The Salary Calculator

April 2014 tax rates applied

by Admin

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.

Tags: 2014, April 2014, HMRC, income tax, national insurance, Pay As You Earn, personal allowance, tax rates, The Salary Calculator

A fresh start in the New Year?

by Admin

2014 has arrived, and for many people the start of a new year is a time to make a clean break with the past, and move on to new things. Often people join a gym, start a diet (after the excesses of the festive period!) – or look for a new job.

The new job could be a promotion at your current place of work, or a new opportunity elsewhere – and The Salary Calculator can help you as you consider your options. If you’re wondering what a new salary might mean for your monthly take-home, check it out on the take-home pay calculator. If you know how much you need each month and would like to know what kind of salary you should be looking for, try using the required salary calculator.

You might be considering supplementing your income not by getting a new job, but by being self-employed in your spare time. In which case, you can try out the tools at our sister site Employed and Self Employed, which will help you to see how your tax and National Insurance contributions will be affected by your additional income.

If you are making a new start in 2014, best of luck!

Tags: 2014, Employed and Self Employed, income tax, Jobs, national insurance, Pay As You Earn, self employed, The Salary Calculator