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Higher Tax Free Amount For 2012


patroddy
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http://www.hmrc.gov.uk/rates/it.htm. This april the tax free amount will be raised once, more meaning people will have around £500-£600 extra in there bank acounts ...... how do you plan to spend yours??
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That's just the amount of 'free pay' you get...so times 630 by 20% and you get £126. It just meains you'll pay that much less in tax.

yer i have since had this explained .... damn ...... well 126 should pay for a few weeks petrol :')

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Yup, personal allowance increases every April - sometimes more one year than others, depends on how much they've been playing around with tax & national insurance rates and limits during the year and the rate of inflation the economy has seen in the previous year.

I went to see a client last week and was discussing pension contributions with him. Spent half an hour merrily discussing the lifetime allowance (£1.5m) and the annual allowance (£50k) and calculating that he can pay a lump sum of £40k into his pension this year on top of his other contributions due to using up residual allowances for the prior 3 years... and then I got back in the car to come back to the office and spent the journey thinking how nice it must be to have to "worry" about exceeding the £50k pension contributions limit each year, as well as having £40k lying around spare that you can afford to pay into your pension as a lump sum, willy nilly.

I wish I had his problems. *Sigh*

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  • 2 weeks later...

Yup, personal allowance increases every April - sometimes more one year than others, depends on how much they've been playing around with tax & national insurance rates and limits during the year and the rate of inflation the economy has seen in the previous year.

I went to see a client last week and was discussing pension contributions with him. Spent half an hour merrily discussing the lifetime allowance (£1.5m) and the annual allowance (£50k) and calculating that he can pay a lump sum of £40k into his pension this year on top of his other contributions due to using up residual allowances for the prior 3 years... and then I got back in the car to come back to the office and spent the journey thinking how nice it must be to have to "worry" about exceeding the £50k pension contributions limit each year, as well as having £40k lying around spare that you can afford to pay into your pension as a lump sum, willy nilly.

I wish I had his problems. *Sigh*

What is it that you do if you don't mind me asking?

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  • 4 weeks later...

Yup, personal allowance increases every April - sometimes more one year than others, depends on how much they've been playing around with tax & national insurance rates and limits during the year and the rate of inflation the economy has seen in the previous year.

I went to see a client last week and was discussing pension contributions with him. Spent half an hour merrily discussing the lifetime allowance (£1.5m) and the annual allowance (£50k) and calculating that he can pay a lump sum of £40k into his pension this year on top of his other contributions due to using up residual allowances for the prior 3 years... and then I got back in the car to come back to the office and spent the journey thinking how nice it must be to have to "worry" about exceeding the £50k pension contributions limit each year, as well as having £40k lying around spare that you can afford to pay into your pension as a lump sum, willy nilly.

I wish I had his problems. *Sigh*

thats very good if you have to worry about it :P especially when i worry about earning enough to pay for everything :P

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