Boris Johnson Tax Calculator - £ 29,000.00 Salary Example (£29K Salary)

This Salary and Tax Calculator is provided to illustrate how Boris Johnsons planned changes to the higher Rate Income Tax Threshold will affect a £ 29,000.00 Salary (£29K Salary). The illustration also includes an overview of a current 2023 salary example for £ 29,000.00 and an salary example for £ 29,000.00 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.

£ 29,000.00 Salary Comparison

What	Current (2019)	Boris £80k Higher Rate Threshold	iCalculator™ £30k Personal Allowance
Net Pay	19769.84	19744.88	18234.88
Difference	n/a	-24.959999999999	-1534.96
Take Home	68.17%	68.09%	62.88%

You can see a detailed salary overview for each of these calculations below.

About the Boris Johnson Salary Examples

In order to provide a like-for-like salary comparison against our three tax scenarios, we have used the following defaults:

1. Annual Salary before tax: £ 29,000.00
2. The individual is part of a company pension scheme
   1. An Employer Pension Contribution of 5% has been applied
   2. An Employee Pension Contribution of 3% has been applied
3. A standard tax code has been used
4. Salary is calculated over a full tax year
5. There are no salary sacrifice options included
6. There are no special National Insurance Contibutions rules /exemptions (Employer or Employee)

2023 Salary Example for £ 29,000.00 (Current)

£ 29,000.00 Salary Example 2023/24 Tax Year

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	29,000.00	2,416.67	2,230.77	1,115.38	557.69	114.62	15.93	100.00%
Adjusted Gross Income2	27,550.00	2,295.83	2,119.23	1,059.62	529.81	108.89	15.14	95.00%
Company Pension: Employee	1,450.00	120.83	111.54	55.77	27.88	5.73	0.80	5.00%
Company Pension: Employer	870.00	72.50	66.92	33.46	16.73	3.44	0.48	3.00%
Taxable Pay	27,550.00	2,295.83	2,119.23	1,059.62	529.81	108.89	15.14	95.00%
Tax Due [PAYE]	5,510.00	459.17	423.85	211.92	105.96	21.78	3.03	19.00%
National Insurance	2,270.16	189.18	174.63	87.31	43.66	8.97	1.25	7.83%
Total Pay Deductions	9,230.16	769.18	710.01	355.01	177.50	36.48	5.07	31.83%
Net Pay	19,769.84	1,647.49	1,520.76	760.38	380.19	78.14	10.86	68.17%
Employers NIC Contribution	2,610.68	217.56	200.82	100.41	50.21	10.32	1.43	9.00%
Salary Package [Cost of Employee]	32,480.68	2,706.72	2,498.51	1,249.26	624.63	128.38	17.85	112.00%

¹ Percentage expressed in relation to Gross Income [£ 27,550.00].

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2023 Salary Example for £ 29,000.00 (Planned by Boris Johnson)

£ 29,000.00 Salary Example 2023/24 Tax Year (Planned by Boris Johnson)

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	29,000.00	2,416.67	2,230.77	1,115.38	557.69	114.62	15.93	100.00%
Adjusted Gross Income2	27,550.00	2,295.83	2,119.23	1,059.62	529.81	108.89	15.14	95.00%
Company Pension: Employee	1,450.00	120.83	111.54	55.77	27.88	5.73	0.80	5.00%
Company Pension: Employer	870.00	72.50	66.92	33.46	16.73	3.44	0.48	3.00%
Taxable Pay	27,550.00	2,295.83	2,119.23	1,059.62	529.81	108.89	15.14	95.00%
Tax Due [PAYE]	5,510.00	459.17	423.85	211.92	105.96	21.78	3.03	19.00%
National Insurance	2,295.12	191.26	176.55	88.27	44.14	9.07	1.26	7.91%
Total Pay Deductions	9,255.12	771.26	711.93	355.97	177.98	36.58	5.09	31.91%
Net Pay	19,744.88	1,645.41	1,518.84	759.42	379.71	78.04	10.85	68.09%
Employers NIC Contribution	2,639.39	219.95	203.03	101.51	50.76	10.43	1.45	9.10%
Salary Package [Cost of Employee]	32,509.39	2,709.12	2,500.72	1,250.36	625.18	128.50	17.86	112.10%

¹ Percentage expressed in relation to Gross Income [£ 27,550.00].

2023 Salary Example for £ 29,000.00 (Suggested by iCalculator)

£ 29,000.00 Salary Example 2023/24 Tax Year (Suggested by iCalculator)

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	29,000.00	2,416.67	2,230.77	1,115.38	557.69	114.62	15.93	100.00%
Adjusted Gross Income2	27,550.00	2,295.83	2,119.23	1,059.62	529.81	108.89	15.14	95.00%
Company Pension: Employee	1,450.00	120.83	111.54	55.77	27.88	5.73	0.80	5.00%
Company Pension: Employer	870.00	72.50	66.92	33.46	16.73	3.44	0.48	3.00%
Taxable Pay	27,550.00	2,295.83	2,119.23	1,059.62	529.81	108.89	15.14	95.00%
Tax Due [PAYE]	7,020.00	585.00	540.00	270.00	135.00	27.75	3.86	24.21%
National Insurance	2,295.12	191.26	176.55	88.27	44.14	9.07	1.26	7.91%
Total Pay Deductions	10,765.12	897.09	828.09	414.04	207.02	42.55	5.91	37.12%
Net Pay	18,234.88	1,519.57	1,402.68	701.34	350.67	72.07	10.02	62.88%
Employers NIC Contribution	2,639.39	219.95	203.03	101.51	50.76	10.43	1.45	9.10%
Salary Package [Cost of Employee]	32,509.39	2,709.12	2,500.72	1,250.36	625.18	128.50	17.86	112.10%

¹ Percentage expressed in relation to Gross Income [£ 27,550.00].

Further Reading

Boris Johnsons Plan for changes to the Higher Rate Tax Threshold

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