What will my take-home pay be?

dazedandconfused123
dazedandconfused123 Posts: 19
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edited 12 January at 4:14PM in Cutting tax
Hi all,

I'm hoping someone can help. I started a new job at the beginning of this month and my remuneration package is as follows:

Salary: £90,000
Car allowance (cash allowance): £7,200
Signing bonus (to be paid in January): £6,000
I will not start paying pension contributions until February (this is company policy for new starters)

My tax code in my old job (which I left in December) was 1236L and my salary was £71,400. I've provided HR with my P45 before the payroll cut-off date. 

Using online calculators I can't get a consistent figure for my January salary payment. I know that I can wait until payslips are released, but I like to have an idea of what I will receive ahead of time, so that I can sort out my budget.

If I put the £6k signing bonus into an online calculator, it tips my total remuneration package over the £100k mark and I'm told to remove my tax code. However, would this be the case if I haven't been paid over £100k within the tax year?

Is my 1236L tax code likely to be applied with the figures above?

Thank you in advance for any replies.

Comments

  • DE_612183
    DE_612183 Posts: 1,600
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    If you are over the 100k your tax code will change as your personal allowance will be less.

  • sheramber
    sheramber Posts: 18,622
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    HMRC may not be aware that your total income will be over £100k so will not adjust your code number. It is unlikely   will be changed for your  January pay so you will have an underpayment at the end of the year.

    Your employer will continue using the code number on your P45 until HMRC advise him otherwise.

    You can go into your online personal tax account and update your estimated annual figure to bring it up to date.

    That should trigger an updated code number bein gissued but make sure HMRC are aware of your new employer details.
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