the table or rotate phone to view in landscape2014 - 2015 Income Tax and NI calculator
Personal Allowance 2014/2015
What is Personal Allowance? Personal Allowance is the portion of your earning where tax is not applied, making that portion of your earning tax free.
| Age | Condition | Personal Allowance (per year) |
|---|---|---|
| Under 65 | If you are earning up to £100,000 | £10,000 |
| If you are earning between £100,000 and £120,000 | Decreases from £10,000 by 50% of every pound you earn (above £100,000) until it reaches £0 | |
| If you are earning £120,000 or more | £0 |
|
| 65 - 74 | If you are earning up to £27,000 | £10,500 |
| If you are earning between £27000 and £28,000 | Decreases from £10,500 by 50% of every pound you earn (above £27,000) until it reaches £10,000 | |
| If you are earning from £28,000 to £100,000 | £10,000 | |
| If you are earning between £100,000 and £120,000 | Decreases from £10,000 by 50% of every pound you earn (above £100,000) until it reaches £0 | |
| If you are earning £120,000 or more | £0 | |
| 75 and over | If you are earning up to £27,000 | £10,660 |
| If you are earning between £27,000 and £28,320 | Decreases from £10,660 by 50% of every pound you earn (above £27,000) until it reaches £10,000 | |
| If you are earning from £28,320 to £100,000 | £10,000 | |
| If you are earning between £100,000 and £120,000 | Decreases from £10,000 by 50% of every pound you earn (above £100,000) until it reaches £0 | |
| If you are earning £120,000 or more | £0 | |
| Blind person receive an additional amount of £2230 on top of the personal allowance | ||
Tax Rates 2014/2015
These rates apply to different portions of your earnings
| Your earning [per year if you have Personal Allowance of £10,000] | Tax Rate 2014 - 2015 | That is |
|---|---|---|
| Up to £10,000 | No tax taken | £0 |
| £10,001 - £41,865 | 20% | Basic rate |
| £41,866 - £150,000 | 40% | Higher rate |
| over £150,000 | 45% | Additional rate |
National Insurance rate 2014/2015
National Insurance Contribution is payable by everyone, until they have reached the state retirement age.
Below are Class 1 National Insurance rates which is applied to anyone who's employed.
These rates below apply to different portions of your earning.
| Your Earning [Per year] |
National Insurance Rate | That is |
|---|---|---|
| Earnings up to £7956 | 0% | No National Insurance contribution is payable |
| Earnings between £7956 and £41,865 | 12% | Salary minus £7956 = X, 12% of X |
| Earnings £41,865 or more | 2% | £41,865 minus £7956 = £33,909 12% of £33,909 plus salary minus £41,865 = X, 2% of X |
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Disclaimer: I am not a tax professional, so please do not use this information to make any big decisions. Do consult a professional when making any decisions.