Income Flashcards
1
Q
Threshold income - £110,000+
A
Gross taxable income from all sources
deduct allowable deductions e.g.professional subscriptions
Net income
now deduct any EE pension contributions for relief at source method {PPP’s}
From 09/07/15 add income given under salary sacrifice
2
Q
Adjusted income - £150,000+
A
Net income
Add ER contributions
Add EE contributions under the net pay method
Tapering by £1 for every £2 up to £210,000 max then AA of £10,000
3
Q
Gross taxable income
A
Gross pay - net pay method of pension contribution
Add lump sum death benefits payable under PAYE for an inherited benefits payable from a member age over 75
