20% tax on earnings between £12,571 and. In england, wales and northern ireland, you pay tax at 40% on money you earn or receive between £50,271 and £125,140.
Uk taxpayers can earn £12,570 before paying income tax in tax year 2024/25. The 2024/25 tax year starts on 6 april 2024.
The Basic Rate (20%), The Higher Rate (40%), And.
Tax rates and allowances for 2024/25.
You Paid Basic Rate Tax At 20% On £22,430 (£35,000 Minus £12,570).
The amount of income tax you deduct from your employees depends on their tax code and how much of their taxable income is above their personal allowance.
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Incomes Below The Current Personal Allowance (Pa) Of £12,570 Are Not Taxed.
£12,570 of your £50,000 is tax free, the remaining £37,430 falls within the basic rate tax band and is charged at 20pc.
The 2024/25 Income Tax Rates For Britain Are:
The tax and ni rates and thresholds, as well as the national living and minimum wage levels, applicable to earnings taxed under paye have been confirmed.
