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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

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