Tax rates for 2017/2018
TAX
11,500 – NIL
33,500 – 20% (next £33,500)
45,000 – 40% (next £116,500)
150,001 – 45%
OVER £100,000 PERSONAL ALLOWANCE REDUCED BY £1 FOR EVERY £2 EARNED (SO PERSONAL ALLOWANCE LOST AT ABOUT £116,000)
PAYE SCHEME NEEDED IF PAYING MORE THAN £113 PER WEEK
EARNINGS THRESHOLD NI TAX
Employer 13.8% Employee 12%
WEEKLY £157 £157 £221.53
MONTHLY £680 £680 £958.33
ANNUALLY £8,164 £8,164 £11,500.00
HOLIDAY PAY – ENTITLEMENT – NOT INCLUDING BANK HOLS
20 DAYS ÷ 12 = 1.66 PER MONTH (ASSUMES FULL-TIME) – I.E. 5 DAYS HOLIDAY X 1.66 = 8.30.
20 DAYS ÷ 52 = 0.38 PER WEEK
25 DAYS ÷ 12 = 2.08 PER MONTH
25 DAYS ÷ 52 = 0.48 PER WEEK
SSP RATE
£89.35 PER WEEK
SMP RATE
TOTAL 39 WEEKS
FIRST 6 WEEKS 90% OF NORMAL GROSS PAY
33 WEEKS AT £140.98
SPP RATE
2 WEEKS AT £140.98
(SMALL EMPLOYER: LESS THAN £45,000 NI PREVIOUS YEAR)
NATIONAL MINIMUM WAGE
£7.50
LIMIT OF PAYMENTS FOR REDUNDANCY
£479 PER WEEK
1 WEEK FOR EVERY COMPLETE YEAR OF SERVICE UP TO AGE 41, 41 AND OVER 1.5 WEEKS FOR EVERY YEAR UP TO A MAXIMUM OF 20 YEARS
MILEAGE ALLOWANCE
45P PER MILE FOR FIRST 10,000
25p OVER 10,000
