PAYE Rates and Thresholds for 2013/2014

By April 9, 2013Uncategorized

Here is a quick look at the new rates and thresholds for tax year 2013/2014. 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 134 points making the new standard tax code 944L which gives you a tax free allowance of:

 

£9445 per annum

£787 per month

£182 per week

 

Annual Tax thresholds have changed to:

 

20% on earnings up to £32,010

40% on earnings from £32,010 to £150,000

45% on earnings above £150,000

 

National Insurance


Employees:  12% of earnings above £646 per month and 2% on earnings above £3454 per month

 

Employers: 13.8% of earnings above £641 per month

 

Statutory payments



SSP is £86.70 per week

 

SMP is the lesser of 90% of their average weekly earnings or £136.78 per week after the first 6 weeks

 

SPP is the lesser of 90% of average weekly earnings and £136.78 per week

 

Student Loans

 

Deductions are 9% of earnings above:

£16,365 per annum

£1,363.75 per month

£314.71 per week