How much tax and NI should I be paying?

stevo84_2

Hi all.

I am due for a payrise :j , however I have just used an online calculator which says my net income is the same as it is now (even after a 1K / year rise ).

I am trying to find out how to work out how much tax and NI I should be paying but it looks a minefield. Does anyone have a current spreadsheet or know the percentages and thresholds to work out tax and NI? I am currently on 15K. I believe that after tax and NI I should take home on average 77% of my gross annual salary, does this sound right?

Thanks all, and appreciation in advance. :T :beer:

Stevo

WHA

Assuming you are on a standard personal tax allowance (i.e. no benefits etc), a monthly salary of £1250 (ie £15000 p.a.) gives you a net wage of £997.56 which is 79.8% of your gross pay.

Calculator is: http://www.wellwoodhoyle.com/ard/calculators/payslip.asp?AID=326&SID=11&FID=5380

stevo84_2

cheers WHA,

I must be working this out wrong, as I get £822 a month when i work it out !!

think i need to use my proper tax code which I can find when I get home. Is that calculator viable for this tax year? just making sure

thanks again,
Stevo

Chippy_Minton

stevo84 wrote:

I must be working this out wrong, as I get £822 a month when i work it out !!

think i need to use my proper tax code which I can find when I get home. Is that calculator viable for this tax year? just making sure

Yes, I've just checked and that calculator is correct for 2006/07 tax year. Normal tax code for 2006/07 is 503L.

ffacoffipawb

stevo84 wrote:

Hi all.

I am due for a payrise :j , however I have just used an online calculator which says my net income is the same as it is now (even after a 1K / year rise ).

I am trying to find out how to work out how much tax and NI I should be paying but it looks a minefield. Does anyone have a current spreadsheet or know the percentages and thresholds to work out tax and NI? I am currently on 15K. I believe that after tax and NI I should take home on average 77% of my gross annual salary, does this sound right?

Thanks all, and appreciation in advance. :T :beer:

Stevo

On a £1,000 pay rise, you will pay 22% in income tax, ie £220
Plus 11% in National Insurance (if contracted-in), i.e. £110

So £1,000 is worth £670 net of tax and NI to you.

I'mcomingbackasaman

Does anyone know what can be claimed via tax relief?

Am I right or wrong in thinking you can claim against paying private pension, and some insurances paid. Anything else? Thanks:T

newschmoo

There is a section on the tax credit forms about private pension deductions may be worth while giving your local tax office a shout