Payslip- Is there anything (sensible) I can do to reduce deductions?

[Palomadoves]

Hi, I'm wondering if anyone who understands finance could advise me based on my payslip... I feel like I lose a lot of pay compared to the online estimate of how much I should take home... I know a big part is Student Loan, but is there anything I can do to reduce what I lose? Thank you in advance for any advice!

If you think your tax code is wrong you can check it against what's on your payslip.

Just google "check tax code" and you'll find the .gov site.

What do the calculators say you should lose? Can you post that - they're usually pretty accurate (they're how I worked out my tax code was wrong!)

Looks like you are earning around £46,000 per year. Is that the case, or is this month shown not a typical month?

Seems right to me, the only thing you can do is decrease your pension, I don't advise it

Looks right to me

I assume when using the online calculators you are missing your pension and student loan deductions

Which online estimate? The numbers match [[https://listentotaxman.com/?year=2021&taxregion=uk&married=false&blind=false&exni=false&marriageallowance=false&partnerwage=0&plan=plan1&age=0&extra=0&taxcode=&pension=391&time=12&ingr=3840 this calculator]] pretty closely, assuming you're on a Plan 1 student loan.

As long as your tax code is correct, those deductions are pretty standard, so unless you do something utterly stupid like opt out of your employer's pension, I don't think you can do anything about it, it's the way it is for all of us.

HMRC regularly get tax codes wrong. Check it on line and if it doesn’t make sense, you’ll have to ring them (and wait on hold) to discuss. Also, have a look at the % pension contributions you are making and if you can reduce the EE cont and what the impact on the ER cont would be.

I am on a lower point on the pay scale (also get SEN allowance) but take home more than that a month.

Imo the only thing you can do is stop paying in to your pension, but like a pp I don't advise it.

A way to reduce your Tax & NI deductions (assuming your deductions are correct) is to increase your pension payment.
It does reduce your take-home pay but saves you money.

@Dougieowner

A way to reduce your Tax & NI deductions (assuming your deductions are correct) is to increase your pension payment. It does reduce your take-home pay but saves you money.

This may not be possible, looks like a Defined Benefits Pension. Poster would need to see if scheme accept AVC's, and ensure this is not creating a LTA issue

Does your spouse earn less than 13K?

www.gov.uk/marriage-allowance

Wow- thank you all. Had to get to school (as someone spotted). I will look through all of your advice properly after work.

No spouse- single parent. Not going to come out of pension, as others have recommended, as was SAHM for some years before becoming single and will have already paid a price for that.

One more thing, if you think you are paying too much student loan a month you ca look to have it reduced.

It roughly agrees with the tax calculator I have too. The pension cobtribution is massive and is probably what is making your take home figures seem low. BUT if its anything like the teachers pensions I aware of you'd get mad to opt out.
If youve been a SAHM, do you still have childcare? Are you using the tax free scheme on that (don't think it shows up on payslips like the old childcare vouchers did tho).
But no basically none of those deductions would be sensible to reduce.

OppsUpSide do you know which deduction is smaller?

Depressing when you see it like that isn't it. Don't suspend the pension.

Assuming your pay is around £46k, you are on student loan repayment plan 1 and your pension contribution is 10.2% (in line with teacher's pension) this all looks correct when run through a take home pay calculator. I'm afraid there's not much you can do to reduce it bar pulling out of your pension which i wouldn't reccomend

Namechange- thanks- this is the basic calculation I saw online and it got me wondering why I don't get anywhere near that

Because they have not took your pension and student loan deductions into the calculation

I get £2446 I think, from.a salary of 46000, as many have accurately worked out (!) which means 500 extra deductions. I get that my Student Loan is 200 of that, but is the teachers' pension 300 more than a regular one? I'm so impressed by the knowledge here. Thank you

People grumble about the pensions teachers get but teachers contribute a lot to their pensions. It is one of the few pension schemes that is so costly.

You could earn less?

Exactly Lulu, a lot of the people who complain about public sector pensions won't be paying hundreds of pounds a month for nearly 50 years into their own pensions.

You are paying the right pension contribution www.teacherspensions.co.uk/employers/managing-members/contributions/calculating-contributions.aspx
It is high, but that reflects the quality of the scheme and the employer contributions are 23.7% which is much more than a private sector employer would put in