Today, the Chancellor of the Exchequer announced his Budget for the tax year starting 6th April 2010. There were no real surprises and a summary of the changes is on the BBC website here.

The Salary Calculator has already been updated, as described in a previous post, so the April 2010 values are used for both National Insurance and tax calculation. Details of the values used are on this page about the Salary Calculator, check it out and see whether the new tax rates will affect you!

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None of the content on this website, including blog posts, comments, or responses to user comments, is offered as financial advice. Figures used are for illustrative purposes only.

2 Comments to 2010 Budget announced

  1. Hi just a quick question. I used the calculator baed on my 18,000 a year salary. I recently changed jobs but my salary remained the same, however, in my last job your calculation on my take home pay was exact. In my new job in my last 2 months salary I have been paid around 110 pounds less. It seems that my tax has been increased. Is there an explanation for this?

    Thanks for any help…

  2. Bernard on May 11th, 2010
  3. Hi Bernard,

    Your payslip should tell you where the deductions are coming from (tax, National Insurance, pension etc) – for example, your new employer may have a pension scheme that you are contributing to.

    If it is the tax that has increased as you say, you might have been put on what’s called an emergency tax code. This happens when your new employer doesn’t know what tax code to apply to you, which they would normally get from your P45. This can sometimes lead too you paying more tax than you should, although you would normally be able to get any overpaid tax back.

    In any case, I would recommend you speak to your new employer’s payroll or HR department and ask them to explain the deductions on your payslip to you – they should be able to help with your questions.

    I hope this helps!

  4. admin on May 11th, 2010

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