iknowtax.com

Tax Year April 2011 -Am I better off or worse?

The Channel 4 news has reported the start of the new tax year Wednesday called the Worse off Wednesday.

The answer is worse for some and better for some. It depends on how much you are earning.

£42,589 is the exact number!

Anyone (under 65) who is earning below £42,589 will save money this tax year April 2011. They will save from about £1000 to few pence, closer you are to £42,589, less you save.

This is including overall deductions for tax and national insurance.

From April 2011, the personal allowance has increased by £1000 to £7475. Higher rate tax now applies to earning from £35,000 (minus personal allowance), where last year it was from £37,400 (minus personal allowance) The National Insurance has gone up by 1%, but starting to deduct for National Insurance will be from earnings of £7228 now, where last year it was £5720. comment | tax calculator