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Where Taxpayers and Advisers Meet

How much will I get? (Urgent)

Joined:Fri Aug 27, 2021 2:13 pm
How much will I get? (Urgent)

Postby Withengar » Fri Aug 27, 2021 2:24 pm

Hey everyone! I'm trying to figure out how much I'll be taxed for in upcoming payslip due to the fact that I need to make some arrangements beforehand.

In this current tax year, I have not earned very much, due to being in between different jobs while trying to find a good fit for me.

In May, I have earned a total of £1303.
In June, it was £370.
In July, it was £250.

Then I got my current job, which pays every four weeks. On my first payslip, which only covered the first week and a half of August, I got £795. Then, I started working a normal, 9-5 40h a week job and have really pushed myself to do a lot of hours. As such, my gross pay for the next payday will be equal to £2350.

Since it's a significant jump in income, amd my first time getting so much, I was curious as to how much this will be after deductions. My tax code is 1257L and I have the standard NI contribution.

So, in simple terms, how much will I get to keep out of those £2350? Thanks!

Joined:Sat Feb 01, 2014 3:26 pm

Re: How much will I get? (Urgent)

Postby bd6759 » Sat Aug 28, 2021 10:27 am

Joined:Wed Aug 06, 2008 4:01 pm

Re: How much will I get? (Urgent)

Postby robbob » Sat Aug 28, 2021 11:17 am

Hello Withenger

Good to here that your cashflow is starrting to ramp up.

Ok lets presume you aree on 1257L cumulative code - make sure there is no X in the w1 / m1 box noitification - ow w1/m1 after yopur code if you are on w1/m1 my calcs below will unfortunately be complete gibberish - albeit teh correct amounts if you can later recify the m1/m1 issue !!

Ok YTD per next payslip will be 1303+370+250+795+2350 = 5068. Warning you have not quoted any April income here so i am presuming you earned didly squat that pay period.

Its hard to be certian but on 4 weekly pay cycle i would gues your next pay run is number 6 out of 13 for the year. If its 7 you will have higher allowance available!

annual allowance before tax = 1257 *10 = 12,570
Up 4 weekly cycle 6 6 you can earn 12570*6/13 tax free = 5802
As your cumulative 5068 is blow 5802 no tax should be due.

Tax aint everything as we all know , so we also need to calculate the NI

Presuming you arent a golden oldie (over state pesnion age) you NI is likely to be 2350 - NI free amount of 736 = 1614 *12% = 193.68

So hopefully your in the pocket wonga will be 2350-193.68 = 2156.32

If you are on w1/m1 code you are paying too much tax - if thats the case get employer to process your p45 details or ring hmrc and ask them to upload eearlier years salary details to current employer and convert tax code to cumulative !!

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