This Salary and Tax Calculator is provided to illustrate how Boris Johnsons planned changes to the higher Rate Income Tax Threshold will affect a £ 31,000.00 Salary (£31K Salary). The illustration also includes an overview of a current 2023 salary example for £ 31,000.00 and an salary example for £ 31,000.00 if the personal allowance were to be increase to £30k (a solution which would affect all tax ayers, not just those who earner over £50k.
What | Current (2019) | Boris £80k Higher Rate Threshold | iCalculator™ £30k Personal Allowance |
---|---|---|---|
Net Pay | 21061.84 | 21036.88 | 19146.88 |
Difference | n/a | -24.959999999999 | -1914.96 |
Take Home | 67.94% | 67.86% | 61.76% |
You can see a detailed salary overview for each of these calculations below.
In order to provide a like-for-like salary comparison against our three tax scenarios, we have used the following defaults:
Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
---|---|---|---|---|---|---|---|---|
Gross Income | 31,000.00 | 2,583.33 | 2,384.62 | 1,192.31 | 596.15 | 122.53 | 17.03 | 100.00% |
Adjusted Gross Income2 | 29,450.00 | 2,454.17 | 2,265.38 | 1,132.69 | 566.35 | 116.40 | 16.18 | 95.00% |
Company Pension: Employee | 1,550.00 | 129.17 | 119.23 | 59.62 | 29.81 | 6.13 | 0.85 | 5.00% |
Company Pension: Employer | 930.00 | 77.50 | 71.54 | 35.77 | 17.88 | 3.68 | 0.51 | 3.00% |
Taxable Pay | 29,450.00 | 2,454.17 | 2,265.38 | 1,132.69 | 566.35 | 116.40 | 16.18 | 95.00% |
Tax Due [PAYE] | 5,890.00 | 490.83 | 453.08 | 226.54 | 113.27 | 23.28 | 3.24 | 19.00% |
National Insurance | 2,498.16 | 208.18 | 192.17 | 96.08 | 48.04 | 9.87 | 1.37 | 8.06% |
Total Pay Deductions | 9,938.16 | 828.18 | 764.47 | 382.24 | 191.12 | 39.28 | 5.46 | 32.06% |
Net Pay | 21,061.84 | 1,755.15 | 1,620.14 | 810.07 | 405.04 | 83.25 | 11.57 | 67.94% |
Employers NIC Contribution | 2,872.88 | 239.41 | 220.99 | 110.50 | 55.25 | 11.36 | 1.58 | 9.27% |
Salary Package [Cost of Employee] | 34,802.88 | 2,900.24 | 2,677.14 | 1,338.57 | 669.29 | 137.56 | 19.12 | 112.27% |
1 Percentage expressed in relation to Gross Income [£ 29,450.00].
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Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
---|---|---|---|---|---|---|---|---|
Gross Income | 31,000.00 | 2,583.33 | 2,384.62 | 1,192.31 | 596.15 | 122.53 | 17.03 | 100.00% |
Adjusted Gross Income2 | 29,450.00 | 2,454.17 | 2,265.38 | 1,132.69 | 566.35 | 116.40 | 16.18 | 95.00% |
Company Pension: Employee | 1,550.00 | 129.17 | 119.23 | 59.62 | 29.81 | 6.13 | 0.85 | 5.00% |
Company Pension: Employer | 930.00 | 77.50 | 71.54 | 35.77 | 17.88 | 3.68 | 0.51 | 3.00% |
Taxable Pay | 29,450.00 | 2,454.17 | 2,265.38 | 1,132.69 | 566.35 | 116.40 | 16.18 | 95.00% |
Tax Due [PAYE] | 5,890.00 | 490.83 | 453.08 | 226.54 | 113.27 | 23.28 | 3.24 | 19.00% |
National Insurance | 2,523.12 | 210.26 | 194.09 | 97.04 | 48.52 | 9.97 | 1.39 | 8.14% |
Total Pay Deductions | 9,963.12 | 830.26 | 766.39 | 383.20 | 191.60 | 39.38 | 5.47 | 32.14% |
Net Pay | 21,036.88 | 1,753.07 | 1,618.22 | 809.11 | 404.56 | 83.15 | 11.56 | 67.86% |
Employers NIC Contribution | 2,901.59 | 241.80 | 223.20 | 111.60 | 55.80 | 11.47 | 1.59 | 9.36% |
Salary Package [Cost of Employee] | 34,831.59 | 2,902.63 | 2,679.35 | 1,339.68 | 669.84 | 137.67 | 19.14 | 112.36% |
1 Percentage expressed in relation to Gross Income [£ 29,450.00].
Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
---|---|---|---|---|---|---|---|---|
Gross Income | 31,000.00 | 2,583.33 | 2,384.62 | 1,192.31 | 596.15 | 122.53 | 17.03 | 100.00% |
Adjusted Gross Income2 | 29,450.00 | 2,454.17 | 2,265.38 | 1,132.69 | 566.35 | 116.40 | 16.18 | 95.00% |
Company Pension: Employee | 1,550.00 | 129.17 | 119.23 | 59.62 | 29.81 | 6.13 | 0.85 | 5.00% |
Company Pension: Employer | 930.00 | 77.50 | 71.54 | 35.77 | 17.88 | 3.68 | 0.51 | 3.00% |
Taxable Pay | 29,450.00 | 2,454.17 | 2,265.38 | 1,132.69 | 566.35 | 116.40 | 16.18 | 95.00% |
Tax Due [PAYE] | 7,780.00 | 648.33 | 598.46 | 299.23 | 149.62 | 30.75 | 4.27 | 25.10% |
National Insurance | 2,523.12 | 210.26 | 194.09 | 97.04 | 48.52 | 9.97 | 1.39 | 8.14% |
Total Pay Deductions | 11,853.12 | 987.76 | 911.78 | 455.89 | 227.94 | 46.85 | 6.51 | 38.24% |
Net Pay | 19,146.88 | 1,595.57 | 1,472.84 | 736.42 | 368.21 | 75.68 | 10.52 | 61.76% |
Employers NIC Contribution | 2,901.59 | 241.80 | 223.20 | 111.60 | 55.80 | 11.47 | 1.59 | 9.36% |
Salary Package [Cost of Employee] | 34,831.59 | 2,902.63 | 2,679.35 | 1,339.68 | 669.84 | 137.67 | 19.14 | 112.36% |
1 Percentage expressed in relation to Gross Income [£ 29,450.00].
Boris Johnsons Plan for changes to the Higher Rate Tax Threshold
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