Money people q?

[WildCards]

Are there any online calculators which will accurately tell me what i'll earn after tax & NI for any given amount? or can someone explain to me how to do the sums on my calculator.

Thanks

[HJM]

Tax (http://payecalculator.hmrc.gov.uk/PAYE0.aspx)


NI (http://nicecalculator.hmrc.gov.uk/Class1NICs1.aspx)



J

[WildCards]

Cheers Jane. Now I need to find out what my tax code is and my NI number.

Fudge.

[HJM]

Cheers Jane. Now I need to find out what my tax code is and my NI number.

Fudge.

Should be on your payslip?

[Wodjno]

Are there any online calculators which will accurately tell me what i'll earn after tax & NI for any given amount? or can someone explain to me how to do the sums on my calculator.

Thanks

This depends whether you are employed or self employed.. Also it makes adifference if u pay into company pensions as well .. And if you are going into the higher 40% tax bracket ?

If you are below the 40% tax bracket and with no company pension.. I used to take off your tax allowance from your weekly/monthly/4weekly gross salary, then -32% and then add the tax allowance back on.. It used to be within a £ or so all the time /yes

Not sure if the same still applies now ?

try experimenting by getting old pay slips.. Minus your tax allowance, then divide your gross into your net and see what percentage it gives of the gross.. Then try using this formula against other payslips to see if it's much the same..

ie: Tax all = £100... Gross £1000 Net £650

So £1000-£100 = £900.. £650/£900 = 0.722222

So next payslip take Gross pay - allowance x 0.722222 + allowance = ??


There is prolly a calc online somewhere /yes

I don't check mine anymore, although i should :inquisiti

[Wodjno]

Tax (http://payecalculator.hmrc.gov.uk/PAYE0.aspx)


NI (http://nicecalculator.hmrc.gov.uk/Class1NICs1.aspx)



J

He He :D

I knew you'd be along soon enuff :scholar:

[WildCards]

Should be on your payslip?

I'm at work alone and have no access to the necessary information unfortunately. I'll just have to wait until I get home I think.

[WildCards]

This depends whether you are employed or self employed.. Also it makes adifference if u pay into company pensions as well .. And if you are going into the higher 40% tax bracket ?

If you are below the 40% tax bracket and with no company pension.. I used to take off your tax allowance from your weekly/monthly/4weekly gross salary, then -32% and then add the tax allowance back on.. It used to be within a £ or so all the time /yes

Not sure if the same still applies now ?

try experimenting by getting old pay slips.. Minus your tax allowance, then divide your gross into your net and see what percentage it gives of the gross.. Then try using this formula against other payslips to see if it's much the same..

ie: Tax all = £100... Gross £1000 Net £650

So £1000-£100 = £900.. £650/£900 = 0.722222

So next payslip take Gross pay - allowance x 0.722222 + allowance = ??


There is prolly a calc online somewhere /yes

I don't check mine anymore, although i should :inquisiti

That's kafuddled me :huh2:

Does this get anywhere near? http://www.pru.co.uk/home/calculator/income_tax/#

[MPBVr4]

I'm at work alone and have no access to the necessary information unfortunately. I'll just have to wait until I get home I think.

If you are employed and don't fill out a self assesment form ie don't get any taxable benefits company car etc or have any investments your tax code will be 543L.

[I-S]

Just to confuse you some more....

A simple example. Let's say you earn £25000 per year.

Your personal allowance is probably £5435. Subtract that from the £25000, leaves you £19565. This is your taxable income.

Since that is below the threshold (anything above £36000 gross), you will pay 20% on that. IE you will pay 19565 x 0.2 = £3913 in income tax.

The NI contribution is made on the same band, at a rate of 11%, so 19565x0.11 = £2152 in NI.

Total therefore is 6065, leaving 18935 after tax and NI is paid.

[HJM]

He He :D

I knew you'd be along soon enuff :scholar:

Shame not everyone sticks to their areas of expertise, eh ;)

Steve, if you want an accurate answer (which is what you asked for in your first post) then use the HMRC ones. The one you have linked to is not taking into account your personal circumstances so won't be anywhere near accurate if you have any sort of tax credits or BIK's.

You really need your tax code I'm afraid.

J

[WildCards]

Cheers Jane

[WildCards]

Um, I think i've been paid £240 a month short since last summer :o

[Wodjno]

Um, I think i've been paid £240 a month short since last summer :o

Nice 1 ;)

Is that Gross or Net :thinking:

Either way it'll pay for a Tinny or 2 :5shots:

I got paid £340 short last month and didn't know :speechles

I am getting it as an interim payment tmorrow :pimp2:

Then next month is the £800 odd yearly bonus,, And the month after is the backdated paydeal from January at 4.9% :pimp2: :pimp2: :pimp2:

I may be buying a Tinny or 3 as well /yes

[WildCards]

Net. and I think it's been the case for the last 19 or 20 months.

Sods law i'm completely wrong though and i'll owe the company something.

[HJM]

Um, I think i've been paid £240 a month short since last summer :o

Are you sure? Overpaying tax or NI? Who does your payroll?

J

[WildCards]

I work with my stepdad in his small family business (3 of us). I 'think' whats happened is that he's told me i'm getting a pay rise and not told the accountants (who do the payroll). I've been poor in checking things due to being a trusting bugger. He's not going to be a happy bunny if i'm right and he owes me a chunk.

[WildCards]

I've found a payslip from last April which reads 526L. Kates mum is an accountant and has told her that i'm coming out with £240 less than I ought to be.

[HJM]

I work with my stepdad in his small family business (3 of us). I 'think' whats happened is that he's told me i'm getting a pay rise and not told the accountants (who do the payroll). I've been poor in checking things due to being a trusting bugger. He's not going to be a happy bunny if i'm right and he owes me a chunk.

If that is the case then the underpayment will be gross and nothing to do with your Tax & NI and it will be your stepdad that owes you the back pay.


I've found a payslip from last April which reads 526L. Kates mum is an accountant and has told her that i'm coming out with £240 less than I ought to be.

Sounds like you might be owed something then, although as above, it sounds more like a gross pay issue than a net one - I wouldn't be able to tell you without all the details. If you want more help, feel free to PM me :)

J

[I-S]

But surely tax would be owed on back pay?

[WildCards]

Fecked if I know mate. All I do know is, i'll either be getting a new bathroom, one of these (http://www.commencal.co.uk/bikes/discover/flame/image/index.html) or bugger all.

[HJM]

But surely tax would be owed on back pay?

Of course it will, but it will be stepdad that pays any back pay gross, whereas if its just a tax or NI overpayment, HMRC will repay it.

Steve, I'll reply to your PM tomorrow morning :)

Cheers

J

[WildCards]

Cheers Jane. Can I get the new bike ordered or am I about to be disappointed?

:p

[HJM]

Cheers Jane. Can I get the new bike ordered or am I about to be disappointed?

:p

lol - not sure yet, I'll let you know tomorrow, but in my experience of dealing with HMRC, I would prepare for the latter ;)


J :)

[WildCards]

Well, it's seems I've got to the bottom of my salary situation :sad3:

My stepdad/boss didn't implement the pay rise, and to top it he can't ever remember agreeing to give me one! Fortunately mum does, so with any luck she'll be able to jog his memory, if she can't I imagine we'll be having words.

Thanks for the help chaps. Anyone any good with employment law and salary disputes?

[Brunty]

Wildcards you chancer.

Hurray for Mums, boos for the evil step father.