[nɛt ˈɪnkʌm]
Net Income is the income received after taxes, expenses, and other financial obligations are taken away.
Net Income is the amount of money received after taxes, expenses and other financial obligations are taken from total income.
Net Income is used to calculate Adjusted Net Income, which is used as a basis for working out what taxes an individual owes. But, this Net Income cannot be just adjusted as it doesn't account for payments that could still be deducted.
Net Income can be the same as Take-home Pay if the individual does not have any deductions apart from tax. However, it is normally not the same as Net Income does not remove deductions like Student Loan Deductions.
There are loads of different tax laws in the United Kingdom. IR35 is very important to freelancers and contractors but can be a little confusing. Here, we explain simply what IR35 is and who it can affect.
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