LOOKING AT MAXIMISING YOUR TAKE HOME PAY AND CONSIDERING BECOMING THE DIRECTOR OF YOUR OWN LIMITED COMPANY. UMBRELLA.CO.UK HAVE THE FLEXIBILITY TO OFFER YOU THE BEST POSSIBLE SERVICE.

Tax Factsheet

Check here for the latest tax information changed as and when the relevant legislation changes

Income Tax

Bands:- 2015/16 2014/15
£0 - £31,785 (£0 - £31,865) 20% 20%
£31,786 - £150,000 (£31,866 - £150,000) 40% 40%
Over £150,000 (over £150,000) 45% 45%

Personal allowances:-

Personal allowances:- 2015/16 2014/15
Born after 5.4.1948 £10,600 £10,000
Born between 6.4.1938 and 5.4.1948 £10,600 £10,500
Born before 6.4.1938 £10,660 £10,660
Income limit for personal allowance £100,000 £100,000
Income limit for age related allowances £27,700 £27,000
Blind person's allowance £2,290 £2,230
Married couple's allowance £8,355 £8,165

Class 1 NICs: thresholds

Class 1 NICs thresholds Figures to use 2015-16
Lower earnings limit (LEL) £112 per week
£486 per month
£5,824 per year
Primary Threshold (PT) £155 per week
£672 per month
£8,060 per year
Secondary Threshold (ST) £156 per week
£676 per month
£8,112 per year
Upper accrual point (UAP) £815 per week
£3,532 per month
£42,385 per year
Upper earnings limit (UEL) £815 per week
£3,532 per month
£42,385 per year

Class 1 NICs: rates for employee (primary) contributions
NICs deductions should not be made on earnings below the Lower Earnings Limit (LEL)

NICs category letter Earnings at or above LEL up to and including PT Earnings above the PT up to and including UAP Earnings above UAP up to and including UEL Balance of earnings above UEL
A 0% 12% 12% 2%
B 0% 5.85% 5.85% 2%
C NIL NIL NIL NIL
D 0% 10.60% 12% 2%
E 0% 5.85% 5.85% 2%
J 0% 2% 2% 2%
L 1.4% rebate 2% 2% 2%

 

Emma is definitely an asset to the company and in more than one occasion she has proven to be efficient, prompt and patient in my regards, and I'm sure in anyone else's. 

Mike C (July 2016)