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Tax & National Insurance for 2011-12
Wednesday, 6 of April 2011
PAYE Thresholds for 2011-12
The PAYE thresholds (the level of earnings at which tax becomes payable) are: £144.00 weekly, £623.00 monthly.
Tax Rates for 2011-12
Basic Rate 20% from £1 to £35,000
Higher Rate 40% from £35,001 to £150,000
Additional Rate 50% from £150,001 and above
K codes
Tax codes starting with a K have a regulatory limit of 50% of an employee’s gross pay in the pay period. This limit restricts the amount of tax that is deducted from the employee’s pay to ensure that they retain a certain amount of take home pay.
Emergency tax code
The emergency tax code is 747L.
National Insurance
Employee National Insurance has risen from 11% to 12% with the Upper Earnings Limit National Insurance increased from 1% to 2%.
Employer National Insurance has risen from 12.8% to 13.8%.
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