Wondering how much difference that pay rise would make? The April 2024 values have now been made available to show you the most up-to-date information. Use the Take-Home Salary Calculator to work out just how much more you will have each month.
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How to use the Take-Home Calculator
To use the tax calculator, enter your annual salary (or the one you would like) in the salary box above
If you are earning a bonus payment one month, enter the £ value of the bonus into the bonus box for a side-by-side comparison of a normal month and a bonus month.
Find out the benefit of that overtime! Enter the number of hours, and the rate at which you will get paid. For example, for 5 hours a month at time and a half, enter 5 @ 1.5. There are two options in case you have two different overtime rates. To make sure the calculations are as accurate as possible, enter the number of non-overtime hours in the week.
New! If your main residence is in Scotland, tick the "Resident in Scotland" box. This will apply the Scottish rates of income tax.
If you know your tax code, enter it into the tax code box for a more accurate take-home pay calculation. If you are unsure of your tax code just leave it blank and the default code will be applied.
If you have a pension which is deducted automatically, enter the percentage rate at which this is deducted and choose the type of pension into which you are contributing. Pension contributions are estimates, click to learn more about pension contributions on The Salary calculator.
If you receive Childcare vouchers as part of a salary sacrifice scheme, enter the value of the vouchers you receive each month into the field provided. If you signed up for the voucher scheme before 6th April 2011, tick the box - this affects the amount of tax relief you are due.
Select your age range from the options displayed. If you are married, tick the "Married" box. Similarly, tick the "Blind" box if you are blind.
If you do not pay National Insurance, for example, if you are over State Pension Age, tick the "No NI" box.
New! There are now three repayment methods for Student Loans, which are known as Plan 1, Plan 2 and Postgraduate Loans. If you are repaying a student loan for a course which started before 1st September 2012, tick "Plan 1", if you are repaying a student loan for a course which started on or after 1st September 2012, tick "Plan 2". If you are repaying a loan for a postgraduate course, tick "Postgraduate".
You can now choose the tax year that you wish to calculate. By default, the 2023 / 24 tax year is applied but if you wish to see salary calculations for other years, choose from the drop-down.
When you're done, click on the "Calculate!" button, and the table on the right will display the information you requested from the tax calculator. You'll be able to see the gross salary, taxable amount, tax, national insurance and student loan repayments on annual, monthly, weekly and daily bases.
This is based on Income Tax, National Insurance and Student Loan information from April 2023. More information on tax rates here.
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Pension Contributions
If you contribute to a pension scheme by having a percentage of your salary deducted by your employer, enter the percentage into the "Pension contribution" field.
If you do not know the percentage that you contribute, you can instead choose to enter the amount, in pounds and pence, that you contribute from each payslip.
Choose the type of pension that you have, either an auto-enrolment employer pension, an other (non-auto-enrolment) employer pension, a salary sacrifice scheme, or a personal pension. For auto-enrolment pensions, the percentage contribution field only applies to your earnings between the lower and upper thresholds (£6,240 to £50,270), not your whole income.
If your pension is not auto-enrolment, you can choose whether your contribution is based on your whole gross salary, or your "Qualifying Earnings", which is the amount you earn between the auto-enrolment thresholds described in the previous paragraph. If your overtime payments or bonuses are subject to pension contributions, tick these boxes (these apply automatically to auto-enrolment pensions).
If you receive cash allowances, like a car allowance or mobile phone allowance, and this is also included in your pensionable pay, tick the "Include cash allowances" box.
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Taxable Benefits
Your employer might provide you with employment benefits, such as a company car or private healthcare, known as "benefits in kind". You pay tax on the value of these benefits, but not National Insurance. If your tax code is used to collect the extra tax, you do not need to enter your benefits here.
Alternatively, your employer might provide you with a cash allowance (such as a car allowance) which increases your take-home pay. Both income tax and National Insurance are due on such allowances.
If you do receive such benefits, enter the value of the benefits into the box and choose whether this is on a yearly, monthly or weekly basis.
Disclaimer: Information provided on this site is for illustrative purposes only.
Do not make any major financial decisions without consulting a qualified specialist.
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