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I have a PENP figure, how do i figure out how much tax and NI i would pay on it?
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pink_sheila
Posts: 7 Forumite

hi all,
posted inerror cannot delete
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**posted twice in error**
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The formula is a little way down here....
https://www.birketts.co.uk/our-services/services-for-businesses/employment/penp-calculator/post-employment-notice-pay-(penp)-q-a
This will give the gross figure on which tax and NI are calculated. However based on my limited knowledge of this the actual affect on tax and NI may vary depending on how it is paid and the amount involved.eg if paid with other payments might take the total paid into the lower NI rate and tax will depend on your tax band. You may even pay tax at a higher band rate some or all of which might later be recalculated to a lower band rate.0
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