How to calculate gross income?

Yorkie006

Sorry if this is in the wrong forum...

How do I calculate my gross income please?
I get paid weekly. I don't earn any extra money (overtime and such), just a small Xmas bonus (in the pas it was never more than £50 after tax) - and that hasn't been confirmed for this year yet so may not happen.
On 1st July my employer changed the way we do our workplace pension - they've changed it to salary sacrifice.
How do I work out my gross income for when I need it for official forms (ie loan application, benefit application etc). It could mean I'd qualify for things that have an income threshold.
Also, when forms ask for annual income, do they mean income per calendar year or per tax year?
Several months ago I applied for the 'great insulation scheme' (still on the waiting list) and the max household income allowed to get it for free is £31k. I earn just a couple of thousand over that so the salary sacrifice could reduce my income to below £31k.
I just have no idea how to work out what my gross income actually is now...
Thank you!

born_again

Gross income will be on your P60.
Should also be on each wage slip.

Yorkie006

I don't have P60 from this employment and the salary sacrifice started less than 2 months ago... So my income was different until end of June and than changed from July... Or do I put last tax year's income on forms (even if I fill them out say today)? I'm confused...

General_Grant

Yorkie006 said:

I don't have P60 from this employment and the salary sacrifice started less than 2 months ago... So my income was different until end of June and than changed from July... Or do I put last tax year's income on forms (even if I fill them out say today)? I'm confused...

For the most up-to-date figure - what does it say on your latest payslip?
Does it show your gross pay to date and gross pay in the pay period?

paul_c123

If you get paid weekly then multiply the gross income shown on your payslip by the number of weeks you're paid - eg if you're paid holidays then x52, if not then whatever the weeks would be without holidays etc.

Regarding the insulation scheme thing, you're asked to prove income over the last 3 months, so its whatever it is over the previous 3 months when you submit it, extrapolated to a yearly figure.

sheramber

Salary sacrifice means you sacrifice part of your salary and your employer makes a payment into your pension scheme.
This means you give up some of your salary so your annual gross figure will be less than before.

So your gross income is the amount you receive , which is less the salary sacrifice amount.  

For this year you will have so many weeks before salary sacarifice and so many weeks after it started. then add both these amounts together to get your gross income for this year.

Does your contract of employment state your weekly amount or your annual amount?

You should have anew contract which will include the salary sacrifice 

Yorkie006

My payslip is a bit weird:
It states hours work and the hourly rate and the total
just below that is states the amount that went into the pension
and then underneath that the total payment but this total is the same as the first line (ie hours x rate), it doesn't deduct the sacrificed amount. Then the sacrificed amount is listed again in the deduction section (alongside tax, NI).
So if anyone just looks at the total gross income/week it looks like I earn the exact same amount now as I was earning before the salary sacrifice.
My old contract states hourly rate plus number of contracted hours, but the numbers are not accurate, the contract is old and the hourly rate has changed since then.
As far as I know, nobody received a new contract to reflect the salary sacrifice.

Yorkie006

paul_c123 said:

If you get paid weekly then multiply the gross income shown on your payslip by the number of weeks you're paid - eg if you're paid holidays then x52, if not then whatever the weeks would be without holidays etc.

Regarding the insulation scheme thing, you're asked to prove income over the last 3 months, so its whatever it is over the previous 3 months when you submit it, extrapolated to a yearly figure.

@p@paul_c123
Is that previous 3 months from the date of application or from another date? The application was made in May, I got a pay rise in April.
I'm still waiting to matched with an installer for a survey/quote. I was originally told it would be within 12 weeks, but that date already passed and when I questioned it, they said they were busy and don't know how long it will take. I'm hoping it will be before it gets cold, as the loft has no insulation at all.

Dazed_and_C0nfused

born_again said:

Gross income will be on your P60.
Should also be on each wage slip.

No it won't, a P60 will only show taxable income.

The op agreeing to give up a portion of their salary in return for extra employer pension contributions,.

Their P60 will show the amount after the sacrifice, not before the sacrifice.

sheramber

Yorkie006 said:

My payslip is a bit weird:
It states hours work and the hourly rate and the total
just below that is states the amount that went into the pension
and then underneath that the total payment but this total is the same as the first line (ie hours x rate), it doesn't deduct the sacrificed amount. Then the sacrificed amount is listed again in the deduction section (alongside tax, NI).
So if anyone just looks at the total gross income/week it looks like I earn the exact same amount now as I was earning before the salary sacrifice.
My old contract states hourly rate plus number of contracted hours, but the numbers are not accurate, the contract is old and the hourly rate has changed since then.
As far as I know, nobody received a new contract to reflect the salary sacrifice.

That doesn't look like salary sacrifice

NotRichAtAll

40 hours per week x £1 = £40 gross per week x 52 weeks = £2080 gross pay per year
gross is b4 any deductions.