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For the tax year 2023/2024, the UK basic income tax rate was 20%. This increased to 40% for your earnings above £50,270 and to 45% for earnings over £150,000.
Your earnings below £12,570 were tax free. This is called the Personal Allowance. However for every £2 you earned over £100,000 this allowance is reduced by £1.
| Income | Tax rate | |
| Up to £12,570 | 0% | Personal allowance |
| £12,571 to £50,270 | 20% | Basic rate |
| £50,271 to £125,140 | 40% | Higher rate |
| over £125,140 | 45% | Additional rate |
You can also use this calculator and select the 2023/2024 tax year so you can see how much income tax you should have paid.
When you’re self-employed, you have to pay your income tax and national insurance contributions yourself in your annual Self Assessment. Our calculator helps you quickly assess how much you owe.
However you may be eligible for a tax refund when:
In your case when you earn £50,000:
You pay no income tax on first £12,570 that you make
You pay £7,286 at basic income tax rate (20%) on the next £36,430
No contributions on the first £12,570 that you make
You pay £2,186 in contributions (at 6%) on the next £36,430 that you make
You pay £0 in NI Class 2 contributions
You need to save
to pay your £9,471.56 tax bill by 31/1/2026 which is in 666 days
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