Can someone assist in my NET Pay?

LW7

Hi all,

I'm having some issues trying to work out what my new NET pay will be WEF 01/04/24 and wondered if anyone can assist.

I'm a single parent and receive child benefit for my one child, £96 per month.

My annual salary is £39,422.77
I receive an 8% Secondment allowance until the end of June. (it says total base pay £42,391.07)
I pay 8% into my pension, my work pay 14%. 
I have the following pre tax deductions, £50 Share Save Scheme, £18 in critical illness, and life insurances

I presume what's left is now my pre tax amount.

I'm then deducted 20% Tax and what ever the NI rate is, and then deducted £100 each on the  Share save schemes (£300 total)

I do have a company car but I don't understand the amounts I'm paying from my P11D.

The car I do not contribute to, but I do pay tax I assume.

My P11D from 22-23 says:

Cash equivalent or relevant amount of each car - £8329.00

I - Private medical treatment or insurance
Cost to you or amount foregone - £140.20
Amount made good or from tax which deducted £0
Cash equivalent or relevant amount - £140.20

M - Other items

Life Insurance - 
Cost to you or amount foregone £131.07
Amount made good or from tax which deducted £0
Cash equivalent or relevant amount - £131.07

Total Cash equivalent or relevant amount £8,600.


I'm really struggling to know how much this is in 2024, and I could do with knowing for my ££ planning I'm doing.

Be grateful of any assistance.

BoGoF

What is your 24/25 tax code?

Marcon

LW7 said:

Hi all,

I'm having some issues trying to work out what my new NET pay will be WEF 01/04/24 and wondered if anyone can assist.

I'm a single parent and receive child benefit for my one child, £96 per month.

My annual salary is £39,422.77
I receive an 8% Secondment allowance until the end of June. (it says total base pay £42,391.07)
I pay 8% into my pension, my work pay 14%. 
I have the following pre tax deductions, £50 Share Save Scheme, £18 in critical illness, and life insurances

I presume what's left is now my pre tax amount.

I'm then deducted 20% Tax and what ever the NI rate is, and then deducted £100 each on the  Share save schemes (£300 total)

I do have a company car but I don't understand the amounts I'm paying from my P11D.

The car I do not contribute to, but I do pay tax I assume.

My P11D from 22-23 says:

Cash equivalent or relevant amount of each car - £8329.00

I - Private medical treatment or insurance
Cost to you or amount foregone - £140.20
Amount made good or from tax which deducted £0
Cash equivalent or relevant amount - £140.20

M - Other items

Life Insurance - 
Cost to you or amount foregone £131.07
Amount made good or from tax which deducted £0
Cash equivalent or relevant amount - £131.07

Total Cash equivalent or relevant amount £8,600.


I'm really struggling to know how much this is in 2024, and I could do with knowing for my ££ planning I'm doing.

Be grateful of any assistance.

Have you tried one of the many online calculators eg https://www.thesalarycalculator.co.uk/salary.php or https://www.moneysavingexpert.com/tax-calculator/

You should be able to get a reasonable estimate from one of those.

LW7

BoGoF said:

What is your 24/25 tax code?

397LMarcon said:

LW7 said:

Hi all,

I'm having some issues trying to work out what my new NET pay will be WEF 01/04/24 and wondered if anyone can assist.

I'm a single parent and receive child benefit for my one child, £96 per month.

My annual salary is £39,422.77
I receive an 8% Secondment allowance until the end of June. (it says total base pay £42,391.07)
I pay 8% into my pension, my work pay 14%. 
I have the following pre tax deductions, £50 Share Save Scheme, £18 in critical illness, and life insurances

I presume what's left is now my pre tax amount.

I'm then deducted 20% Tax and what ever the NI rate is, and then deducted £100 each on the  Share save schemes (£300 total)

I do have a company car but I don't understand the amounts I'm paying from my P11D.

The car I do not contribute to, but I do pay tax I assume.

