The new coalition government wants to increase personal allowances for tax. That’s great for lower income earners but spare a thought for the recent graduates who are fortunate enough to find a job, maybe paying £18,000 – £20,000 pa
On every extra £100 of income they pay.
£20 to government in tax
£11 to the Government in NI
£ 9 to the Student loan company to pay back their debt
That leaves £60
You have to earn over £100,000 to have higher deductions.
No wonder they feel hard pressed.