20th January 2019 - Tax Week 42
It is always a good idea to have a target to aim for, and this is equally true for your income. Most jobs are advertised with a gross salary amount, and our tax calculators will be able to tell you exactly what to expect to take home, but what if you know how much you need/want to satisfy your budget? How do you find the gross salary from the actual money you need to spend?
The answer is to use our Reverse Tax Calculator. Using an estimation system to take into consideration every option available on the regular tax calculator, including self employment/CIS options, we can find the gross figure from a net figure provided.
There are interesting figures to be found here, for example:
Estimating the average household budget in the UK, expenditure is around £500 per week. For someone under the age of 30, this would require a salary of over £31,000 per month.
CIS / Self Employed - If you are CIS Subcontractor/Self Employed, tick the option so we can include your CLASS 2 and 4 NI's from CIS/Self Employment work - these would not have been taken off your statements/vouchers but are due on your tax return.
Student Loan - Have you been a student? Did you take out a Student Loan? If paid via PAYE or Self Employed and declaring your earnings via a Self Assessment Tax Return you will pay 9% of any income above the repayment threshold (for 2012/13 this is £15,795) toward repaying your loan.
Student Loan Scheme - Select the period at which you took your student loan out
About You - Enter your date of birth and sex so we can calculate the correct allowances for you. With the state pension age now based upon date of birth as well as tax allowances from 2013, we can quickly checkly calculate an accurate personal tax free allowance as well as deduce whether you need to make national insurance payments using just your date of birth!
Other Allowances and Deductions - Do you have an additional tax allowance or deduction? Please enter any additional allowance that you have on top of your regular tax free allowance, if you have a deduction please enter it with a minus symbol in front e.g. 1500 for an allowance or -1500 for a deduction.
Tax Codes - If you know your tax code, please enter it and we will calculate based upon that code. Make sure you have a valid code, if you on emergency tax, just enter BR. For a list of all tax codes and classifications visit our how to calculate tax section.
NIC Letters - Letter Based NIC Calculation is only available for tax year 2009 onwards - otherwise A will be used. If you know your NIC Letter, please enter it so your calculation can be based upon it. We currently accept the A,B,C,D,E,F,G,J,L,S and X letters. The Standard Rate Letter is A, The various contracted out options are letters D, E and L Salary Related, or Money Purchase S, G and F. For a list of all NIC Letters and applications, click here.
Pension Contributions - If you have a pension, please enter the amount or percentage you pay regularly into this box. If you enter 5% a month, enter 5%, if you pay £100, please enter 100.
Pension Types - Select the type of Pension you have
Tax Year - Select the Tax Year to calculate, tax years start 6th April and end 5th April.
Net Income - Please enter the amount of Take Home Pay you require. This is the NET amount after Tax, the actual amount that you get paid after all deductions have been made.If you select month and enter 3000, we will calculate based upon you taking home £3,000 per month.