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Taxes

PAYE (on £8,000, Tax code 1257L, Fiscal Year 2024/2025)

Band Rate Lower Limit Upper Limit Tax
Basic rate 20% 0 £37,700 £0
Higher rate 40% £37,700 £125,140 £0
Additional rate 45% £125,140 - £0
Total Tax: £0

Employees NI (on £8,000, Fiscal Year 2024/2025)

Band Rate Lower Limit Upper Limit Tax
Primary threshold 0% 0 £242 0
rate below upper earnings limit 8% £242 £967 £0
rate above upper earnings limit 2% £967 - £0
Total Tax: £0

Employers NI (on £8,000, Fiscal Year 2024/2025)

Band Rate Lower Limit Upper Limit Tax
Secondary class 1 rate 13.8% £175 - £0
Total Tax: £0

IR35 Taxes (on Deemed Payment of £24,769, Fiscal Year 2024/2025)

Additional Employers NI £3,418
Additional Employees NI £1,614
Additional Paye £4,039
Total Taxes payable in April £9,072