I'm moving to England for a new job in a couple months and in order to help predict my budget etc. I'd like to know a ballpark of what I'll be actually taking home as far as my paycheck. In the States, I do not get much more than half of my annual salary. So, my salary is 25K pounds (sorry, can't locate the symbol for pounds), can anyone give me an idea how much will go to tax? Thank you!
2007-06-27 15:04:28 · 9 answers · asked by onethingneedful 1 in Business & Finance ➔ Taxes ➔ United Kingdom
You will keep about £20,000 k if you are on the PAYE (PAY AS YOU EARN) scheme. If your paid from abroad or not staying to long then look here:-
http://www.hmrc.gov.uk/pdfs/ir20.htm
2007-06-27 15:30:09 · answer #1 · answered by Bob S 3 · 0⤊ 0⤋
not quite sure what all the rules are for people cming into the UK but the general idea is your tax code eg 522L shows your pay adjustment (free pay in this case cos its not a K code) so you'd be allowed £5220 before you are taxed under the PAYE cummulative system.
25000 - 5220 = 19780
tax at 10% on £2230 = 223
tax on next (£19780 - 2230) =17550 at 22% = £3861
PAYE on £25000 is (223 + 3861) £4084
NIC
earnings threshold is £5035
eveything above 5035 is NICable at 11%
so NIC is (25000 - 5035 =19965) £2196
total deductions is 2196 + 4084 = £6280
25000 - 6280 = £18720
if you get paid monthly £1560
if u get paid 4 weekly £1440
fortnightly £720
weekly £360
according the chancellor's budget tax is gonna change from april next yr and there wil no longer be the lower rate of 10% so will make a change in take home pay.
all calculations are on the assumption of no other deductions or you joining a pension scheme.
2007-07-01 06:00:07 · answer #2 · answered by babyonlyne 3 · 0⤊ 0⤋
22% Income tax first 3 grand tax free
17.5% VAT value added tax on non essentials
loads on luxery goods, stay there if you smoke, it's not worth moving, 8 bucks a pack!
80+% on petrol/gas
But free health care, benefits if things go **** up and no real poverty that isn't caused directly by alcohol and drugs.
£25K is a lot of dough here.
2007-06-27 22:23:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You will pay around 25% of your salary in tax and national insurance
2007-06-27 22:23:33 · answer #4 · answered by gav_n_nic_don 2 · 0⤊ 0⤋
A salary of £25,000 will cost you -
income tax of £4,082, and
national insurance of £2,175.
The net pay would be £18,743 or about £1,562 a month.
All this assuming that there are no special exemptions because of your circumstances.
2007-06-28 03:00:52 · answer #5 · answered by tringyokel 6 · 1⤊ 0⤋
As far as I know 25% goes on income tax.Then you national insurance and city tax too.
2007-06-27 22:26:59 · answer #6 · answered by Selena B 2 · 0⤊ 0⤋
guestimating - at that salery - you will take home after tax aprox £20 k - so long as Prime Minister Brown's replacement isnt a pain in the backside
2007-06-27 22:12:14 · answer #7 · answered by Alex L 3 · 0⤊ 0⤋
about 30% will go in tax and NI
2007-06-28 01:32:45 · answer #8 · answered by Krishan A 1 · 0⤊ 0⤋
pride park in derby
2007-06-27 22:07:39 · answer #9 · answered by Anonymous · 0⤊ 0⤋