How can I work out take home pay

happybunny86

I'm really struggling to work out what my take home pay would be if I moved from 4 to 5 days work. Trying to work out if it's worth my while. My pay is complicated because I am salaried but get paid every 4 weeks. I also have a car allowance, health insurance, pension, student loan, childcare vouchers and deductions for a share save scheme. I can't make my current pay match up in any of the calculators so I'm at a loss as to how I weigh up if this is worthwhile.

Neil_Jones

If you're working the same number of hours over four as you would be over five days a week it makes no difference.

If you're doing more hours (say you're doing 30 hours over four days and the Friday will take you up to 37hrs a week), then it's just your hourly rate times 37 plus allowances minus your deductions which may be percentages.

You need to work out first how your current pay is being worked out.  Should be on your payslip.  You can then replicate this in a spreadsheet by just changing the number of hours worked.

happybunny86

It's to work an extra day so will make a difference to my pay. Car allowance will stay the same but wage will increase and will throw me in to the next tax bracket so not going to be easy to work out myself. 

CocoM2020

Have you used the income calculator?Go to money saving expert.com and it’s the tax calculator section.

chrisbur

CocoM2020 said:

Have you used the income calculator?Go to money saving expert.com and it’s the tax calculator section.

Like most payroll calculators this one assumes that pay is spread out fairly equally over the tax year with no change in the tax bands.  The only calculator that I know of that works in exactly the same way as PAYE is the one provided by HMRC.  You can get to it from here along with an NI calculator....
https://www.gov.uk/guidance/hmrc-tools-and-calculators#income-tax

getmore4less

If the 5 day week will take you into a higher bracket time to look at increasing pension to get you back down

That's if it is the 20-40 change the higher changes it gets less effective to do more work.

Sharon87

I use listentotaxman.com to work out take home pay. It works it out whether you're paid monthly/4 weekly/weekly. You can choose. Just put your information in and it'll work it out

getmore4less

Sharon87 said:

I use listentotaxman.com to work out take home pay. It works it out whether you're paid monthly/4 weekly/weekly. You can choose. Just put your information in and it'll work it out

it can get close but on a split year with two pay levels it won't be quite right.

the OP has an issue as the the extra day will take them over a tax band so the pay for the rest of the year will vary a bit as what was left from the previous band gets used up then come April the start of a full year it will change again.