ChatterBank2 mins ago
P.A.Y.E. Income Tax
3 Answers
Can someone please explain how to work out your PAYE Income Tax. I've a single mans allowance. I know there are 2 levels of tax, but what are they, and what percentage is National Insurance???
Answers
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To get your taxable income you take your gross pay & then subtract the personal allowance from it. Benefits in kind (company cars etc) are a different kettle of fish, if you have them, they're normally dealt with through a change to your tax code (which would mean a change to your personal allowance). The thresholds that ansteyg quoted are split up into either months or weeks (depending on how often you get paid) so you get a bit of your personal allowance each payday, an bit of your starting rate allowance each payday and so on.
If all you want to do is estimate your net income from your gross go here:
http://www.i-resign.com/uk/financialcentre/tax_calculator.as p
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