Can anybody help?

kelloggs36

Can anybody work out the correct take home pay please? Can you do for this tax year (10/11) and next?

Gross salary 10/11 £35950
Pay £116.50 per month into pension scheme
Has season ticket loan also repaying £250.63 per month
Tax code 647L

This year to come:

Gross pay £35649
Same pension payments
Season ticket loan repaying £271 per month
Tax code 747L

Thank you!

kelloggs36

Looking at the various website, it looks like he is overpaying tax as they haven't given him any tax relief on his pension contribution - is that right? I thought that pension conts were taken off the gross income?

System

Is the gross figure the taxable gross or the total gross?

Usually on a payslip if the pension contributions are on it there will be the total pay and the taxable pay which is the total pay minus the pensions contributions. Tax is then calculated using the taxable pay.

kelloggs36

the total pay is the same as the taxable pay on his payslip.

CLAPTON

gross pay 35950
less tax allowance of 6475
so 29,475 taxed at 20% = 5,895 pa or 491 per month

NI assuming he is opted in will be
monthly salary 2996 less NI allowance of 476 so 11% of 2520 = 277 per month approx

this pension is presumably a group private pension so it's grossed up by the pension co so no further tax relief
and I assume the season ticket loan is not a BIK



for 2011-12
tax will be 20% of (35950-7475 ) = 5695pa or 474 per month
and NI will be 12% of (2995 - 489) = 300 per month

kelloggs36

what is a bik? It is a loan which he pays back over the year. Not taxed as it is not over 5k

John_Pierpoint

Benefit in Kind.