Is there a calculator to work out net SMP?

[Megan2018]

I am desperately trying to work out what the shortfall will be between my outgoings and income during mat leave.

I can work out my net enhanced maternity pay from my employer - but can't seem to work out how much tax and NI I'll have taken from SMP. Is there any calculator that does this? I'll also have pension to deduct - so bit worried it will equate to £0 after that!

Pregnancy is a lovely unexpected surprise (we are both old), but unfortunately last year we did a very expensive house build/move and have pretty much emptied the coffers - so I am in a slight panic to work out the gap between what we have in savings now and what I'll need.

I am the main earner by a country mile, we'll cut back on luxuries obviously but we have some unavoidable high outgoings that can't be changed. I am desperate to hold on to our weekly cleaner if I possibly can as I think it'll be a huge help - but will cut this if necessary as she is very much a luxury.

I have a "bank of Dad" interest free loan for my car which I might be able to negotiate repayments on! My Dad most definitely is not reliant on me paying this back (is more than very comfortably off) but I would really like to not have to ask so I am working on the basis I will pay it in full during leave.

I earn circa £49k gross with BTL gross income of circa £10k (I do self assessment for this, PAYE for salary).
I will get 6 weeks full pay inc SMP, 12 weeks half pay plus SMP
I pay employer pension contribution of 8.5%
I'll also be able to take a months worth of paid holiday during mat leave.

I need £24k net to cover my proportion of essential bills for 12 months inc car loan and cleaner costs. If I take these off that is reduced to £19k

Any ideas how to calculate this?

Depending on when your smp falls in the tax year and how much you've already paid in tax/ni.

I was under my personal threshold by the time my smp kicked in so i didn't pay any tax

@Lazypuppy
Maternity will be Sept 19, so I’ll be well over tax threshold by the time I get SMP.

Ask your accountant to help, I have worked this out for a few of my clients

So then it'll be 20% tax i would've thought.

Don't forget you only get SMP up to 9 months, final 3 months are completely unpaid

@BritInUS1
I don’t have one! My self assessment is done by me as it is easy.
@Lazypuppy
Yes. Hence wanting to know exactly what I’ll get!

I’ll work it out for you in a sec. bear with me.

What’s your tax code?

So I did a very rough calculation but I think you'd get around 15 grand from your job over a year.

(49000/52 x (6 + 12/2 + 6)) + (33×145.18)
= 19867.86
(6 weeks full pay, 6 half and 4 weeks AL plus 33 weeks smp assuming you won't get full pay plus smp for the first 6)

If you input this into a salary calculator with 8.5% pension it gives yearly take home of £15523.

This is a very rough idea! But should give you a starting point.

I've no idea how btl works so add whatever you normally get on top.

I make it £15830 net via PAYE and £22630 all in including your BTL income.

(6 weeks full pay, 6 half and 4 weeks AL plus 33 weeks smp assuming you won't get full pay plus smp for the first 6)

It’s 6 full, 12 half plus SMP and 21 SMP.

@scaredofthecity
Thanks, smp goes up from April and its 12 weeks half pay-but will use your formula to see!

@Boobiliboobiliboo
From April 19 it is 1261L

Sorry that's what i meant, 12 weeks half.
And 12 +21 is 33 weeks smp!

And yep we got very similar figures

You’ll take home a bit more than my calcs then.

Should have written (6+12/2+4)
Trying to do too many things at once!

Thanks both! Very helpful thank you.
That’s reassuring actually, not a million miles away from what we need.
I have £4k today available and that’ll easily be £7k by Sept. so with the BTL income should be ok assuming tenants stay/no major expenses. I usually net about £3.5k from that after all costs paid inc mortgage and tax but it does vary obviously and with the 40% threshold changing that might be a bit more.