Standard tax code is 1000L. This means £10,005 annual earnings allowance.
Tax Bands & Rates
2014-15
Bandwidths
Tax Rate
Taxable earnings
0-£31,865
20%
Taxable earnings
£31,866 – £150,000
40%
Taxable earnings
£100,000 – £150,000
40% reducing personal allowances
Taxable earnings over
£150,000
45% no allowances
Statutory Payments
Statutory Sick Pay up to 28 Weeks (no reimbursement)
£87.55 per week
£17.51 per day (5 day week)
Statutory Maternity/Adoption Pay paid for 39 Weeks
First 6 weeks 90% of average weekly earnings
then 33 weeks at £138.18 or average weekly earnings if less
Statutory Paternity Pay 1 or 2 consecutive weeks
£138.18 or average weekly earnings if less
Small Employer Threshold
Less than £45,000 of previous year’s NIC
Recover 100% plus 3% compensation
Large Employer
Only on SMP/SPP/SAP
92% recovery
National Minimum Wage
Rate Per Hour
October-2013
October-2014
age 16-17
£3.72
£3.79
age 18-20
£5.03
£5.13
age 21 and above
£6.31
£6.50
Apprentice
2.68
2.73
National Insurance Earnings
Per Week
Per Month
Per Annum
Employees
Employers
Lower Earnings Limit (LEL)
£111
£481
£5,772
Nil
Nil
Secondary Threshold (ST)
£153
£663
£7,956
12%
13.8%
Primary Threshold (PT)
£153
£663
£7,956
12%
13.8%
Upper Accrual Point (UAP)
£770
£3,337
£40,040
12%
13.8%
Above Upper Earnings Limit (UEL)
£805
£3,488.75
£41,865
2%
13.8%
Less up to £2000 Annual Employment Allowance
Other rates
Statutory Redundancy maximum 20 weeks
01/04/2014 £464 per week
Student Loan earnings above £16,910
9% Deduction
Childcare Vouchers (Salary Sacrifice)
Maximum £243 per month (£55 per week) 20%
Maximum £124 per month (£28 per week) 40%
Maximum £97 per month (£22 per week) 50%
Maximum £124 per month (£28 per week) 40%
Maximum £97 per month (£22 per week) 50%
Employee Vehicle Mileage Payments for business travel
Motor Cars and Vans
First 10,000 business miles*
45p per mile
Over 10,000 business miles
25p per mile
Motorcycles
24p per mile
Cycles
20p per mile
* For National Insurance purposes, the higher rate applies to all miles, not only the first 10,000.