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)
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| 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)
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| 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)
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| Band | Rate | Lower Limit | Upper Limit | Tax |
|---|---|---|---|---|
| Secondary class 1 rate | 13.8% | £169 | - | £0 |
| Total Tax: | £0 |
IR35 Taxes (on Deemed Payment of £582,623, Fiscal Year 2020/2021)
| Additional Employers NI | £80,401 |
| Additional Employees NI | £15,672 |
| Additional Paye | £250,780 |
| Total Taxes payable in April | £346,855 |