UK PAYE Income Calculator 2012/2013
iCalculator UK PAYE Calculator is updated for the 2012 - 2013 tax year. You can calculate your take home pay based of your annual income and include tax deductable elements such as pensions and student loans.
iCalculator also provides historical UK PAYE figures so you can review how much tax you have paid in previous tax years.
See the guide below for specific information on each element that is taken into account when calculating your take home pay.
HMRC Pension ContributionsYou pay Income Tax on your earnings before any pension contribution, but the pension provider claims tax back from the government at the basic rate of 20 per cent. In practice, this means that for every £8.00 you pay into your pension, you end up with £10.00 in your pension pot. If you pay tax at higher rate, you can claim the difference through your tax return or by telephoning or writing to HMRC. If you're an additional rate taxpayer you'll have to claim the difference through your tax return.
Income, Tax Allowances and your Pay - Further Reading.
Useful References |