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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
How much tax will i pay as a sub contractor earning 拢55,000 a year? |
How much tax will i pay as a sub contractor earning 拢55,000 a year? assuming this is your only income you would pay 拢13734 for the current tax year, 06-07. Source(s): first 拢5035 is tax free, next 拢2150 taxed at 10%,next 拢31150 taxed at 22% and the rest taxed at 40%. Please note, this does not include class 2 and class 4 National insurance. That would only be true if the 55K was gross, however a subcontactor tends to have 18% stopped at source, so you would only pay tax on the difference my mistake...you would only pay the difference in tax still owed you will get taxed almost 拢10,000 per year, not including National Insurance |
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