My Pay Calculator blogs

Chancellor Rachel Reeves announced tax increases that will affect investors, particularly through higher capital gains tax and changes to inheritance tax. However, there are effective ways to manage these impacts on your savings and investments, primarily by using ISAs and pensions.

This guide breaks down the four main payment options, helping you get the best value for your money while traveling.

£25000 after tax is £21,519.60 per year or £1,793.30 per month in the UK after removing income tax and national insurance.

£45000 after tax is £35,919.60 per year or £2,993.30 per month in the UK after removing income tax and national insurance.

£50k after tax is £39,519.60 per year or £3293.30 per month after removing income tax and national insurance. Assuming you have no pension contributions.

Income tax is a levy on your personal earnings. In other words, it’s the tax you pay on the money you make. Once your income exceeds your personal allowance, you’re required to pay tax on certain types of income.

Backpay is treated as regular income and is subject to income tax and National Insurance Contributions (NICs). However, due to its lump-sum nature, it can temporarily increase your taxable income for the month it is paid, potentially affecting your tax bracket.

On July 29, 2024, the Labour government announced that it would adopt the recommendation to raise Wales NHS salaries by 5.5% for all employees under the Agenda for Change pay scale. This page details the adjustments to NHS compensation following these recommendations.

The Scottish Government has not tasked the NHS Pay Review Body (PRB) with making pay recommendations for Scotland for over six years, opting instead for direct negotiations with trade unions annually.

On July 29, 2024, the Labour government announced its acceptance of a recommendation to increase NHS pay by 5.5% for all staff on the Agenda for Change payscale.