Change in tax bands - difference

abbie

Registered User
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Has anyone noticed much of a difference in their wages since the new tax bands came into effect?
 
No - because I only received my updated statement of tax credits yesterday which was too late for January payroll which means that any additional credits/allowances in respect of January will now kick in for February (i.e. on the double) before settling back to normal in March. If you want to check the 2005 versus 2006 situation then try [broken link removed].
 
abbie said:
Has anyone noticed much of a difference in their wages since the new tax bands came into effect?

Assuming you are single and earned at least 32K in 05 and into 06 your salary will change as follows:

Rate band increase €2,600 @22% (42-20) = 572

Personal credit increase = 50

PAYE credit increase = 220

Total extra cash per annum = 842
per month = 70.17
per week = 16.19

Obviously as tax credit certs are only issuing now your first salary incorporating the new rates/bands will not match above but it should by March
 
I just got my tax cert yesterday and all of a sudden my mother has become my trustee! I mean I had heard they were having system problems with the new PAYE system but this takes the biscuit...obviously my wife was thrilled to see my mother as my trustee!
 
Er - aren't they gross since HS is presumably illustrating the effect of the Budget tax changes on net income (and thus assuming that gross has not changed)? Have you plugged your figures into the calculator I mentioned earlier and compared the 2005 and 2006 situations?
 
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