SG Accounting

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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 £2,000.

PAYE (on £121,000, Tax code 200L, Fiscal Year 2019/2020)

Band Rate Lower Limit Upper Limit Tax
Basic rate 20% 0 £37,500 £7,500
Higher rate 40% £37,500 £150,000 £32,600
Additional rate 45% £150,000 - £0
      Total Tax: £40,100

Employees NI (on £121,000, Fiscal Year 2019/2020)

Band Rate Lower Limit Upper Limit Tax
Primary threshold 0% 0 £166 0
rate below upper earnings limit 12% £166 £962 £4,967
rate above upper earnings limit 2% £962 - £1,419
      Total Tax: £6,386