( All figures
Post Budget 2007 )
National Minimum Wage
With Effect From: 1st October 2007.
| Age Group : |
Rate
:
|
| 16 to 17 years old |
£
3.40
|
| 18 to 21 years old |
£
4.60
|
| 22
years old + |
£
5.52
|
National Minimum Wage
With Effect From: 1st October 2008.
| Age
Group : |
Rate
:
|
| 16
to 17 years old |
£
3.53
|
| 18
to 21 years old |
£
4.77
|
| 22
years old + |
£
5.73
|
Tax Rates 2007/2008
(Post Budget):
|
Taxable Income £ |
Rate % |
| 0
- 2,230 |
10 |
| 2,231
- 34,600 |
22 |
| Over
34,600 |
40 |
Tax Allowances :
| Age Banding |
Personal Allowance £ |
| Aged under 65 |
5,225
|
| Aged 65-74 |
7,550
|
| Aged 75 and over |
7,690
|
Mileage Rates :
( Where own car is used - excludes company vehicles )
| Vehicle |
Up to 10,000 miles |
Over 10,000 miles |
|
Privately owned cars (all engine sizes) |
40p |
25p |
| Bicycle |
20p |
20p |
| Motorcycle |
24p |
24p |
| Passenger |
5p |
5p |
Fuel Rates :
( Where company car is used -
employee pays for fuel- WEF 01/01/08)
| Engine Size |
Petrol |
Diesel |
LPG |
| 1400 cc or less |
11p |
11p |
7p |
| 1401 - 2000 cc |
13p |
11p |
8p |
| Over 2000 cc |
19p |
14p |
11p |
Rates apply:-
Employers reimbursing employees for business travel in their company cars.
Employees required to repay the cost of fuel used for private travel.
Statutory Payments :
| Payment |
Amount |
Details |
| SSP |
£
72.55 per week |
Payable from 4th consecutive day of sickness for 28 weeks |
| SMP |
6 weeks @ 90% of Average Weekly Earnings
&
33 weeks @ lesser of 90% of Average Weekly
Earnings OR £112.75
|
|
| SPP |
2
weeks @ lesser of 90% of Average Weekly
Earnings OR £ 112.75 |
|
| SAP |
39
weeks @ lesser of 90% of Average Weekly
Earnings OR £112.75 |
|
National Insurance :
( CLASS 1 - NIC )
| Not Contracted Out (Weekly) |
Employee % |
Employer % |
| Below £
87.00 |
nil |
nil |
| £
87.00 to £ 100.00 |
0 |
0 |
| £
100.01 to £ 670.00 |
11 |
12.8 |
| Over £
670.00 |
1 |
12.8 |
Contracted Out
(Salary Related Schemes) |
Employee % |
Employer % |
| Below £
87.00 |
nil |
nil |
| £
87.00 to £ 100.00 |
0 |
0 |
| £
100.01 to £ 670.00 |
9.4 |
9.1
|
| Over £
670.00 |
1 |
12.8 |
| Rebate |
1.6 |
3.7
|
Contracted Out
(Money Purchase Schemes) |
Employee % |
Employer % |
| Below £
87.00 |
nil |
nil |
| £
87.00 to £ 100.00 |
0 |
0 |
| £
100.01 to £ 670.00 |
9.4 |
11.4
|
| Over £
670.00 |
1 |
12.8 |
| Rebate |
1.6 |
1.4
|
( CLASS 1A - NICS )
|
Tax
Year
|
Rate
%
|
|
2006
/ 2007
|
12.8
|
|
2007
/ 2008
|
12.8
|
( CLASS 3 Voluntary - NICS )
| Detail |
Rate |
| Voluntary - Per Week |
£
7.80
|
Data Sources :
Inland Revenue : Expenses and Benefits (A tax guide) 480(2004)
Inland Revenue : PAYE and NICs
rates and limits for 2007-2008
Inland Revenue : Statutory Sick Pay manual for employers (CA30)
Disclaimer : Whilst every care has been taken in the publication of data within this web page RMD Office Solutions Ltd does not accept any liability for any misprint / typographical errors that may be contained herein. In addition the information contained within this web page is a summaried version and is not intended as representation of the law in full.
