There is potential in the coming days for my employer to put me on furlough and I am calculating the financial impact this would have on me.
I would be paid the maximum grant of £2,500 from the Coronavirus Job Retention Scheme, which would then be subjected to income tax and NI.
What I do not understand is how that income tax and NI would be calculated. Can anyone explain how this would be calculated, or will existing tax codes apply?