Ive always been self emplyoyed so I have always paid my own tax, now I have a normal everyday job I want to work out how much tax I have to pay. Say I earn £500 a wk, how would i work it out on a calculator how much tax i would pay, i dont even know what the tax rate is, behind the times im afraid..
Many thx..
2007-02-01 01:05:03 · 11 answers · asked by siouxesighed 2 in Business & Finance ➔ Taxes ➔ United Kingdom
All the info you require is here...
http://www.hmrc.gov.uk/rates/it.htm
2007-02-01 01:15:10 · answer #1 · answered by sarch_uk 7 · 1⤊ 0⤋
In a tax year, on your total earnings, you get the first 5000 tax free, the next 2000 at 10%, the next 30000 at 22% and anything else at 40%. You also need to pay national insurance under two contributions. Under class 4 NI you pay £2.10 a week and under class 2 you pay earnings between 5000 and 32000 at 8% and anything above that at 1%. The earning amounts are approximate as they change each tax year.
If you earn 500 a week that will be 26000 per year so in Tax you will pay £4380 and NI will be class 4 £109 and class 2 1680. Therefore total tax on 26000 will be 6169. Therefore percentage will be 23.7% and on 500 a week it will work out as approx. £118.63
2007-02-01 09:15:03 · answer #2 · answered by agius1520 6 · 0⤊ 0⤋
Your tax rate is 22%. £2000 per month x 22% = £440.00, this how much you can expect approximately to be deducted in tax, however, i dont want to confuse you but if you have a company pension you get tax relief so it will be slightly less.
2007-02-01 09:14:57 · answer #3 · answered by rose 3 · 0⤊ 0⤋
Hi... I earn £1386 a month and pay £200 tax and £100 national Insurance monthly!
2007-02-01 09:10:17 · answer #4 · answered by loulou 4 · 0⤊ 1⤋
Why don't you check the inland revenue website, it's really helpful. Your tax calculation depends on your tax code, that determines your none taxable income, then there are tax bands after that. all the info is on the site, it's quite helpful.
2007-02-01 10:47:08 · answer #5 · answered by gerrifriend 6 · 0⤊ 0⤋
Try this link
http://www.i-resign.com/uk/financialcentre/tax_calculator.asp
If will give u a breakdown of monthly salary showing tax free allowance, tax payable, NI deductions and monthly take home
2007-02-01 09:15:04 · answer #6 · answered by SHARON A 2 · 0⤊ 0⤋
There are loads of tax calculators on the web. Just type 'tax calculator into google.
2007-02-01 09:10:17 · answer #7 · answered by Stu 2 · 0⤊ 1⤋
Tax is a pain for everyone here too in USA.
2007-02-01 09:15:11 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Try this website www.adviceguide.org.uk/index/life/tax/income_tax.htm
2007-02-01 09:09:27 · answer #9 · answered by Anonymous · 0⤊ 0⤋
£5035 is free of tax for 06/07.....the first £2100 taxed at 10p...then 22p for the rest
2007-02-01 09:12:49 · answer #10 · answered by man with the golden gun 4 · 0⤊ 0⤋