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Taxes

Note: From the 2010-11 tax year the Personal Allowance reduces where the income is above £100,000 – by £1 for every £2 of income above the £100,000 limit. Because your income is above £100,000 your tax allowance has been reduced from £12,500 to £0.

PAYE (on £8,000, Tax code 0L, Fiscal Year 2020/2021) Edit details
Band Rate Lower Limit Upper Limit Tax
Basic rate 20% 0 £37,500 £1,600
Higher rate 40% £37,500 £150,000 £0
Additional rate 45% £150,000 - £0
Total Tax: £1,600
Employees NI (on £8,000, Fiscal Year 2020/2021) Edit details
Band Rate Lower Limit Upper Limit Tax
Primary threshold 0% 0 £183 0
rate below upper earnings limit 12% £183 £962 £0
rate above upper earnings limit 2% £962 - £0
Total Tax: £0
Employers NI (on £8,000, Fiscal Year 2020/2021) Edit details
Band Rate Lower Limit Upper Limit Tax
Secondary class 1 rate 13.8% £169 - £0
Total Tax: £0
Corporation Tax (on £602,602, Fiscal Year 2020/2021) Edit details
Band Rate Lower Limit Upper Limit Tax
Main rate 19% 0 - £114,494
Total Tax: £114,494

Dividend Payment (First Shareholder, Fiscal Year 2020/2021)

Salary £8,000
Net Dividend £488,107
Grossed up dividend (pre 2016/2017) N/A
Tax code 1250L
Tax code (recalculated) 0L
Taxable income (taxable dividends + salary - allowance) £496,107
Amount subject to tax £486,107
Dividend tax £170,492
Band Rate Lower Limit Upper Limit Tax
basic rate 7.5% 0 £37,500 £2,062
higher rate 32.5% £37,500 £150,000 £36,562
additional rate 38.1% £150,000 - £131,867
Total Tax: £170,492

Note: From the 2010-11 tax year the Personal Allowance reduces where the income is above £100,000 – by £1 for every £2 of income above the £100,000 limit. Because your income is above £100,000 your tax allowance has been reduced from £12,500 to £0.