SalaryBot updated for 2013/2014 tax year

SalaryBot is now updated with the new rates for the 2013/2014 tax year. Wholesale changes have been made to the tax system meaning your take-home salary will change from April 6th onwards.

Personal allowance

Personal allowances have now increased from £8105 to £9440 for the under 65s.

Allowance 2013/14 tax year
Born after 5 April 1948 – Personal Allowance £9,440
Born between 6 April 1938 and 5 April 1948 – Personal Allowance £10,500
Born before 6 April 1938 – Personal Allowance £10,660

Tax rates

Whilst the higher rate threshold has decreased to £32,011, and the additional rate of tax has been reduced from 50% to 45%.

Rate 2011/12 tax year 2012/13 tax year 2013/14 tax year
Basic rate 20% £0 to £35,000 £0 to £34,370 £0 to £32,010
Higher rate 40% £35,001 to £150,000 £34,371 to £150,000 £32,011 to £150,000
Additional rate 50% (45% from 6 April 2013) Over £150,000 Over £150,000 Over £150,000

Student loans

The need for maintenance has also opened an opportunity for the student loans functionality to be updated. The calculator now offers both plan 1 (for those with courses that started before Sept 2012) and plan 2 (courses that started on/after Sept 2012) options, to reflect a more accurate calculation.

App updates

All updates are also scheduled to be rolled out to the Android and iPhone apps shortly, in time for the new tax year.

Further reading

For more information on the changes to income tax and allowances, please visit gov.uk.