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hi, if i have a gross anual income of 80,000 pound how much

Resolved Question:

hi,
if i have a gross anual income of 80,000 pound how much do I have to pay for income tax?

thanks
Submitted: 3 years ago.
Category: UK Tax
Expert:  Sam replied 3 years ago.

Hi

 

Thanks for your question

 

For this tax year the first £7475 will be tax free leaving £72,525 liable to tax. The first £35,000 will be liable to 20% tax = £7000 with the remaining £37,525 at 40% = £15,010

Total tax of £22,010 plus Class 1 national Insurance of £4981 - so you will take home £53,009 a year

 

Thanks

 

Sam

Sam, Accountant
Category: UK Tax
Satisfied Customers: 12786
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
Sam and 6 other UK Tax Specialists are ready to help you

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