How Much Do I Have To Pay On Tax And National Insurance?
Question by rob.tack | Posted in United Kingdom
im 19 i live in sussex in england and before tax n national insurance i earn £14.500 per year so about £1200 per month in my tele-sales job i get paid monthly ( the 5th of every month)
can some one tell me how much i should have to pay for tax and national insurance, ive gone on a few tax and national insurance calculators and they both say i should have about £975 take home per month after tax and insurance is taken
is this about right or can some one give me a deffinate answer to how much i will be left with after thes deductions thanks!
Answer: Assuming you have a normal personal allowance, you'll pay tax on £9065 at 20% and NIC at 11%.leaving a net of £11689.
How Can I Not Pay National Insurance Tax?
Question by Just me | Posted in United Kingdom
I used a income tax calculator to work out that if I was earning £28,000 gross per annual I will have to pay over £5,300 (National Insurance + Employer's NI) towards a state pension I might not be able to use if I die before I retire.
I can do without the benefits and all that I just can't over that fact that 20% of my income is being chucked away to a dumb system I will not benefit from.
Thanks in advance everyone who answers. Much appreciated
In response to Sal UK's answer, yes that is what I intend to do because in the past decade I have not visited an NHS doctor once nor have I been unemployed hence making my contributions useless!
If
Answer: either don't earn more than the lower limit or get "paid" in capital funds like shares or options and your taxable earned income will be zero and you may only have to pat capital gains tax which with a clever accountant can be deferred
I Would Like To Know How I Work Out My Own Tax And National Insurance.?
Question by jockspite | Posted in United Kingdom
I don't want an external link to a tax calculator. I would like a formula, which 30 odd years ago before tax calcs and puters came along people had work it out. I would like to work it out on a monthly basis when I collect my wage slip. Please help an old fashioned fool. Cheers
Oh, not dealing with big figures, so need for an accountant; I'm just curious, and also I would like to check for rebates.
*no need for an accountant
so fengirl2, is it then tax allowance £5435/12 =£453. You then take that from £1055 - arguements sake - monthly salary; 1055-453=602. You then tax it at 20%=120; take that from 602=482. Last figure £482 don't understand what you then do with that!!
Answer: To manually work out your tax and national insurance go to http://www.hmrc.gov.uk/paye/intro-basics .htm and wade through the mountain of paperwork you have to be familiar with and the various processes and deductions needed to work it out.
Quite frankly, use one of the online tools to do it for you. Only a very tiny minority do it manually now - because it is too time consuming and it is prone to error.
If you really want to, then the NI tables booklet is here http://www.hmrc.gov.uk/nitables/ca38.pdf , the rates and limits booklet is here http://www.hmrc.gov.uk/helpsheets/e12.pd f, and the instructions for working out paye deductions are here http://www.hmrc.gov.uk/paye/paper-paye.h
Calculating Income Tax And NI When You Havent Worked The Full Year?
Question by Tickles | Posted in United Kingdom
if you earn less than your personal allowance because you only work about 6 months of the tax year, i assume you get all of the income tax back. is that right? also how do you work out national insurance contributions? you cant use a tax calculator because it assumes that you worked for the full year. this is on the basis of earning about £5,500 gross on a low wage.
Answer: Tax and NI contributions are worked out totally separately
If you earn over £105 in a week then then work out 11% of the excess and this is how much NI you will pay. Ni is not worked out on a cumulative basis the same as tax so it may well be that you pay NI and not tax depending on how much you earn in a particular week.
Tax however is different. At the moment if you are on a standard 603L code then you can earn £116 per week tax free and anything above this is taxed at 20%. If you don't use all of your tax free allowance one week then you can carry it over to the next week. That is why tax is cumulative and NI is not as your NI allowance can't be carried over
Question by Luke Twyman | Posted in United Kingdom
Ok. I know nothing about tax codes and how much I should be taxed. I have been on several 'tax calculators' on the web and have found nothing that resembles what I am actually paying for Income tax and National Insurance. I am on Tax Code 653L and my N.I code is A. What percentage of my wages should be taxed? I'm trying to work out if I'm paying more than I should be because a colleague of mine is on the same contract as me, has no tax allowances and pays around £100 less tax per month than me. Thanks for your time :-)
Answer: It's not quite true that everyone working in this country has tax allowances. That only applies to British citizens. Anyone coming to work here from abroad has to establish their residency, without which they would be taxed at Basic Rate. That can be done by completing form P86.
You will have a basic tax-free personal allowance of £6475 a year (period 6th April to 5th April). I am guessing that you get a £60 a year expenses in employment tax relief to make your code up to 653L. We can't analyze your deductions, because we don't know the pay/tax/NIC figures or frequency of receipt.
We don't know your colleague's personal circumstances. No tax allowances would make him liable to
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How Much is Tax on Income, Tax Percentage Rates and Income Returns
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All employers in the UK pay employees through the inland revenue tax PAYE system and are required to deduct both tax on income and national insurance contributions from the gross wages. The gross pay on which an employee is assessed from tax and national insurance includes taxable benefits received by that employee such as private medical care or the provision of a company car. Income tax is deducted by an employer from the gross salary of an employee according to the inland revenue tax percentage applicable to those earnings taking into account personal tax allowances and reliefs available....
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