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 £12,570 to £50.
PAYE (on £125,028, Tax code 5L, Fiscal Year 2021/2022)
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| Band | Rate | Lower Limit | Upper Limit | Tax |
|---|---|---|---|---|
| Basic rate | 20% | 0 | £37,700 | £7,540 |
| Higher rate | 40% | £37,700 | £150,000 | £34,911 |
| Additional rate | 45% | £150,000 | - | £0 |
| Total Tax: | £42,451 |
Employees NI (on £125,028, Fiscal Year 2021/2022)
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| Band | Rate | Lower Limit | Upper Limit | Tax |
|---|---|---|---|---|
| Primary threshold | 0% | 0 | £184 | 0 |
| rate below upper earnings limit | 12% | £184 | £967 | £4,885 |
| rate above upper earnings limit | 2% | £967 | - | £1,494 |
| Total Tax: | £6,380 |