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.
