Pay Calculator Uk – Loan calculator

UK Take-Home Pay Calculator

Estimate your monthly and annual take-home pay in the UK, considering Income Tax, National Insurance, pension contributions, and student loan repayments for the 2024/2025 tax year.

Annual Gross Salary (£): Pension Contribution (% of Gross Salary): Student Loan Plan: None Plan 1 Plan 2 Plan 4 Plan 5 Tax Code (e.g., 1257L):

Understanding Your UK Pay Slip

Navigating your pay slip in the UK can sometimes feel complex, with various deductions impacting your gross salary. This calculator aims to demystify these deductions, providing a clear estimate of your take-home pay.

Gross Salary

Your gross salary is the total amount of money you earn before any deductions are made. This is the figure usually quoted in job offers and contracts.

Income Tax

Income Tax is a mandatory deduction levied by HMRC on your earnings above a certain threshold, known as the Personal Allowance. For the 2024/2025 tax year, the standard Personal Allowance is £12,570. This means you don't pay tax on the first £12,570 of your annual income.

Basic Rate (20%): On earnings between £12,571 and £50,270.
Higher Rate (40%): On earnings between £50,271 and £125,140.
Additional Rate (45%): On earnings above £125,140.

Your tax code (e.g., 1257L) indicates your Personal Allowance. '1257L' means you have a tax-free allowance of £12,570. Other codes can adjust this allowance up or down.

National Insurance (NI)

National Insurance contributions are another mandatory deduction that goes towards state benefits like the State Pension, unemployment benefits, and maternity allowance. The rates and thresholds for Class 1 (Employee) NI for 2024/2025 are:

0% on earnings up to £12,570 per year.
10% on earnings between £12,570.01 and £50,270 per year.
2% on earnings above £50,270 per year.

Pension Contributions

Many employers offer workplace pension schemes, and it's often a requirement for both you and your employer to contribute. Your contributions are usually deducted from your gross salary before tax and NI are calculated, effectively reducing your taxable income and NIable income. This calculator assumes your pension contributions are deducted before tax and NI, which is common for 'salary sacrifice' or 'net pay arrangement' schemes.

Student Loan Repayments

If you have taken out a student loan, repayments are typically deducted directly from your salary once you earn above a certain threshold. The repayment rate is 9% of your earnings above the specific plan's threshold. The thresholds for 2024/2025 are:

Plan 1: £22,015 per year
Plan 2: £27,295 per year
Plan 4 (Scotland): £27,660 per year
Plan 5 (New loans from Aug 2023): £25,000 per year

Net Pay (Take-Home Pay)

After all these deductions (Income Tax, National Insurance, pension, and student loan), the remaining amount is your net pay, or take-home pay. This is the money that lands in your bank account.

This calculator provides an estimate based on standard rates for England, Wales, and Northern Ireland for the 2024/2025 tax year. Scottish tax rates differ, and individual circumstances (e.g., other benefits, specific tax codes, or salary sacrifice schemes) may affect your actual take-home pay.