My P11D from 22-23 says:

Cash equivalent or relevant amount of each car - £8329.00

I - Private medical treatment or insurance
Cost to you or amount foregone - £140.20
Amount made good or from tax which deducted £0
Cash equivalent or relevant amount - £140.20

M - Other items

Life Insurance - 
Cost to you or amount foregone £131.07
Amount made good or from tax which deducted £0
Cash equivalent or relevant amount - £131.07

Total Cash equivalent or relevant amount £8,600.


I'm really struggling to know how much this is in 2024, and I could do with knowing for my ££ planning I'm doing.

Be grateful of any assistance.

Have you tried one of the many online calculators eg https://www.thesalarycalculator.co.uk/salary.php or https://www.moneysavingexpert.com/tax-calculator/

You should be able to get a reasonable estimate from one of those.

I did but if I'm honest I was getting terribly confused about my BIK and tax contributions, adding in child benefit and the new NI rate.

Marcon

Is your tax code for 24/25 the same as your tax code for March 2024?

Has anything changed in terms of salary or benefits since last month? 

Savvy_Sue

LW7 said:

BoGoF said:

What is your 24/25 tax code?

397LMarcon said:

LW7 said:

Hi all,

I'm having some issues trying to work out what my new NET pay will be WEF 01/04/24 and wondered if anyone can assist.

I'm a single parent and receive child benefit for my one child, £96 per month.

My annual salary is £39,422.77
I receive an 8% Secondment allowance until the end of June. (it says total base pay £42,391.07)
I pay 8% into my pension, my work pay 14%. 
I have the following pre tax deductions, £50 Share Save Scheme, £18 in critical illness, and life insurances

I presume what's left is now my pre tax amount.

I'm then deducted 20% Tax and what ever the NI rate is, and then deducted £100 each on the  Share save schemes (£300 total)

I do have a company car but I don't understand the amounts I'm paying from my P11D.

The car I do not contribute to, but I do pay tax I assume.

My P11D from 22-23 says:

Cash equivalent or relevant amount of each car - £8329.00

I - Private medical treatment or insurance
Cost to you or amount foregone - £140.20
Amount made good or from tax which deducted £0
Cash equivalent or relevant amount - £140.20

M - Other items

Life Insurance - 
Cost to you or amount foregone £131.07
Amount made good or from tax which deducted £0
Cash equivalent or relevant amount - £131.07

Total Cash equivalent or relevant amount £8,600.


I'm really struggling to know how much this is in 2024, and I could do with knowing for my ££ planning I'm doing.

Be grateful of any assistance.

Have you tried one of the many online calculators eg https://www.thesalarycalculator.co.uk/salary.php or https://www.moneysavingexpert.com/tax-calculator/

You should be able to get a reasonable estimate from one of those.

I did but if I'm honest I was getting terribly confused about my BIK and tax contributions, adding in child benefit and the new NI rate.

I may be missing something, but why is your Child Benefit relevant to your calculation? It's not taxable on your salary, is it?

Dazed_and_C0nfused

Savvy_Sue said:

LW7 said:

BoGoF said:

What is your 24/25 tax code?

397LMarcon said:

LW7 said:

Hi all,

I'm having some issues trying to work out what my new NET pay will be WEF 01/04/24 and wondered if anyone can assist.

I'm a single parent and receive child benefit for my one child, £96 per month.

My annual salary is £39,422.77
I receive an 8% Secondment allowance until the end of June. (it says total base pay £42,391.07)
I pay 8% into my pension, my work pay 14%. 
I have the following pre tax deductions, £50 Share Save Scheme, £18 in critical illness, and life insurances

I presume what's left is now my pre tax amount.

I'm then deducted 20% Tax and what ever the NI rate is, and then deducted £100 each on the  Share save schemes (£300 total)

I do have a company car but I don't understand the amounts I'm paying from my P11D.

The car I do not contribute to, but I do pay tax I assume.

