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What percentage of your wages goes to tax and NI in the UK?
and what age do you start paying tax? I know NI starts at 16 but you can claim tax back
2 Answers
- 10 years agoFavorite Answer
It's a common Myth that you don't pay tax until you reach a certain age or because you are a student. As the other answer said, you could be a 1 month old baby and pay tax on income or savings!
Once you earn around £100 a week you start paying NI and after that Income tax. EVERYONE has a basic rate, £7K+ (as the other answer said) and once you reach that, you pay tax. It is taken over a 12 month period, so you will pay tax and NI every month instead of one lump sum at the end of the year.
As to what percentage, that depends on what you earn. Everyone pays the basic rate of 20 per cent, which goes up the more money you earn.
Clearly, someone earning £90,000 a year will be on a higher tax rate than someone on £22,000 a year.
If your that interested, you can have a look at HMRC and tax rates.
- ?Lv 710 years ago
No age limits, a one month old baby with a trust fund pays tax. You get your personal tax allowance (standard is £7475 this year) and pay tax on everything above that.