Focusing on how much tax you have to pay is important to keep your money in check as well as your budget under control. Use our tax calculator below to determine just how much tax you will have to pay and the amount of your earnings you’re able to collect.
Our tax calculator is free of charge and simple to use. Simply input your annual earnings and our calculator won’t demonstrate just how much tax and National Insurance you’ll pay, but additionally what your internet earnings is going to be (by week, month and year) to let you plan your money effectively.
This calculator is another helpful tool if you’re moving to a different job or negotiating a pay rise. It’ll provide you with a precise picture of the new internet earnings carrying out a pay increase.
Tax is really a tax you have to pay in your earnings and for most of us, it’s compensated by your employer’s PAYE system. Every worker have a tax code which informs your employer just how much to subtract out of your gross salary.
If you’re self-employed, you might pay tax via a Self Assessment taxes every year.
What’s National Insurance?
You’ll pay mandatory National Insurance if you’re over 16 and only:
employed and earning greater than £184 per week
self-employed and making money of £6,515 or even more annually.
Having to pay National Insurance contributions enables you to definitely be eligible for a particular benefits and also the Condition Pension.
About our tax calculator:
The calculations are suitable for just one citizen and in line with the current tax year.
If you feel you might have compensated the wrong quantity of tax, contact HMRC.