New job, better salary, but no better off.

makeyourdaddyproud

Is it possible the calculation (or special tax code) is based on the whole amount and not just the amount over threshhold at which the SL repayments kick in, like Stamp Duty, for example?

Darksparkle

I calculate student loan to be £109.99 per month.

Plan 1 is 9% of anything over £1444 per month

NIC seems too low though, should be £239.40.

guitarist

NYM wrote: »

In your OP you said you'd only been in the job for 4 weeks, yet you've been paid twice? :think:

Hi NYM,

Apologies, it's actually been 6 weeks - time has absolutely flown!

My first pay was given on 01/12/15 by same-day BACS because they missed my pay on 27/11/2015. This was done under tax code 1060L M1.

November pay (from 9th November):
Earnings: £1969.23
Tax: £217
NI (Cat A): £155.67
Student Loan: £47

Take home: £1549.56


My second pay was issued last Friday - it was done early to be received before Christmas. Perhaps this created an overlap of sorts?

To complicate things further, I didn't get a payslip for the first pay until today - when I received the payslip for both November and December. In the 'running totals' section they both show the same amount meaning they were printed at the same time (and they pay-day on both of them are marked as 18/12/15). Is there a chance that they're being merged somehow?

Sorry, I don't have a clue how the admin-y side of pay works.

If it helps, here are the running totals of my new job:

Gross pay: £4,635.89
Taxable pay: £4,635.89
Tax: £750.40
Student loan: £334
Employee's NI: £354.38
Employer's NI: £453.18

Many thanks!

chrisbur

guitarist wrote: »

Hi NYM,

Apologies, it's actually been 6 weeks - time has absolutely flown!

My first pay was given on 01/12/15 by same-day BACS because they missed my pay on 27/11/2015. This was done under tax code 1060L M1.

November pay (from 9th November):
Earnings: £1969.23
Tax: £217
NI (Cat A): £155.67
Student Loan: £47

Take home: £1549.56


My second pay was issued last Friday - it was done early to be received before Christmas. Perhaps this created an overlap of sorts?

To complicate things further, I didn't get a payslip for the first pay until today - when I received the payslip for both November and December. In the 'running totals' section they both show the same amount meaning they were printed at the same time (and they pay-day on both of them are marked as 18/12/15). Is there a chance that they're being merged somehow?

Sorry, I don't have a clue how the admin-y side of pay works.

If it helps, here are the running totals of my new job:

Gross pay: £4,635.89
Taxable pay: £4,635.89
Tax: £750.40
Student loan: £334
Employee's NI: £354.38
Employer's NI: £453.18

Many thanks!

No P45 details here and also gross/tax to date figures would be useful the ones you have given appear to be gross/tax to date for this employment.

lazer

Somehow your are paying emergency tax now as 533.40 is 20% of your income.


However in November it wasn't taxed at 20%.


Have you given your employers a P45?


Also are by any chance public sector, as your NI is lower than I would have expected?

guitarist

chrisbur wrote: »

No P45 details here and also gross/tax to date figures would be useful the ones you have given appear to be gross/tax to date for this employment.

Hi Chris,

The Tax code on my P45 is 1060L.
'Last entries on P11 deductions working sheet' is month number 8.
The total pay to date on the P45 is £16,604.35.
The total tax to date on the P45 is £1906.20.
FYI: I didn't hold that job for an entire year.

My tax year to date totals are:
Gross pay: £21,240.24
Taxable pay: £21,240.24
Tax: £2,656.60


If there's any more info I could provide, I'll see what I can do. Many thanks for your help!

guitarist

Hi Lazer,

The November pay was fairly shoddily done as I kicked up a fuss that HR hadn't properly processed me as a new employee and I wasn't set up on payroll. They pushed the payment through for me because I had rent due, so perhaps that has caused problems which were getting settled in December's pay?

I gave the P45 in between November and December's pay and the correct tax code appears to be showing on my December payslip, but perhaps I missed a cutoff for the month because it was being paid earlier than usual.

I don't know how NI contributions work, but on my payslip it shows that I pay some and my employer pays some (slightly more than I do). I'm not working in the public sector.

Many thanks

Darksparkle

Tax for the year seems right.

To month 9 you have personal allowance of £7950.

Income £21,240 - £7950 = £13,290 x 20% = £2650

Monthly NI does seem wrong. You pay 12% on any amount over £671. That's worked out at each pay period rather than over the year.

So £2666 - £671 = £1995 x 12% = £239.40

System

My tax year to date totals are:
Gross pay: £21,240.24
Taxable pay: £21,240.24
Tax: £2,656.60

If gross pay = taxable pay then that to me says you are being taxed BR (no tax code but 20% on all earings) However the amount of tax paid doesn't bear that out. There is something really screwy about the figures you are providing.

guitarist

!!!!!! wrote: »

If gross pay = taxable pay then that to me says you are being taxed BR (no tax code but 20% on all earings) However the amount of tax paid doesn't bear that out. There is something really screwy about the figures you are providing.

Hi !!!!!!, I'm taking them straight from my payslip. It wouldn't surprise me if HR/payroll here have got it wrong again... shouldn't 'taxable pay' have the personal allowance deducted? Or doesn't that 'technically' happen until you reach the threshold?