Single Person as Employee £45,000 pa

Employers NICs

4,961

 

 

Salary

45,000

 

 

PAYE @ 0% on 4,335

0

PAYE @ 10% on 1,500

150

PAYE @ 23% on 26,500

6,095

PAYE @ 40% on 12,665

5,066

Employees NICs on 26,000

2,600

 

 

Corporation Tax

0

 

 

Total Tax and NI

18,872

 

 

After Tax Income

31,089

 

 Single Person as Limited Company £49,961 pa

Fee Income

49,961

 

 

Employers NICs

0

 

 

Salary

4,344

Employees NICs

91

PAYE

0

 

 

Corporation Tax @ 20% on 45526

9,113

 

 

Marginal PAYE @ 10% on 1,500

(150)

Marginal PAYE @ 23% on 26,500

780

Marginal PAYE @ 40% on 18,876

3775

 

 

Total Tax and NI

13,510

 

 

After Tax Income

36,415

 

 

Net Lost Income to Contractor

(5,362)

Net PAYE loss to Inland Revenue

(2,199)

Net NICs gain to DSS

7,470