How to work out part time salary based on yearly wage ??

[andy15star]

Hi, can anyone tell me how to work out what my monthly wage would be based on this:
"Salary £11,410 to £16,001 pro-rata"....... i would be doing part time 20 hours per week.

Is the £11,410 based on a 37.5 hour week, so that my wage would be (20/37.5) x £11,410 = £6,085p.a. (equating to £6085 / 12 = £507 per month) ?

Would there be much tax to come off as my tax code was 647L before i was made redundant, so would my tax code still remain at 647L ?

If so then i wouldn't pay tax on £6,085 p.a. would i ?

Best Regards,
Andy

[cathfromsaron]

yes you are right

total pay
divided by whole hours
multiplied by your hours

then to find out about tax and NI put "take home pay" into google!

if you have kids the code will stay at L

cath x

[ChuckFickens]

"Is the £11,410 based on a 37.5 hour week"

How would anyone know that? it's likely it is but the only way to find out would be to ask the company involved.

[factor-fiction]

The tax allowance of 6470 applies to all earnings in teh tax year not to earnings in each job. For this tax year the amount of tax you pay will depend on how much pay you earned before (including redundancy pay), how much tax you've already paid this year and your salary in this new job.
But the tax year is nearly over- there's only five weeks left. In teh new tax year you probably won't have to pay tax unless you have other income (pensions, interest)

[andy15star]

Cheers all, yeah the redundancy payment was already taxed at source, so i'm not sure if they can tax it again ??. I'm not sure of the full-time hours, it simply says "£11410 to £16001 pro rata", so i'm assuming that in "Worst Case Scenario" it has to be at least "minimum wage" of £5.93p/hr, which still equates to a little over £500 per calender month. I can just about manage on £500 per month (no mortgage or kids!), but no less than £500.

Best Regards,
Andy

[andy15star]

PS Also, i worked all last year until redundant at the end of October (2010), so may i be due a tax rebate ?. My code was 647L throughout and got around £14,400 py.

Best Regards,
Andy

[dotty.]

so anything you earned over 6470 was taxable

[andy15star]

Yes i think that's correct. So i should be up to date on tax. From April to October 2010 my pay was a constant £14,400py, and i didn't work Nov, Dec, Jan or this month.

Regards,
Andy

[boxtops]

chances are then, andy, that you might be due some tax back - the spread of PAYE deductions assumes that you are working/paid equal amounts all throughout the year. The tax will sort itself out when you give your P45 to the new employer - the tax office will issue a recoding notice (although it's a bit short notice to get it all corrected before 5 April this year).

[jedimistress]

Redundancy pay under £30,000 is not taxable.

[andy15star]

Cheers boxtops!, yeah i just don't want to find myself owing the tax office money :( !!

Yeah the redundancy was £39,886, so £9,886 was taxable (£1977 was deducted in tax in the end). Does this count towards a rebate of tax in the future ?

Best Regards,
Andy

[factor-fiction]

"Does this count towards a rebate of tax in the future "
Sorry, I don't understand the question. The taxable element of your redundancy pay (the £9886) counts as part of your income and was taxed at 20%. This will be added to all your other income for the tax year and the tax due for the year will be worked out from this, taking account of your personal allowance. You will probably get a rebate for the reasons given by boxtops- either as a lump sum or by an adjustment to your tax code for your March payslip.
Then from April the tax year starts afresh and unless you have other income you will probably not pay tax as your income is below the tax threshold.
I doubt the interest on your £30000 savings will be enough to put your total income past the threshold. if your interest is taxed at source you should fill in a form to get it paid gross from April 2011.

[andy15star]

Thanks, i'm not too clever with tax issues, so i don't really understand. I just want to make sure i don't end up owing them money (which i doubt will happen anyway).

All i do know id that during last year i worked from the beginning of the tax year until 22/10/10. My pay was £14,400 py. Redundancy was just shy of £40k, and i paid tax on £9,886 of it (equating to £1,977 paid in tax).

Will the tax office expect me to chase up any money they owe me, or do they do it automatically and send any due money out to me ?

(Pardon my cluelessness!, i've worked all my life and never had any tax complications!)

Regards,
Andy