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
