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Is there anyone arounf really good at work out pay and stuff? Surely I cant have this right?

(13 Posts)
mosschops30 Sun 09-Aug-09 14:11:09

Am trying to work out if I can afford to finish for mat leave in Sept instead of October (4 weeks earlier than planned).

I have sat down and worked out what I will earn, have added in what Ive saved, child benefit etc. Have not counted CSA as payment is unreliable but will be an added bonus if I continue to get it.

Is there anyone who can look at my figures and confirm Ive done it right, because it looks quite promising hmm which as anyone knows is worrying grin

nannynick Sun 09-Aug-09 14:16:52

I can have a look if you like - post away, or private contact details on my profile.

Are you factoring in the SMP you will get (assuming you are entitled to SMP)? Is your employer giving you more than SMP?

mosschops30 Sun 09-Aug-09 14:27:43

Yes its just SMP as am not entitled to employers full pay (missed it by 11 days angry buggers).

Should I post it on here?

llareggub Sun 09-Aug-09 14:45:47

Don't forget to factor in your annual leave entitlement.

mosschops30 Sun 09-Aug-09 14:48:06

Oh yes have done that already smile

Should I post what I earn, what ive worked out and what Ive saved on here or not? I usually forget than MN is 'out there' for everyone to look at. Not that I have anything to hide, I dont earn millions, havent saved millions and am not entitled to millions from the state either grin

lou031205 Sun 09-Aug-09 15:04:13

More than willing to have a look either here or at lou031205 at googlemail dot com smile

nannynick Sun 09-Aug-09 15:04:31

That is up to you. Your employer may have rules about telling other people what you earn... if so you may want to avoid putting the exact figure for that.

lou031205 Sun 09-Aug-09 15:10:07

You will need to factor in any Child Tax Credits you will get as a result of baby being born, too.

mosschops30 Sun 09-Aug-09 15:55:32

Ok well lets use some rough figures then

first 3 weeks of sept will be full pay (annual leave)
then 6 weeks of 90% which is approx £300pw
which takes me up to november
So by my calcs sept and oct will be pretty much normal pay.

Then if I earn £123pw SMP, even if it is a 4 week month will work out at £492 per month.

Plus child benefit I already get £132.80 (again based on a 4 week month)
Plus tax credits £40 per month

Then dividing up what Ive saved over 6 months (nov-april) will give me an extra £541 per month.

So I have worked out it will be approx £1205 per month ..... is that right?

(like I said have not factored in any CSA payments, or the increase of £40 a month in child benefit, because that will be a bonus)

mosschops30 Sun 09-Aug-09 15:56:43

oh I know what I wanted to know, do I pay tax on my SMP? and do I still pay NI contributions whilst on SMP?
(not sure about my pension, I think they stop it until I return then increase payments initially)

nannynick Sun 09-Aug-09 16:02:06

Yes, SMP is subject to Tax and NICs.
Source: HMRC Employers SMP Faq

nannynick Sun 09-Aug-09 16:10:06

Yes, I agree with your math.
Depending on your current tax personal allowance, you may find that you don't pay any income tax and pay less than £2 a month employees NI.

mosschops30 Sun 09-Aug-09 16:24:12

Oh well hopefully I wont be paying any, I have a fairly good tax code, normal married womans so I doubt will be taxed much on £123 per week.

So my workings out are right then are they? Phew thats a relief

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