Payroll rates and thresholds for 2020-21

 HMRC  Comments Off on Payroll rates and thresholds for 2020-21
Mar 172020
 

Personal Allowance:

£12,500

PAYE Thresholds:

Weekly: £240
Monthly: £1,042

Standard / Emergency tax code:

1250L

Tax Code uplifts:

  • L: No uplift required
  • M: No uplift required
  • N: No uplift required

Income Tax Rates – England & Northern Ireland – 2020-21 :

Basic rate                          20%       1 – 37,500

Higher rate                       40%       37,501 – 150,000

Additional rate                45%       150,001 >

Income Tax Rates – Scotland – 2019-20 rates to be used from 6th April :
Starter rate                      19%       1 – 2,049

Basic rate                          20%       2,050 – 12,444

Intermediate rate           21%       12,445 – 30,930

Higher rate                       41%       30,931 – 150,000

Top rate                            46%       150,001 >

Income Tax Rates – Scotland – 2020-21 rates to be used from 11th May :
Starter rate                      19%       1 – 2,085

Basic rate                          20%       2,086 – 12,658

Intermediate rate           21%       12,659 – 30,930

Higher rate                       41%       30,931 – 150,000

Top rate                            46%       150,001 >

Income Tax Rates – Wales – 2020-21 :

Basic rate                          20%       1 – 37,500

Higher rate                       40%       37,501 – 150,000

Additional rate                45%       150,001 >

Higher rate threshold – England and Northern Ireland:

£50,000

Higher rate threshold – Scotland:

£43,430

Higher rate threshold – Wales:

£50,000

Class 1A NICs rate:
13.8%

Class 1B NICs rate:
13.8%

Student Loan & Postgraduate Loan Thresholds and deduction rates:

Student Loan Plan 1  £19,390    9%

Student Loan Plan 2  £26,575    9%

Postgraduate Loan  £21,000    6%

Employment Allowance:

£4,000

Apprenticeship Levy:

£15,000

0.5%

Notification of a threshold change for Student and Postgraduate Loan

 HMRC  Comments Off on Notification of a threshold change for Student and Postgraduate Loan
Aug 132019
 

The Department for Education (DfE) have now confirmed the annual updates to the Interest Rates and Thresholds of Income Contingent Student Loans.

The current threshold for 2019-20  for Plan 1 is £18,935 and the DfE have confirmed that from 6 April 2020  the threshold will rise to £19,390 for Plan 1.  Earnings above £19,390 will be calculated at 9%.

The current threshold for 2019-20 for Plan 2 is £25,725 and the DfE have confirmed that from 6 April 2020 the threshold for post 2012 loans will rise to £26,575 for Plan 2.  Earnings above £26,575 will be calculated at 9%.

The current threshold for 2019/20 for Postgraduate loans is £21,000 and the DfE have confirmed that from 6 April 2020  the threshold will continue to be at £21,000 for Postgraduate loans.  Earnings above £21,000 will be calculated at 6%.