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If your salary increases by £15k

(102 Posts)
AndShesGone Tue 27-Sep-16 07:06:18

Would you expect your monthly pay packet to rise by more than £500 a month ?

Even taking into account extra tax and pension ( usually a third?) it should still be more shouldn't it? confused

I don't have the payslip yet but it seems wrong?

pinkblink Tue 27-Sep-16 07:10:13

£500 over 12 months is only £6k, so you would be paying an extra £9k in tax NI ect doesn't sound right at all

PacificOcean Tue 27-Sep-16 07:10:15

Have you moved up into the higher tax bracket?

SecretMongoose Tue 27-Sep-16 07:10:45

It would depend if that £15k took you into a higher tax bracket though. If you get into 40% tax then with NI contributions as well it's going to leave you with just over half the money. As you say £500 a month id assume you've gone slightly over the threshold, so part of the £15k is taxed at 40% and part at the lower rate.

PinPon Tue 27-Sep-16 07:10:59

Query with your manager / HR if it seems incorrect. It might have to do with the effective date of the salary increase (i.e your salary could have increased part way through the pay period). If this is the case, the next pay packet should be as you expected.

YellowCrocus Tue 27-Sep-16 07:11:18

Maybe not, if you're in the 40% tax bracket and your pension has increased.

BrieAndChilli Tue 27-Sep-16 07:11:46

Depends on what tax bracket you will fall in. Could be tax (40%), national ins (9%) and pension (?) so you will be looking at over 50% being taken out.
If you go with 55% then you will be left with 6750 which is about £553 per month extra take home.

ItsLikeRainOnYourWeddingDay Tue 27-Sep-16 07:11:57

Check on a website called salary calculator.

YellowCrocus Tue 27-Sep-16 07:12:35

This site is really helpful

AndShesGone Tue 27-Sep-16 07:12:52

I just googled the tax bands and it says the higher rate is now from 32-150,00 - so not gone up a band - both salaries were between 32 and 150.

AndShesGone Tue 27-Sep-16 07:13:30

Not half way through the month, new job this month

ScottishSnowflake Tue 27-Sep-16 07:13:58

There is a reduction in the UK personal allowance if you're between £100k and £122k. Is this likely?

CatNip2 Tue 27-Sep-16 07:14:41

Google tax and NI calculators, I find The Salary Calculator a good one and pretty close. This should give you an idea of expected net income.

AndShesGone Tue 27-Sep-16 07:15:34

Not between 100-120.

Previous salary was £47
New salary £62

CatNip2 Tue 27-Sep-16 07:19:37

I get about 700 more according to the above calculators

SparklesandBangs Tue 27-Sep-16 07:20:15

40% tax does not start at £32k, it starts at around £42 as you have around £10k of tax free income, so if you were earning say £40 and went up to £55 the most of the increase would be taxed at higher rate.
The salary calculator mentioned above has been invaluable to me when considering which job to take.

bettybyebye Tue 27-Sep-16 07:20:19

Student loan contributions will also increase (if you are paying one) so you have to factor in increase in tax, ni, pension and student loans. Enter the figures into and that should tell you what your take home pay should be.

SecretMongoose Tue 27-Sep-16 07:21:48

But then you are entirely in the 40% tax bracket so you should only expect 50% ish of the money, which seems about right?
Do you pay into a personal pension?

AndShesGone Tue 27-Sep-16 07:22:21

Ok, the salary calculator says it should be about £3,600 take home

Which will likely make it about right as there is about £400 pension contribution a month

This is literally the end of the world for me today.

I still don't get it though, the pension was the same in the last job so expected it to multiply up fairly closely giving a £700/£800 pay rise.

SparklesandBangs Tue 27-Sep-16 07:22:26

Just seen your last post, unless you have a better than normal tax code your take home pay looks low, have you seen a payslip, sometimes PAYE makes odd calculations.

AndShesGone Tue 27-Sep-16 07:23:41

£500 a month is £6k a year take home, not half - that would be £7,500

AndShesGone Tue 27-Sep-16 07:24:05

No student loan

WipsGlitter Tue 27-Sep-16 07:24:24

Are you sure it's or a tax code issue? My pay was wrong for the first few months but was eventually sorted.

Did you not do these calculations before you moved jobs?

SparklesandBangs Tue 27-Sep-16 07:24:26

I can't keep up with your posts, but why is £3600 a month income the end of the world, that's more than double the uk averages?

OneEpisode Tue 27-Sep-16 07:24:44

Check your payslip! If you are with a new company maybe they haven't processed your p45 yet and you are still on emergency tax code?

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