[Finance] Take home pay.

[spongy]

How do you work out your actual take home pay on a flat month as PAYE rather than salary?

I thought it would be quite simple but it seems not. Apparently it can change depending on tax band and how many working hours in a given month the pay will fluctuate.

Is there a formula you can use that can work out how much tax and NI is deducted depending on hours worked?

My basic hours fluctuate due to pay day cut off and how many working days in the month. Some months are 5 weeks, some 4 weeks blah blah etc.

Basically my working week is 37.5 but I regularly work 7am-7pm mon-thurs and 7am-3pm Fri and 8am-1pm Saturday if we're away.

So pushing a good 60 hrs+ o/t a month. Every month. The taxman is properly bending me over looking at deductions on my pay slip.

I always have worked overtime. Ive never had a flat month and have no idea how to work out just how little I will earn if I work a flat month.

I'm just tired. So very tired. All the time. And I have a 3yo girl who still doesn't sleep through the night. I'm fed up of not seeing my family and missing dinner time with everyone.

If I were to just say **** it and spend some much wanted and needed time at home how can I work it out?

 

[Springal]

How do you work out your actual take home pay on a flat month as PAYE rather than salary?

I thought it would be quite simple but it seems not. Apparently it can change depending on tax band and how many working hours in a given month the pay will fluctuate.

Is there a formula you can use that can work out how much tax and NI is deducted depending on hours worked?

My basic hours fluctuate due to pay day cut off and how many working days in the month. Some months are 5 weeks, some 4 weeks blah blah etc.

Basically my working week is 37.5 but I regularly work 7am-7pm mon-thurs and 7am-3pm Fri and 8am-1pm Saturday if we're away.

So pushing a good 60 hrs+ o/t a month. Every month. The taxman is properly bending me over looking at deductions on my pay slip.

I always have worked overtime. Ive never had a flat month and have no idea how to work out just how little I will earn if I work a flat month.

I'm just tired. So very tired. All the time. And I have a 3yo girl who still doesn't sleep through the night. I'm fed up of not seeing my family and missing dinner time with everyone.

If I were to just say **** it and spend some much wanted and needed time at home how can I work it out?

All driven by your tax code. https://listentotaxman.com/ is a fairly good calculator.

I'd suggest maybe looking at your 'average' earning and work out against the tax code or ask HMRC to re-code you then do a self assessment if you think the tax man is doing you. Why do you think that just out of interest?

 

[Chicken Run]

If you think HMRC is taking too much they are normally reasonably helpful in sorting issues, what’s your tax code?

 

[ropey9]

Use the salary calculator website to get an idea of what flat month works out too. You will need to work out your yearly salary based on no OT. But this is usually quite simple, (number of working days * hours per day * hourly rate).
Number of working days for salaried staff is normally 365 - weekends - bank holidays, so 365 - 104 - 8, so 253. So you annual salary is 263 * 7.5 * rate. Assume a rate of £10 an hour you get a salary of £19725, plug that into the salary calulator website and it gives you a break down of taxable income, ni and take home by week, month, year.

I have no affiliation to the salary calculator web site, I just find it handy to use.
https://www.thesalarycalculator.co.uk/salary.php

EDIT
Per an earlier post, you could just add standard hours for the rest of the tax year to what you have earned to date to get a better indication of what you will take home.

 

[AmexRuislip]

How do you work out your actual take home pay on a flat month as PAYE rather than salary?

I thought it would be quite simple but it seems not. Apparently it can change depending on tax band and how many working hours in a given month the pay will fluctuate.

Is there a formula you can use that can work out how much tax and NI is deducted depending on hours worked?

My basic hours fluctuate due to pay day cut off and how many working days in the month. Some months are 5 weeks, some 4 weeks blah blah etc.

Basically my working week is 37.5 but I regularly work 7am-7pm mon-thurs and 7am-3pm Fri and 8am-1pm Saturday if we're away.

So pushing a good 60 hrs+ o/t a month. Every month. The taxman is properly bending me over looking at deductions on my pay slip.

I always have worked overtime. Ive never had a flat month and have no idea how to work out just how little I will earn if I work a flat month.

