Income Tax & NI Calculations

[wizzard]

Can someone tell me the Iorder in which income tax and national insurance are deducted from my salary. Earninngs are about £1350 a month gross, also an allowance of about £90 a month. Paying 3% into pension Also pay into share save schemes to the tune of £250 a month.

I've recently been left living alone due to the death of a relative and can work out that I'm about £150 a month short after paying for all outgoings from my salary but it's only a basic calculation of net to gross and doesn't take into account the allowance or saye. Looking to work out if I would at least break even if I drop the saye schemes as they mature this year and next.

[dotty.]

http://listentotaxman.com/

[mccfluff]

what's the allowance about - cos that could be taxable, can;t do it right now as i'm not at work but can check for you tom

[wizzard]

allowance is in respect of lunches - £4.83 per day

[mccfluff]

how do you get paid that?

[wizzard]

it's added to gross salary each month according to the number of days I'm eligible for it. Total credits become salary £1348.59, deduction for pension of £40.46 and addition of £91.77 last month for lunch allowances. Total credits £1399.90
Tax, NI & SAYE of £250 taken off but trying to ascertain if weighing in the SAYEs will produce enough of an increase in net salary to make up the £150 shortfall in the bills. Trying to work out how tax & ni calculated and what is and isn't taken into account in that calculation.

[mccfluff]

ok well the lunch thing include in your gross, but take off the saye, that figure will give you the gross on which you tax and ni will be calc, i work it out at around £1250 a month but i'm not sure about the pension bit, can;t remember the rules so i guessed it but i think i'm not far off.

if you need to email me at [email protected] and i'll do it more in depth at work tom