This topic contains 2 replies, has 3 voices, and was last updated by  Mick 3 months, 1 week ago.

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  • #4533

    Scott Barrett
    Participant

    Hi! I’ve been offered a promotion/payrise that will take my income into the next tax band – I’m not 100% sure how they work so could use some advice. I’ve looked at this tax calculator ([url]https://www.after-tax.co.uk/[/url]) but just can’t wrap it around my head so was hoping someone here could help me out. If it helps I’ll be going up to £48,000 ish a year.

    Thanks! 🙂

  • #4534

    songbird
    Participant

    Congrats on your pay rise 🙂 For 2018 you should pay £7,368.00 under high rate income tax and £4,584 national insurance. Giving you around £35 000 to spend on as you like.

    The question is what were you being paid before because if the pay increase is as much as the increase in tax you will be paying is it really worth it?

    Ps, All these rules and regulations are made to be as hard as possible to work out… designed to trip you up so HMRC can fine you later on.

  • #4536

    Mick
    Participant

    The best place to start looking for info is https://www.gov.uk/income-tax-rates

    Its probably best to see what your accountant says you should do.

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