Contractor Accountant

The UK's leading contractor site. 200,000 average monthly visitors.

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 £12,570 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