To be annoyed at the new tax brackets?

[Justbrowsing2024]

Means myself and lots of people I know will need to pay 40% tax. The new thresholds being lowered means we will be worse off at a time when everything is going up. I know it's only on a proportion of salary but it's a proportion that was going towards the increase in mortgage (due to come off an amazing low rate), imminent increase in childcare fees, council tax and everything else.
I know it's affecting so many people but today I have felt really flat.

I'm not anywhere near the top of the threshold (£45500 salary) and unlikely to get a payrise.
I'm sure tomorrow will feel brighter but feel free to join my pity party

Income tax rates haven't changed for a very long time. Which rates are you talking about?
https://www.gov.uk/income-tax-rates

What changes? you’re not in the 40% tax bracket on that salary.

What!? Link please...?

Do you live in England- because they haven't changed?

Have you had a pay rise?

I’m very confused! What income tax change are you talking about?

Are you in Scotland?

What is going on??!! I'm so stressed rn 😂😅

I think you’ve got confused? They aren’t changing and you aren’t in the 40% bracket on that salary.

Anything over 50270 is in the 40% bracket, I think you’re possibly not including the personal allowance of 12570 in your figures.

Are you talking about the fake news posts on Facebook?

I got this and didn't recall hearing about changes beforehand. It's actually pretty shit.

I’ve seen posts on social media where people have looked at the pages on the Gov.uk website and not added the personal allowance on so they think they’re in a higher tax bracket than they are. They haven’t changed though, it’s a misunderstanding.

Have you got confused about your tax free allowance?

You have a £12570 personal allowance.
Basic rate tax is due on the next £37700 so you will earning over £50k before you have to pay 40% tax.

www.gov.uk/guidance/rates-and-thresholds-for-employers-2025-to-2026#tax-thresholds-rates-and-codes

You need to add the personal allowance on to those figures. It’s not shit, nothing has changed!

It's on the Govt website. From 2025 it's 40% on > £37k dropped from £50k

It's not changed. You add your tax free allowance onto those amounts

I think you’re misunderstanding the tax brackets.

The first £12,700 is tax free.

The next £37,000 is at 20%

So the 49% rate kicks in at just over £50k.

The freezing of these thresholds is outrageous though, given high inflation. A not very subtle tax increase.

It hasn't changed - it just hasn't added in the personal allowance which still applies.

What are you talking about? This is in addition to the personal allowance. Nothing has changed

You get your tax free allowance on top of this.

No it isn't. It is £12570 (personal allowance) plus £37700 before you pay 40% tax.

I honestly don’t understand how people can be believing this shit.

What? It hasn’t even changed. You have to add your personal allowance on top of those figures.

I see the confusion.

It’s still the same 50270.

You need to add the personal allowance to those figures.

I am an accountant.