I'm just tired. So very tired. All the time. And I have a 3yo girl who still doesn't sleep through the night. I'm fed up of not seeing my family and missing dinner time with everyone.

If I were to just say **** it and spend some much wanted and needed time at home how can I work it out?

Just a small tax relief idea, if you wear a company uniform and wash it yourself, you can claim the tax back on it.

 

[The Wookiee]

https://www.moneysavingexpert.com/tax-calculator/

 

[beorhthelm]

rule of thumb, for simple approximation is to subtract the allowance (11.5k), times .7 (covers 20% tax, 10%NI) and then add the allowance back. if you're on 40% then take 40% off everything over the threashold.

if you have complex allowance (tax code), that makes it more difficult but you should be able to find out and replace that as the subtraction.

 

[Wardy's twin]

Roughly speaking if you are earning over 42k then you will loose at least 40% of every £ you earn over that..

 

[Driver8]

Roughly speaking if you are earning over 42k then you will loose at least 40% of every £ you earn over that..

£45k.

 

[spongy]

I hate it. last month I did 50 hrs o/t and earned xxxx.xx.

This moth I did 60 hours o/t and earned 45 quid more. How does that work then? it must be the pay date and how many days in the month Shirley?

I know my hourly wage but x37.5 x52 x0.7 to allow for tax doesn't add up. Unless I earn a lot less than I think i do.

with o/t at time x.5 I just don't understand where it goes. it seems the more I work the less benefit I see. there must be a sweet spot somewhere in there where the most benefit is to hours worked.

The more you earn the more they take so why bother? how do you get ahead in life then? just what is the point of working you're arse off if you don't really see that much of a difference?

Just like having kids and going back to work full time to earn money and spend it all on childcare. innit. If only there was some help....

 

[Thunder Bolt]

I hate it. last month I did 50 hrs o/t and earned xxxx.xx.

This moth I did 60 hours o/t and earned 45 quid more. How does that work then? it must be the pay date and how many days in the month Shirley?

I know my hourly wage but x37.5 x52 x0.7 to allow for tax doesn't add up. Unless I earn a lot less than I think i do.

with o/t at time x.5 I just don't understand where it goes. it seems the more I work the less benefit I see. there must be a sweet spot somewhere in there where the most benefit is to hours worked.

The more you earn the more they take so why bother? how do you get ahead in life then? just what is the point of working you're arse off if you don't really see that much of a difference?

Just like having kids and going back to work full time to earn money and spend it all on childcare. innit. If only there was some help....

I'm going to be honest with you and say I think you're working too hard. I know you want to earn as much as you can, but you also need to rest and have family time.
You are coming across as very fed up with struggling, so don't struggle to work so much. I know what it's like to live hand to mouth, but you get through it and life does get easier.

 

[Beach Hut]

I sympathise but I suspect many of us have been in the position you are in at some point, part of the journey of life.

Just keep going, things do change but always live within your means

 

[Driver8]

I hate it. last month I did 50 hrs o/t and earned xxxx.xx.

This moth I did 60 hours o/t and earned 45 quid more. How does that work then? it must be the pay date and how many days in the month Shirley?

I know my hourly wage but x37.5 x52 x0.7 to allow for tax doesn't add up. Unless I earn a lot less than I think i do.

with o/t at time x.5 I just don't understand where it goes. it seems the more I work the less benefit I see. there must be a sweet spot somewhere in there where the most benefit is to hours worked.

The more you earn the more they take so why bother? how do you get ahead in life then? just what is the point of working you're arse off if you don't really see that much of a difference?

Just like having kids and going back to work full time to earn money and spend it all on childcare. innit. If only there was some help....

If you are on a cumulative tax code (most are) you may find you have paid too much tax as it assumes you will earn that every month and tax accordingly. Speak to HMRC if you don’t think you will earn that much. Or it will work itself out over the next few months.

 

[Lower West Stander]

Roughly speaking if you are earning over 42k then you will loose at least 40% of every £ you earn over that..

More than that if you include NICs


Sent from my iPad using Tapatalk

 

[Hampster Gull]

Best to ignore all of this and go on the doll

 

[AZ Gull]

Best to ignore all of this and go on the doll

 

[studio150]

Your deductions will be based on the amount for that work month rather than 1/12 of annual wages.

