UK income taxes

I am trying to understand how it works over there.  This is what I understood.  Can somebody tell me if I am right?

Let's say I make 40000 pound a year
From 0 to 1500 I will be paying 10% in taxes
From 1500 to 28000 I will be paying 22%
and ONLY from 28000 to 40000 I will be paying 40%  That means that only on 12000 pound I will actually pay 40% in taxes?
Am I correct?
Do you get any deductions for children and spouse that doesn't work?

Thank you Helen if you can let me know
Marilena

Warning - I am no tax expert, but yes, your assumptions are correct ...

BUT don't forget 'National Insurance' deductions, which on a salary of £40,000 p.a. would equate to about £260 a month, just below 8% of gross pay.   National Insurance goes to pay for a state pension and 'other social security benefits'.  However, access to healthcare here isn't dependent on paying National Insurance.

If you have kids, as I do, you are entitled to 'child tax credits', which for me result in approx £850 a year (the amount depends on how much you earn) being paid to us on a monthly basis - but you can chose to have it paid however you like.

All parents also receive child benefit, about £18 per week per child - to spend however you like.  Don't know what the eligilbility criteria are - our kids are joint UK/US citizens.

As for spouses who don't work, I don't think there is any special dispensation.

Taxes here are generally pretty straighforward and usually, it's all done for you by your employer - not many people here have to do tax returns.  The only things you have to do are the child tax credits and the child benefit - and it's dead easy.

And don't forget about pension contributions and travel schemes (I pay for a yearly pass through my employer).

To see how much you'll bring home each month, go to http://www.1do3.com/uk/page.php?x=3,506,4793

The emergency tax code is 474L -- probably what you'll be using until you get your NIN (or until your HR/Payroll dept gets itself together!), so with that, the take home would be £2401.94 before any other deductions.

Thank you. I had forgot National Insurance.   Opss!!!!
Thank you for show me that calculator it will be usefull.
I am italian and my children also have italian citizenship so I think we have the same rights that UK citizens.

I am italian and my children also have italian citizenship so I think we have the same rights that UK citizens.

Yes, you have.  As an EU national with EU national children you can claim Child Benefit, Child Tax and Working Tax Credits. 

Caveat:   I'm no tax expert either!

Let's say I make 40000 pound a year
From 0 to 1500 I will be paying 10% in taxes

But don't forget your initial personal allowance, which for the 2005/06 tax year will be a basic rate of £4895

The new figures for the 10, 22, and 40% bands can been here:

http://www.hmrc.gov.uk/rates/it.htm

Can I assume that I am not eligible for any allowances other than the standard personal allowance? I am 48, single, no dependents, not disabled.

(Great board, BTW. I found extremely useful info here!)

Thanks, Paula