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New rates and thresholds for tax year 2017-18

23rd March 2017

New thresholds detailed below but if you want edited highlights; personal allowance has been increased by £500 to £11,500 so your new standard tax code will be 1150L, we are also seeing for the first time the Scottish threshold varying from England, Wales and NI. See below.

Marriage allowance reminder and update: this is a transferable allowance made available to married couples and civil partners who are not in receipt of married couple’s allowance. A spouse who is not liable to income tax; or not liable at the higher or additional rates, can transfer their unused personal allowance to their spouse or civil partner. The recipient must not be liable to income tax at the higher rate.  Ring any bells? Of course it does… Well the amount available for transfer has increased from £1,100 to £1,150.

Employer relief on national insurance for the employment of youngsters (under 21) and apprentices (under 25) remains in place up to earnings of £45,000.

Now the detail…

Tax thresholds and rates 2016/17 2017/18*

2016/17 2017/18*
Bandwidth Rates Bandwidth Rates (unchanged)
0 – £32,000 20% 0 – £33,500* 20%
£32,001 to £150,000 40% £33,501* to £150,000 40%
Over £150,000 45% Over £150,000 45%

NIC thresholds and rates* In Scotland £31,930

NIC thresholds and rates

Thresholds Per week
2016/17
Per month 2016/17 Per week 2017/18 Per month 2017/18 Rates (Unchanged)
Lower earnings limit £112 £486 £113 £490 0%
Primary threshold (Ees ) £155 £672 £157 £680 12%
Secondary threshold (Ers) £156 £676 £157 £680 13.8%
Upper earnings limit (primary and secondary) £827 £3,583 £866 £3,750 2%

Statutory payments

Description 2016/17 2017/18
Weekly SMP (lower rate) £139.58 £140.98
Weekly SSP £88.45 £89.35

Filed Under: Spring 2017

◄ Student tax
The Apprenticeship Levy – what you cannot ignore ►

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