My P11D from 22-23 says:

Cash equivalent or relevant amount of each car - £8329.00

I - Private medical treatment or insurance
Cost to you or amount foregone - £140.20
Amount made good or from tax which deducted £0
Cash equivalent or relevant amount - £140.20

M - Other items

Life Insurance - 
Cost to you or amount foregone £131.07
Amount made good or from tax which deducted £0
Cash equivalent or relevant amount - £131.07

Total Cash equivalent or relevant amount £8,600.


I'm really struggling to know how much this is in 2024, and I could do with knowing for my ££ planning I'm doing.

Be grateful of any assistance.

Have you tried one of the many online calculators eg https://www.thesalarycalculator.co.uk/salary.php or https://www.moneysavingexpert.com/tax-calculator/

You should be able to get a reasonable estimate from one of those.

I did but if I'm honest I was getting terribly confused about my BIK and tax contributions, adding in child benefit and the new NI rate.

I may be missing something, but why is your Child Benefit relevant to your calculation? It's not taxable on your salary, is it?

Instead of taking the money and paying it back (HICBC) at the latest possible time some people seem to prefer to pay extra during the tax year so they have less to pay back later. 

For anyone wanting to do that HMRC will include a deduction in your tax code so extra tax is deducted during the year.

Not something many opt for I don't think but it can be done.  And not really very MSE!

LW7

Marcon said:

Is your tax code for 24/25 the same as your tax code for March 2024?

Has anything changed in terms of salary or benefits since last month? 

Yes, tax code is the same, 397L.

March 24 I was on a salary of £37,103 with 8% secondment allowance (£247.36 according to payslip). I also received a bonus - £4,900.

I received a payrise which comes into effect from April 24, that payrise takes my base to £39,422, with the 8% secondment allowance on top (£42,397 according to payslip)

LW7

Savvy_Sue said:

LW7 said:

BoGoF said:

What is your 24/25 tax code?

397LMarcon said:

LW7 said:

Hi all,

I'm having some issues trying to work out what my new NET pay will be WEF 01/04/24 and wondered if anyone can assist.

I'm a single parent and receive child benefit for my one child, £96 per month.

My annual salary is £39,422.77
I receive an 8% Secondment allowance until the end of June. (it says total base pay £42,391.07)
I pay 8% into my pension, my work pay 14%. 
I have the following pre tax deductions, £50 Share Save Scheme, £18 in critical illness, and life insurances

I presume what's left is now my pre tax amount.

I'm then deducted 20% Tax and what ever the NI rate is, and then deducted £100 each on the  Share save schemes (£300 total)

I do have a company car but I don't understand the amounts I'm paying from my P11D.

The car I do not contribute to, but I do pay tax I assume.

My P11D from 22-23 says:

Cash equivalent or relevant amount of each car - £8329.00

I - Private medical treatment or insurance
Cost to you or amount foregone - £140.20
Amount made good or from tax which deducted £0
Cash equivalent or relevant amount - £140.20

M - Other items

Life Insurance - 
Cost to you or amount foregone £131.07
Amount made good or from tax which deducted £0
Cash equivalent or relevant amount - £131.07

Total Cash equivalent or relevant amount £8,600.


I'm really struggling to know how much this is in 2024, and I could do with knowing for my ££ planning I'm doing.

Be grateful of any assistance.

Have you tried one of the many online calculators eg https://www.thesalarycalculator.co.uk/salary.php or https://www.moneysavingexpert.com/tax-calculator/

You should be able to get a reasonable estimate from one of those.

I did but if I'm honest I was getting terribly confused about my BIK and tax contributions, adding in child benefit and the new NI rate.

I may be missing something, but why is your Child Benefit relevant to your calculation? It's not taxable on your salary, is it?

I'm not sure it is, but wanted to disclose any factors, as with my Wage, Bonus, and CB I may be over the upper limit threshold, but then I was confused with company car BIK, pension contributions that'd bring me back under.