I have calculated that a contractor earning £100k in 2002-03 pays £38,849.89 tax and national insurance under IR35. Can someone please confirm this?
I've calculated it as follows:
After 5% for expenses: £95,000.00
A 'deemed' payment of £85,462.97
Employers NI of £9,537.03 (11.8% above £89 per week)
Tax of £26,726.57 (including a personal allowance of £4,615)
Emplyees NI of £2,586.29 (10% of £496 per week)
Total £38,849.89 = £9,537.03 + £26,726.57 + £2,586.29
I've calculated it as follows:
After 5% for expenses: £95,000.00
A 'deemed' payment of £85,462.97
Employers NI of £9,537.03 (11.8% above £89 per week)
Tax of £26,726.57 (including a personal allowance of £4,615)
Emplyees NI of £2,586.29 (10% of £496 per week)
Total £38,849.89 = £9,537.03 + £26,726.57 + £2,586.29
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