Therefore there will be months when your NI amount will be higher due to the weekly rate earned, and your wages for the month if multiplied by 12 may push you into a higher tax level for that month, so rather than taking the lower rate of tax, you may fall into the higher rate.

Also given the EU working time directive you are probably working too many hours.

The continued 6 day weeks will take its toll on your health due to the lack of rest. The only real answer is to either reduced your hours and accept the lower income or move to a higher paid job where the working week is lower but the income is maintained,

 

[spongy]

If you are on a cumulative tax code (most are) you may find you have paid too much tax as it assumes you will earn that every month and tax accordingly. Speak to HMRC if you don’t think you will earn that much. Or it will work itself out over the next few months.

That's what I'm hoping. I've never had a rebate in my life. Ever. not even from a Nigerian tax professional. looks like I'm earning more and paying more tax so in effect earning less per hour than my basic rate for doing more. I'd just love to know what my take home would be if I didn't give a shit and just did the bare minimum. but that's not who I am.

I don't have a problem with a days hard graft. never have. I'd just like to earn enough to get a bit of savings and maybe just possibly buy a house to call my own.

I've been reading those other threads with a great deal of interest.

I have zero savings. I've just had a look at the local estate agents websites. there isn't one house within 3 miles of where I live that I would want to buy for under £280k.

mortgage lenders want at least a 5% deposit. but to get a preferential interest rate you need 10%.

So even if by some miracle I could utilise the help to buy ISA scheme to save 250 a month it will take over 9 years to have the deposit provided house prices and interest rates are frozen at today's rates.

all savings would be based on not having to buy another car and that I never have to repair it or get it through mots or the freezer/washing machine/fridge going tits up. or ever going on a holiday.

So technically if I lead the perfect life without unexpected bills or go on a holiday or have a week off I will have enough to buy a house at the age of 48.

If anyone out there knows who will give me a 25 year mortgage at that age then please PM me. I'd like to know.

I may be a bit drunk and on a downer but please tell me how the **** I can do it. I'm all ears. as far as I can see there isn't any point in trying so hard if you can't see the light at the end of the tunnel. there's no point in trying if there is an impossible goal is there?

 

[Gazwag]

If you are on a cumulative tax code (most are) you may find you have paid too much tax as it assumes you will earn that every month and tax accordingly. Speak to HMRC if you don’t think you will earn that much. Or it will work itself out over the next few months.

No, if you are a cumulative tax code you will pay the correct amount of tax each month

 

[Thunder Bolt]

That's what I'm hoping. I've never had a rebate in my life. Ever. not even from a Nigerian tax professional. looks like I'm earning more and paying more tax so in effect earning less per hour than my basic rate for doing more. I'd just love to know what my take home would be if I didn't give a shit and just did the bare minimum. but that's not who I am.

I don't have a problem with a days hard graft. never have. I'd just like to earn enough to get a bit of savings and maybe just possibly buy a house to call my own.

I've been reading those other threads with a great deal of interest.

I have zero savings. I've just had a look at the local estate agents websites. there isn't one house within 3 miles of where I live that I would want to buy for under £280k.

mortgage lenders want at least a 5% deposit. but to get a preferential interest rate you need 10%.

So even if by some miracle I could utilise the help to buy ISA scheme to save 250 a month it will take over 9 years to have the deposit provided house prices and interest rates are frozen at today's rates.

all savings would be based on not having to buy another car and that I never have to repair it or get it through mots or the freezer/washing machine/fridge going tits up. or ever going on a holiday.

So technically if I lead the perfect life without unexpected bills or go on a holiday or have a week off I will have enough to buy a house at the age of 48.

If anyone out there knows who will give me a 25 year mortgage at that age then please PM me. I'd like to know.

I may be a bit drunk and on a downer but please tell me how the **** I can do it. I'm all ears. as far as I can see there isn't any point in trying so hard if you can't see the light at the end of the tunnel. there's no point in trying if there is an impossible goal is there?

Why are you limiting your choice of where to live, to a 3 mile radius? Is it essential to buy a house rather than renting"