Take Home Pay / Salary Calculator
This take home pay calculator allows you to customize values for an accurate breakdown. Updated 2024 August.
Contents:
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Personal Allowance
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Tax Code
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Income Tax
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Interests
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Student Loan
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Pension
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Bonus
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Overtime
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Salary Sacrifice
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Taxable Benefits
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Other Income
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Gift Aid
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NIC Letter
Personal Allowance
Personal Allowance is an amount of money you’re allowed to earn each year without having to pay income tax on it.You can used this allowance for your salary, savings interests, dividends and other income.
For the 2024/25 tax year, the Personal Allowance is set at £12,570. If you earn less than this amount, you typically won’t owe any Income Tax.
This allowance can change in a few situations. It might be more if you qualify for benefits like Marriage Allowance or Blind Person’s Allowance. But it can also be less if you’re a high earner or if you have unpaid taxes from a previous year. You can find your personal allowance using your tax code or check your personal allowance on GOV.UK..
If your income exceeds £100,000, there’s a different rule. For every £2 you earn above this threshold, £1 is subtracted from your £12,570 allowance. So, if you earn £125,140 or more, you’ll have to pay Income Tax on your entire income, and there won’t be any tax-free allowance left.
Tax Code
Your tax code is a series of number and letters that tells your employer or pension provider how much Income Tax they should take from your salary or pension. The HM Revenue and Customs (HMRC) is the government agency that decides which tax code to use for you.
Check your tax code for the current year online.Your tax code may have a prefix of “S” which means your income is tax using rate in Scotland, or prefix of “C” which means your income is tax using the rate in Wales (same with England).
The numerical part of your tax code represents your personal allowance divided by 10. For example, a tax code of “1257L” represnts a personal allowance of £12,570. Your tax code is usually in the following format, where * represents a numerical digit.