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)
| 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)
| 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 |