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Posted: Sat Feb 25, 2012 9:27 am
by xxxxx30
Hi, I'm currently 18 months into my IVA & was wondering if anyone knew were we stand with employees tax codes increasing from this April so everyone is entitled to earn £10k tax free? Do we need to pay all this extra income to the IVA or just 50%.
Thanks Diane
Posted: Sat Feb 25, 2012 9:28 am
by kallis3
Hi Diane,
No idea on this one. I'd suggest waiting until you know what your extra income is and then speaking to the IP. Don't forget that NI is going up I think? Might cancel it out.
Posted: Sat Feb 25, 2012 10:05 am
by MRBLUESKY
Hi the 2012 to 2013 personel allowance is going up to
£8105.The average worker will be aprox £10.50 a month better off,which will be swallowed up by inflation.
Posted: Sat Feb 25, 2012 10:28 am
by kallis3
And the increase in NI contributions. My husband will be significantly worse off as his tax code is going down to 390!!!
Posted: Sat Feb 25, 2012 11:17 am
by TheMatrix
The tax man giveth and he taketh away
Posted: Sat Feb 25, 2012 11:23 am
by Broke of London
My hopes were raised and dashed within seconds! Not much there for anyone to worry about!
Posted: Sat Feb 25, 2012 12:00 pm
by clarelm99
I know we shouldnt really talk polititcs but it makes me laugh "we are increasing the amount we allow you to earn tax free" BUT "we are also increasing prices on EVERYTHING else
OOOOO gee thanks our lovely government
XX
Posted: Sat Feb 25, 2012 1:34 pm
by MelanieGiles
I would think that the £10 saving will be swallowed up in increases in council tax and water rates, petrol and housekeeping to be honest.
Posted: Sat Feb 25, 2012 2:04 pm
by xxxxx30
Thanks for everyone's responses. I was hoping to get more than £10 but nevermind.
Posted: Sat Feb 25, 2012 7:17 pm
by MRBLUESKY
Never mind soon be summer.[:)][8D]
Posted: Sat Feb 25, 2012 7:20 pm
by kallis3
Makes no difference if your pay is somewhat down!!!
Posted: Sat Feb 25, 2012 8:23 pm
by Foggy
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
I would think that the £10 saving will be swallowed up in increases in council tax and water rates, petrol and housekeeping to be honest.
Or increased pension contributions.
Posted: Sat Feb 25, 2012 11:16 pm
by Broke of London
Better than a kick in the teeth... I might try to save my £10 for Christmas - £120 sounds like something worthwhile.
Posted: Sun Feb 26, 2012 9:01 pm
by olydak
Well it looks like it will be a kick in the teeth again for me, as i don't pay tax or insurance.
Regards David.
Posted: Sun Feb 26, 2012 10:34 pm
by Broke of London
I wouldn't say it's a kick - if you don't pay tax or NI then surely it can't be hurting you? While it does benefit a lot of people.