2010/2011 Tax Calculator

November 11th 2009 12:36 pm

tax calculator powered by UK Tax Calculators 2010/2011 UK Tax Calculator - Click Here We have added a 2010/2011 Tax C ...

By Ray Arman

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tax calculator powered by UK Tax Calculators

2010/2011 UK Tax Calculator - Click Here

We have added a 2010/2011 Tax Calculator with the 50% rate and new tapering for Personal Allowances over £100,000. Using our figures, an individual earning £250,000 will take home £141,220 in the 2010/2011 Tax Year. This means an additional £12,590 could be taken as tax due to the Personal Allowance and 50% tax changes. An individual earning £105,000 would have been taxed a total of £36,739 this year, but next tax year this will rise to £37,739 - an increase of £1000.

In the 2010-11 tax year the Personal Allowance reduces where the income is above £100, 000 – by £1 for every £2 of income above the £100,000 limit. This applies to all age groups.

However, for people over the age of 65, for the 2008-09 and 2009-10 tax years the tax free allowances will never be less than the basic Personal Allowance.

From the 2010-11 tax year the Personal Allowance for people aged 65 to 74 and 75 and over can be reduced below the basic Personal Allowance where the income is above £100,000.

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