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HMRC have announced the new tax rates for 2015-16 which will apply from 6 April 2015

2015
19
JAN

 If you have employees you will want to know how much you can pay your employees before you have to pay employer National Insurance Contributions. HMRC have announced the thresholds for 2015-16 which will apply from 6 April 2015,  Your employees can earn £3 per week more than they did in 2014-14 before you have to pay NICs.

Tax free earnings will increase to £10,600 per annum with the standard tax code changing to 1060L.  Basic rate tax of 20% will be due on earnings up to £31,785 with 40% tax due on earnings between £31,786 and £150,00.  The 40% threshold has been reduced from its 2014-15 level of £31,866.

Tax Thresholds 2015-16

The threshold at which employees and employers will pay National Insurance Contributions has also increased.  Employees will pay NICs on earrnings of £155 and above per week with employers paying NICs on employees earnings above £156 per week.  The rate of contribution has not changed.

Employers will be able to claim another £2,000 Employment Allowance during 2015-16.  There are still employers who have not claimed this benefit for 2014-15.

From 6 April 2015 employers will not be required to pay employers NICs for employees aged 21 or under.

 

 

 

 

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