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if (isNaN(annualGrossSalary) || annualGrossSalary < 0) { document.getElementById('payResults').innerHTML = 'Please enter a valid annual gross salary.'; return; } if (isNaN(pensionContributionPercent) || pensionContributionPercent 100) { document.getElementById('payResults').innerHTML = 'Please enter a valid pension contribution percentage (0-100).'; return; } // — Constants for 2024/2025 Tax Year (England/NI/Wales) — var standardPersonalAllowance = 12570; var basicRateBandUpper = 50270; var higherRateBandUpper = 125140; var niPTAnnual = 12570; // Primary Threshold var niUELAnnual = 50270; // Upper Earnings Limit var studentLoanThresholds = { 'plan1': 22015, 'plan2': 27295, 'plan4': 27660, 'plan5': 25000, 'none': 0 // No student loan }; // — Calculate Personal Allowance from Tax Code — var personalAllowance = standardPersonalAllowance; var taxCodeMatch = taxCodeInput.match(/^(\d+)([LMNPST])$/); if (taxCodeMatch) { var codeNumber = parseInt(taxCodeMatch[1]); var codeLetter = taxCodeMatch[2]; if (codeLetter === 'L') { personalAllowance = codeNumber * 10; } else if (codeLetter === 'K') { // K codes reduce allowance personalAllowance = standardPersonalAllowance – (codeNumber * 10); } // For simplicity, other letters (M, N, P, S, T) are not fully implemented here, // assuming they don't change the allowance significantly for a basic calculator. } else if (taxCodeInput === 'BR') { // Basic Rate only, no allowance personalAllowance = 0; } else if (taxCodeInput === 'D0') { // Higher Rate only, no allowance personalAllowance = 0; } else if (taxCodeInput === 'D1') { // Additional Rate only, no allowance personalAllowance = 0; } else if (taxCodeInput === 'NT') { // No Tax personalAllowance = annualGrossSalary + 1; // Effectively no tax } // — Monthly Calculations — var grossMonthly = annualGrossSalary / 12; var monthlyPersonalAllowance = personalAllowance / 12; var monthlyBasicRateBand = (basicRateBandUpper – personalAllowance) / 12; var monthlyHigherRateBand = (higherRateBandUpper – basicRateBandUpper) / 12; var niPTMonthly = niPTAnnual / 12; var niUELMonthly = niUELAnnual / 12; var studentLoanThresholdMonthly = studentLoanThresholds[studentLoanPlan] / 12; // — Pension Contribution — var monthlyPensionContribution = grossMonthly * (pensionContributionPercent / 100); // — Taxable Income (after pension deduction) — var taxableIncomeMonthly = grossMonthly – monthlyPensionContribution; if (taxableIncomeMonthly < 0) taxableIncomeMonthly = 0; // Cannot be negative // — Income Tax Calculation — var incomeTaxMonthly = 0; var remainingTaxable = taxableIncomeMonthly; // Apply personal allowance var taxableAfterAllowance = Math.max(0, remainingTaxable – monthlyPersonalAllowance); // Basic Rate var basicRateTaxable = Math.min(taxableAfterAllowance, monthlyBasicRateBand); incomeTaxMonthly += basicRateTaxable * 0.20; remainingTaxable = Math.max(0, taxableAfterAllowance – monthlyBasicRateBand); // Higher Rate var higherRateTaxable = Math.min(remainingTaxable, monthlyHigherRateBand); incomeTaxMonthly += higherRateTaxable * 0.40; remainingTaxable = Math.max(0, remainingTaxable – monthlyHigherRateBand); // Additional Rate incomeTaxMonthly += remainingTaxable * 0.45; // — National Insurance Calculation — var niMonthly = 0; var niableIncomeMonthly = grossMonthly – monthlyPensionContribution; // NI is also calculated on income after pension if (niableIncomeMonthly < 0) niableIncomeMonthly = 0; var niAbovePT = Math.max(0, niableIncomeMonthly – niPTMonthly); var niBasicBand = Math.min(niAbovePT, niUELMonthly – niPTMonthly); niMonthly += niBasicBand * 0.10; // 10% rate var niAboveUEL = Math.max(0, niAbovePT – (niUELMonthly – niPTMonthly)); niMonthly += niAboveUEL * 0.02; // 2% rate // — Student Loan Repayment — var studentLoanMonthly = 0; if (studentLoanPlan !== 'none') { var incomeAboveThreshold = Math.max(0, grossMonthly – studentLoanThresholdMonthly); studentLoanMonthly = incomeAboveThreshold * 0.09; } // — Net Pay Calculation — var totalDeductionsMonthly = incomeTaxMonthly + niMonthly + monthlyPensionContribution + studentLoanMonthly; var netMonthlyPay = grossMonthly – totalDeductionsMonthly; // — Annual Totals — var netAnnualPay = netMonthlyPay * 12; var annualIncomeTax = incomeTaxMonthly * 12; var annualNIDeduction = niMonthly * 12; var annualPensionContribution = monthlyPensionContribution * 12; var annualStudentLoan = studentLoanMonthly * 12; // — Display Results — var resultsHtml = '

Your Estimated Pay (2024/2025 Tax Year)

'; resultsHtml += 'Gross Monthly Pay: £' + grossMonthly.toFixed(2) + "; resultsHtml += 'Gross Annual Pay: £' + annualGrossSalary.toFixed(2) + "; resultsHtml += '

'; resultsHtml += 'Monthly Deductions:'; resultsHtml += '

Income Tax: £' + incomeTaxMonthly.toFixed(2) + '
National Insurance: £' + niMonthly.toFixed(2) + '
Pension Contribution: £' + monthlyPensionContribution.toFixed(2) + '
Student Loan: £' + studentLoanMonthly.toFixed(2) + '

'; resultsHtml += 'Total Monthly Deductions: £' + totalDeductionsMonthly.toFixed(2) + "; resultsHtml += '

'; resultsHtml += 'Net Monthly Pay (Take-Home): £' + netMonthlyPay.toFixed(2) + "; resultsHtml += 'Net Annual Pay (Take-Home): £' + netAnnualPay.toFixed(2) + "; document.getElementById('payResults').innerHTML = resultsHtml; } // Run calculation on page load with default values window.onload = calculatePayUK;