People have viewed this blog from the following nations

Saturday, 9 February 2013

Would you like an extra £600 this year?

No, this is not one of those dodgy messages you get asking you to invest in a scheme that offers to pay millions of pounds out provided you put lots of money in, it is a genuine question, because (unbelievable as it may sound) at the start of the next financial year most people in the United Kingdom will be paying £600 less on their tax bill than in the financial year 2010 - 2011, some people could be paying as much as £1,200 less and if you are one of the lowest paid people in the United Kingdom then you will not have to pay any tax at all!

At the last election, if you earned £6,475 a year or less you didn't have to pay any tax at all. If you earned between £6,476 and £8,915 a year you paid 10% (so up to a maximum of £244 a year), if you earned between £8,916 and £41,275 you paid 20% (so up to a maximum of £7,480) and if you earned more than £41,276 then you paid 40% (so a minimum of £14,960). However, starting from April, the tax threshold before you start paying tax will now be £9,205. This means that if you were paying 10% tax, you now pay nothing at all and in this day and age when every penny counts, that has got to help.

So how do you have to thank for this rather unexpected windfall? Simple, us Liberal Democrats who said at the last election we would like to increase the tax threshold to £10,000 by the next election and here we are two budgets away from that election and we are only a mere £795 off that target. So if you see someone wearing a Lib Dem badge or handing you a Lib Dem leaflet today say to them "Thank you for the extra £600!"

No comments:

Post a Comment

Thank you for reading my blog. If you have any comments or questions, please use the form provided.