the table or rotate phone to view in landscape2015 - 2016 Income Tax and NI calculator
Personal Allowance 2015/2016
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 67 | If you are earning up to £100,000 | £10,600 |
| If you are earning between £100,000 and £121,200 | Decreases from £10,600 by 50% of every pound you earn (above £100,000) until it reaches £0 | |
| If you are earning £121,200 or more | £0 |
|
| 67 - 77 | If you are earning up to £100,000 | £10,600 |
| If you are earning between £100,000 and £121,200 | Decreases from £10,600 by 50% of every pound you earn (above £100,000) until it reaches £0 | |
| If you are earning £121,200 or more | £0 |
|
| 78 and over | If you are earning up to £27,700 | £10,660 |
| If you are earning between £27,700 and £27,820 | Decreases from £10,660 by 50% of every pound you earn (above £27,700) until it reaches £10,600 | |
| If you are earning from £27,820 to £100,000 | £10,600 | |
| If you are earning between £100,000 and £121,200 | Decreases from £10,600 by 50% of every pound you earn (above £100,000) until it reaches £0 | |
| If you are earning £121,200 or more | £0 | |
| Blind person receive an additional amount of £2290 on top of the personal allowance | ||
Tax Rates 2015/2016
These rates apply to different portions of your earnings
| Your earning [per year if you have Personal Allowance of £10,600] | Tax Rate 2015 - 2016 | That is |
|---|---|---|
| Up to £10,600 | No tax taken | £0 |
| £10,601 - £42,385 | 20% | Basic rate |
| £42,386 - £150,000 | 40% | Higher rate |
| over £150,000 | 45% | Additional rate |
National Insurance rate 2015/2016
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 £8060 | 0% | No National Insurance contribution is payable |
| Earnings between £8060 and £42,385 | 12% | Salary minus £8060 = X, 12% of X |
| Earnings £42,385 or more | 2% | £42,385 minus £8060 = £34,325 12% of £34,325 plus salary minus £42,385 = 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.