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Calculating income in the UK

  • 27-04-2012 2:21pm
    #1
    hillbloom
    Registered Users, Registered Users 2 Posts: 852 ✭✭✭


    I am thinking of heading there after college. Say earning 20,000 Sterling, how much deductions are taken. For example in Ireland there is PAYE and PRSI deducted. How much will I take home? Thanks a mill


Comments

  • #2
    moldypeach
    Registered Users, Registered Users 2 Posts: 70 ✭✭moldypeach


    http://listentotaxman.com/

    Just type the yearly income there and it will calculate it for you :)


  • #3
    r3nu4l
    Registered Users, Registered Users 2 Posts: 17,399 ✭✭✭✭r3nu4l


    Yup, listentotaxman is the best resource to use. Then when you have an idea of your monthly net salary go to gumtree or rightmove and look for rental properties in the area you are thinking of living in.

    Remember too that you have to pay council tax every month. That varies from place to place because it's supposed to be based on the value of the property...

    So when you take out your rental income and council tax you then need to think about food, savings, tv, broadband, phone and public transport etc.

    To be honest, £20,000 won't get you far in London imo.


  • #4
    questionmark?
    Registered Users, Registered Users 2 Posts: 3,078 ✭✭✭questionmark?


    Have a look through this OP http://www.hmrc.gov.uk/incometax/personal-allow.htm

    Basically take your tax free allowance out of the equation each month and then take 20p out of each subsequent pound plus an additional 12p per pound for National Insurance.

    Council Tax varies but can be quite hefty depending on where you live. Remember 20k per annum before tax wont go very far in London but will be sufficient in say Plymouth or Cardiff.


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