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

That makes sense, thank you. It's not clear, I know I'm not the only one that panicked.

I mean....it actually says in the letter "more than your tax free amount..." so the tax free amount then The next £37,000 is at 20%

It's been quoted that way for as long as I can remember. People's basic tax free amount can change this just ensures that the increases in tax happen at the right intervals to that not set amounts.

Stand down OP, no change this year if you’re in England, Wales or NI.

The key phrase here is “above the PAYE threshold”…that’s what people haven’t clocked.

You honestly think that they’ll just increase tax by £400 a month for a load of people without warning?

I’m starting to understand what it means when people quote the average reading age being 10 in The UK.

I hope noone has "good attention to detail" on their CVs who didn't read the information 😅😅

🤣

Succinct. Also true.

It's a misunderstanding. It's ok to get things wrong sometimes. Better to be wrong than rude.

It is presented a bit confusingly, given it then shows the 45% at £125k (which you would expect to see).

😂

Because at that point you lose your personal allowance.

@Justbrowsing2024 curious where you got this info!

This is why basic finance and income tax should be included in the curriculum.

It’s not a misunderstanding. It’s either rage-bait or an inability to think clearly before posting utter tripe.

I know, but I think people generally aren’t aware of that either!

You think if people can’t understand something in black and white in a page in front of them, they’re going to be able to accurately remember and apply information learnt 20 years ago (which is probably far out of date?)

"It’s not a misunderstanding. It’s either rage-bait or an inability to think clearly before posting utter tripe."

Exactly this, so we can all lose our shit at the bastard government. Critical thinking is a dying art.

Aw, OP. I hope you feel better now you know there is no actual change.

I think some it is deliberate misinformation on social media as well.

Curious where OP has come across this without googling news coverage or even HMRC website which surely would have cleared up by showing year on year figures.

OP, you've misunderstood. You're still going to be paying 20% on some of your income (and 0% on some). No 40% in sight.

I'm not disagreeing that they should be.

However, whomever is responsible for writing that gov page needs retraining to put it mildly. It's NOT clear.

Yes, technically the info is there. You can do the maths and work it out. Something that shouldn't be necessary when reading a government information web page.

It should be clear and explicit. It's really not. If you have to read it twice to still the momentary panic, the person who wrote the page missed their mark.

It is clear. The personal allowance can change depending on a number of factors. Mine is currently expected to be about £4,500 this year.

People need to read and they need to think.

It is clear though.