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For tax year 2015/2016 the UK basic income tax rate was 20%. This increased to 40% for your earnings above £42,385 and to 45% for earnings over £150,000.
Your earnings below £10,600 were tax free. This is called the personal allowance. However for every £2 you earned over £100,000 this allowance is reduced by £1.
|Up to £11,000||0%||Personal allowance|
|£11,501 to £42,385||20%||Basic rate|
|£42,386 to £150,000||40%||Higher rate|
|over £150,000||45%||Additional rate|
You can also use this calculator and select the 2015/2016 tax year so you can see how much income tax you should have paid.
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As a self-employed you have to pay your income tax and national insurance contributions yourself during your annual self assessment. Our calculator helps you quickly assess how much payment is due.
However you may be eligible for a tax refund when:
In your case when you earn £49,000:
You pay no income tax on first £12,500 that you make
You pay £7,300 at basic income tax rate (20%) on the next £36,500
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