Tax - The Book-keepers Forum (UK)

Rhianrach · Expert

Tax

sharonmazuma · Newbie

Go to www.listentotaxman.com and put your salary details in.

apacarada · Newbie

Gross £18500 - Tax £2,405.00 - NI £1,405.80 = Net £14,689.20 (Employers NI £1,635.84)

listentotaxman.com - is good tool to use for PAYE calculations and it is free.

Arber Pacarada

Solid Limited
Accountants in Southwark London

gbm · Guru

Hi Steve,

Roughly:

Tax - £18,500 - £6,475 x 20% = £2,405
NI - £18,500 - £5,715 x 11% = £1,406

Net = £18,500 - £2,405 - £1,406 = £14,689 = £1,224 p/m

These are rough figures, but should be able to give you an idea. NB personal allowances going up in April as is the threshold for NI, but NI rate going up to 12% (I think, from memory, been off this week and my brain is still pretty dormant!).

Rhianrach · Expert

Thank you all. Now to work out how to live on £850 less a month :)

Shamus · Forum Moderator & Expert

Hi Steve,

Don't forget to factor in your entitlement to working family tax credits which goes up as income goes down!

Good luck and all the best,

Shaun.

Rhianrach · Expert

Shamus wrote:

Hi Steve,

Don't forget to factor in your entitlement to working family tax credits which goes up as income goes down!

Good luck and all the best,

Shaun.

Aye true we have just been on the phone to them so we will see what happens cheers.

Anyone noticed how wages seem to be getting less and less now that the market seems to be flooded with competent experienced professionals all clammering for permanent jobs due to impending cut backs. Makes you wonder what industry will absorb all the government workers all being laid off.

gbm · Guru

Have to agree Steve, it looks like an employers market at the moment.

Shamus · Forum Moderator & Expert

Well not back office in banking or insurance Steve. They've been getting rid of the highly experienced and devoted indigenous population by the thousands and shipping in "consultants" from India.

Makes one wonder where all of these thousands of jobs are going to come from for people being given the push from local government who were supposed to be able to move effortlessly into alternate employment in the private sector doesn't it.

I do however imagine that this is the golden age for training companies who will be getting deluged by those attempting to change careers. Hey, maybe we should all start training companies! Remember that during the gold rush the only one's to make a profit were those who sold the picks and shovels, not the one's digging for gold!

Rhianrach · Expert

And that's that, we should be able to look after our own finances not hire consultants from a continent whos "riches" come from a complete lack of any social structure, a purely capital structure that builds itself like china on the back of cheap labour making the rich richer and screwing the poor man. I dread to think what will happen to people such as myself from a humble background in that sort of climate. Not being a rich man myself I generally err towards the social structure and can't help wondering what life would be like if all bartering sytems including money were just dismantled overnight.

Piggle · Member

On another note, our company has seen a huge increase in offers to attend "meet the buyers" seminars for wind farms to the nuclear industry.

The trouble is these can be priced at over £1,000 per delegate and I am guessing these industrys are the ones making a pretty penny from companies desperation.

not a bad days taking for them I should image.

Wella · Expert

Piggle wrote:

....
The trouble is these can be priced at over £1,000 per delegate and I am guessing these industrys are the ones making a pretty penny from companies desperation.

not a bad days taking for them I should image.

Tea and coffee not included biggrin

semsley · Guru

NI rate staying at 11% don't know if threshold is being raised. (Employer's NI going up 1% - 13.8%).

Tax threshold increasing by 1000 to 7475.

Peasie · Expert

semsley wrote:

NI rate staying at 11% don't know if threshold is being raised. (Employer's NI going up 1% - 13.8%).

Tax threshold increasing by 1000 to 7475.

Are you sure?

I was under the impression it was also going up 1% to 12%. Primary threshold going up to £139 per week and secondary threshold up to £136 per week. I've saved that on a spreadsheet but I don't know where I saved it from. I know at the time I was baffled by the changes because they were announced about two years before by previous government in two 0.5% changes.

gbm · Guru

Yes e'ee NI is going up to 12% in 2011-12:

http://www.hmrc.gov.uk/rates/nic.htm

semsley · Guru

You're right. I could have sworn the coalition changed what had been proposed two years ago.