The Salary Calculator

Salary Calculator downtime

Anyone who has been trying to access The Salary Calculator over the last 24 hours or so will probably have had difficulty getting the site to load. There have been some technical issues at our hosting company which have affected the site (along with some other sites). They have been working hard to fix the problem and we believe everything should now be up and running.

Thank you for your patience with The Salary Calculator during this downtime!

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Thursday, February 26th, 2015 About The Salary Calculator No Comments

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.

April 2015 tax rates applied

From 6th April 2015, new tax thresholds and personal allowances will apply, and The Salary Calculator has been updated with these new values.

Although the default results are still for the current tax year, when you enter your details into the take home pay calculator, you will see a summary line at the bottom of the results showing how things will change from 6th April. Click on this line and you can see a side-by-side comparison of the 2014/15 and 2015/16 tax years, and a breakdown of how it will affect your take home pay. You can also choose 2015/16 in the tax year drop-down in the normal take home calculator.

The main change this year is an increase in the default personal allowance from £10,000 to £10,600 – which means you can earn an extra £600 without paying any income tax. The default tax code will change from 1000L to 1060L (if your tax code is different, it will probably change for next year to reflect the larger personal allowance). The Student Loan repayment threshold has also increased from £16,910 to £17,335, potentially saving those who are repaying their loans £38.25 per month (although this will also mean it takes longer to repay your loan).

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A new beginning for 2015

As 2015 opens, it seems everyone I know is starting a new job! A common theme of conversations I’ve had is either promotions or moving jobs to a new company and new horizons. January is a popular time for people to make a fresh start, and what better way to do that than with a new job?

If you’re considering a move then The Salary Calculator is here to help – find out how much that new salary would bring home for you with the take home pay calculator, or even compare it side-by-side with your current salary with the salary comparison calculator. Maybe you’re thinking of improving your home life with a move to part-time work? The pro-rata salary calculator can help you see what would happen to your take-home if you reduced your hours in your current job.

Maybe 2015 for you is the year you go to university, or one in which you consider it. If this applies to you then I highly recommend Money Saving Expert’s page about the cost of university, and what those fees and loans mean – don’t make a decision about the cost of studying until you’ve read this guide, or at least watched the short video summary which appears just above point number 5.

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2014 Budget

Later today, the Chancellor will deliver his 2014 Budget to parliament, setting out his plans for the next few years. The Budget is the Chancellor’s opportunity to explain his policies and how they will affect the economy as a whole, and also what differences will be felt by ordinary members of the public.

He is likely to make much of the fact that the tax-free personal allowance (how much you can earn without paying income tax) has increased to £10,000 from April 2014, a coalition pledge delivered 1 year early. There is also talk that he might announce plans to raise the threshold for 40% tax (the amount at which you start paying income tax at 40% rather than 20%) in future years. This would probably lower the tax paid by those in middle management positions, say, and those in more senior roles.

The income tax and National Insurance rates which will take effect from 6th April 2014 have already been applied to The Salary Calculator, so you can easily see how your take home pay will be affected by the new tax year. You can also view a side-by-side comparison of 2013 and 2014 so you can see where the differences come from.

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April 2014 tax rates applied

The Salary Calculator has been updated with the latest tax information which takes effect from 6th April 2014.

There is an increase in the default tax free personal allowance from £9,440 to £10,000, which will reduce the amount of tax due for most taxpayers. Slight increases in the National Insurance thresholds will also help improve the takehome pay for many people.

The most significant change is probably the increase in the repayment threshold for plan 1 student loans from £16,365 per year to £16,910, which will save those repaying their loan nearly £50 over the year. Unfortunately of course, this will just mean it will take longer to repay the loan in the long run but hopefully the extra cash in your pocket will be useful now!

Another significant change this year, which is unlikely to affect any but those who are well paid and nearing retirement, is a reduction in the maximum amount you can put into a pension while still claiming full tax relief – for 2013/14 this limit was £50,000 but from 2014/15 it will be £40,000. If this is likely to affect you, you still have time to make the most of the 2013/14 pension allowance before the end of the tax year!

To see how you will be affected by the new tax rates, go to The Salary Calculator and choose the 2014/15 tax year from the drop-down box. Alternatively, you can view a side-by-side comparison of 2013 and 2014 tax rates.

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