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How much will i earn after tax?
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jules9
Old 28-07-2008, 9:24 PM
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Default How much will i earn after tax?

Hi,

Not very good with sums, am just about to start a new job and need to know approx what i will earn each month after tax.

Pay for new job is £23,500 (before tax) and i also get a seperate pension paid to me which is £18,500 before tax.

I am recently divorced so on single person tax bracket.

What i am trying to work out is what i will be left with after the tax man has done his thing. I realise this will take me a bit into 40% tax but not sure how much.

Any help appreciated.
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dmg24
Old 28-07-2008, 9:40 PM
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jules9
Old 29-07-2008, 7:57 AM
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Thanks for that, however its just a mass of figures and i cant see what i will actually get left with pay and pension wise each month.
I said i wasnt too hot with figures:confused:
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tinkerbell84
Old 29-07-2008, 8:18 AM
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You haven't given enough detail to be completely accurate, but assuming you are paying NI still your total take home pay would be:

around 30,750 per year or 2,560 per month.

however, if you are getting the 2 sets of money seperately, you will probably underpay tax and will need to send both P60s to the tax office to find out how much you owe next May.
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faineant
Old 01-08-2008, 10:03 PM
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Best to contact the taxman of course but for what it is worth here is what I think it should be:

You pay income tax on all of your income above your personal allowance. Your total income is 23,500 + 18,500 = 42,000. Your personal allowance is 5,435, so your taxable income is 36,565. You pay 20% tax on the first 36,000 and 40% on the rest (565), so that is 7,200 + 226 = 7,426 per annum or 618.83 per month.

You pay NI Contributions on weekly EARNED INCOME between 105 and 770. So you should pay ((23,500 / 52) -105) X 11% = 38.16 per week or 165.37 per month.

Therefore from your total annual income of 42,000 you have 3,500 per month less 618.83 (tax) and 165.37 (NI) = 2,715.80.

This is fairly general but other factors need to be taken into account also, such as income from interest on any savings and any tax relief you may be due. Also because we are part way through the current tax year you will pay less.

Hope this helps.
If money saving starts to involve irritation or frustration the fine line between thrift and greed should be examined.

Last edited by faineant; 01-08-2008 at 10:41 PM. Reason: updated the arithmatic
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faineant
Old 03-08-2008, 3:05 PM
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Quote:
Originally Posted by sloughflint View Post
I think the personal allowance for 08/09 is £6035
http://www.hmrc.gov.uk/rates/it.htm
The personal allowance does indeed go up in September and will be back dated but other changes offset the benefit for higher rate tax payers.
If money saving starts to involve irritation or frustration the fine line between thrift and greed should be examined.
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