[indoexpat-uk] New update HMRC Tax Year 2014/2015

Good news utk tax year 2014/2015, we'll be paying *slightly* less tax =)


   - Basic Personal Allowance will be increased to £10,000

 This is the income you can earn or receive each year tax-free, the amount
you get depends on your individual circumstances.  The tax-free allowance
is split into monthly amounts which means that you get about £833 a month
before we begin to calculate tax deductions.



·         Income tax bandwidths will be :



o   Basic rate                                20%                 £1 to
£31,865

o   Higher rate                             40%                 £31,866 to
£150,000

o   Additional rate                        45%                 £150,001 and
above



·         Student Loans repayment threshold will be £16,910 @ 9%



·         Statutory Sick Pay (SSP) rate will increase to £87.55 per week



·         Statutory Maternity Pay (SMP) & Statutory Paternity Pay (SPP)
will increase to £138.18 per week



More details can be found in HMRC website:

https://www.gov.uk/government/collections/autumn-statement-2013-hm-revenue-customs-for-tax-advisors
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