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Self-assessment - tax threshold

(4 Posts)
TakingtheHobbitstoIsengard Thu 31-Jan-13 17:24:07

Sorry, another SA thread...(can you tell it's deadline day?)

I've completed all the sections to the best of my knowledge. Taxable income comes in at just under £6k and it's saying there is no tax payable - does that sound right?

I was assuming it would fall under the base rate of 20% (£0-£35k), but do I get a Personal Allowance as it's under £7474?

Thanks in advance for any advice!

MirandaWest Thu 31-Jan-13 17:34:48

The basic rate is for your taxable income ie after the personal allowance. So for 2011/12 you would pay 20% on your income between £7,476 and a bit over £42k.

CogitoErgoSometimes Thu 31-Jan-13 17:36:16

You're under the 2011/12 personal allowance of £7475. The allowance for 2012/13 is £8105. Table here

TakingtheHobbitstoIsengard Thu 31-Jan-13 17:37:43

Ah, great - many thanks.

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