Taxing Business

Big Question - At What Salary Should You Have To Pay Tax?

I had an interesting conversation with one of my friends this weekend about salary. Neither of us are particularly driven by money, we both can appreciate it. But do not live our lives thriving to have a large number in our banks.

The big question of ‘At What Salary Should You Have To Pay Tax?’ came about when my friend told me his girlfriend earns ‘peanuts’ working in a travel agents. I thought about this and have done some research using a tax calculator. If she were on the minimum wage of £6.08 working 37.5 hours a week. Her yearly salary would be £11,856, of this you would have to pay £876.20 in tax. Meaning you come out with a yearly salary of just under £10,500.

The tax free allowance in the UK is currently £7,475. Should this be increased so that people on the lowest wage dont need to pay tax?

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