments
SSP is £85.85 per week
SMP is the lesser of 90% of their average weekly earnings or £135.45 per week after the first 6 weeks
SPP is the lesser of 90% of average weekly earnings and £135.45 per week
Student Loans
Deductions are 9% of earnings above:
£15,795 per annum
£1,316 per month
£303 per week
