NIC and income tax Ordinary payments as part of the contract of employment (e.g. salary and bonuses) are subject to tax. However, in some cases, an employee’s final pay packet may not be subject to National Insurance contributions (NIC) or income tax. A £30,000 cap applies to te...
Generally, salary and any taxable benefits are taxed after the personal allowance, and before interest and dividends are added. This will determine which tax band the car charge falls into. Most contractors will be ‘basic rate’ taxpayers for these purposes if they receive low salaries from thei...
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For further case studies, it would be interesting to see the practical impact of planning for future earnings growth. The Agglomerator is already filling most of his ISA allowance, while getting basic rate tax relief on some of his pension contributions. If he expected to increase...