Pay Rise

[bednobs]

hi can anyone help me work out how much extra a month a 10, 000 pyrise would be ? Bearing in mind that it would flop over into the higher tax band

[Zacs-Master]

To get an accurate figure you'd have to say by how much the rise is over the lower tax threshold.

[bednobs]

ok, sorry, don't even0 know! earn 46 000 at the moment

[Zacs-Master]

This might help:
http://www.thesalarycalculator.co.uk/salary.php

[Meg]

If you've been offered an extra £10,000 a month bite their hands off!!!

[EDDIE51]

£10,000 is £833.33 a month.You need to take tax off that so if the entire £833.33 is in the 40% tax bracket you will be left with £500 a month extra.

[CrapAtCryptics]

You are already into the top tax band by approx £6000 - this means that all your raise would be taxable at the higher rate.

[bednobs]

not paying higher rate tax ATM

[Prudie]

Higher rate starts at £43K now

[Zacs-Master]

Threshold is £43k C-A-C.

[bednobs]

but that is 43 k of taxable income isn;t it? tax allowance is 11k

[Togo]

£10K per annum will result in £770 per month if you are paid every 4 weeks or £833 if paid calendar monthly ie every 4.33 weeks. Take off a third and you have figures of £508 or £550. A higher tax band would reduce your net gain by a further 25%

[Zacs-Master]

Why don't you just use the calculator link I gave?

[ubasses]

You will earn 56000,
take of tax free allowance £11000
= £45000
The first £43000 will be taxed at 20% and the other £2000 at 40%.
But you will also have to deduct NI

[bednobs]

because i don't have all the other details it needs

[Prudie]

it's 32K after 11k allowances so 43K in total

[bednobs]

lol the above answers are why i need some help :)

[Zacs-Master]

If you don't have all the other details then you won't be able,to come to an accurate figure.

[Prudie]

You'll get 11000 allowance
pay 20% on 32000
pay 40% on 13000

[Togo]

bednobs with that sort of salary and possible increase it is worth you while sacrificing a months salary increase and getting proper independent tax advice. You can ensure that you are claiming the allowances due to you for any tools. clothing, travel, or other legitimate tax breaks that you are entitled to. Neither the government nor the tax authorities will make it easy to claim your legal rights if you are in full time paid employment. If it were otherwise and you were claiming benefits, agencies and support groups abound.

[ubasses]

This years rates are:
Up to £11,000 0%
Basic rate £11,000 to £43,000 20%
Higher rate £43,001 to £150,000 40%