Accounting - don't you just love it.
Wondering why your pay just went down by about £8 a month. Well it's due to changes in the band where you pay the full 11% rate of National Insurance.
Although the lower limits (exempt and zero rated amounts) were raised slightly (by about £3 a week) the upper limits for the band were raised by £20 a week.
So if you earn more than the top threshold (£32,760) a year you will be paying 11% NI on an extra £17 a week of your income.
This works out at just under £2 (11% of £17) a week (or around £8 for those paid monthly) extra.
The new 05/06 NI tables are here:
http://www.hmrc.gov.uk/nitables/ca38.pdf
Exciting stuff eh! :-P
2 comments:
How was Tenerife?
Pretty wicked. Will post up a summary later :-)
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