Payroll changes from the 6th April 2013.
The following rate changes for income tax and nic are to be affective from 6th April 2013.
Income tax.
- The new Tax Code is 944L.
- Tax threshold weekly £182.00
- Tax threshold monthly £787.00
- Basic rate 20% from £0 to £32,010
- Higher rate 40% from £32,011 to £150,000
- Additional rate 50% over £150,000.
NIC Thresholds.
- Employees Weekly £148 Monthly £641
- Employers Weekly £149 Monthly £646
Percentage of NIC.
- Employees 12% up to £797 weekly, £798 and above additional 2%.
- Employees 12% up to £3454 monthly, £3455 and above additional 2%.
- Employers 13.8% on all earnings over the thresholds weekly £149 and monthly £646.
Statutory Payments.
- Employees will be entitled to statutory payments if their average weekly earnings are over £109.
- New SSP rate £86.70 per week.
- New SMP/SSP rate £136.78 ( first 6 weeks is still 90% of average weekly wage.)
Student Loans.
- Student loan deduction rate is still 9% but the Thresholds have changed to:
- £16,365.00 per annum.
- £1363.75 per month.
- £314.71 per week.
National Minimum Wage.
National Minimum Wage rates remain the same until 1st October 2013 as a reminder the rates are:-
- 21 years old and over £6.19
- 18 to 20 years old £4.98
- 16 to 17 years old £3.68
- Apprentices under 19 years old £2.65
- Aprentices over 19 years old but in 1st year £2.65