Boris Johnson Tax Calculator - £ 37,000.00 Salary Example (£37K 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 £ 37,000.00 Salary (£37K Salary). The illustration also includes an overview of a current 2023 salary example for £ 37,000.00 and an salary example for £ 37,000.00 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.

£ 37,000.00 Salary Comparison

What	Current (2019)	Boris £80k Higher Rate Threshold	iCalculator™ £30k Personal Allowance
Net Pay	24937.84	24912.88	21882.88
Difference	n/a	-24.959999999999	-3054.96
Take Home	67.40%	67.33%	59.14%

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: £ 37,000.00
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 £ 37,000.00 (Current)

£ 37,000.00 Salary Example 2023/24 Tax Year

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	37,000.00	3,083.33	2,846.15	1,423.08	711.54	146.25	20.33	100.00%
Adjusted Gross Income2	35,150.00	2,929.17	2,703.85	1,351.92	675.96	138.93	19.31	95.00%
Company Pension: Employee	1,850.00	154.17	142.31	71.15	35.58	7.31	1.02	5.00%
Company Pension: Employer	1,110.00	92.50	85.38	42.69	21.35	4.39	0.61	3.00%
Taxable Pay	35,150.00	2,929.17	2,703.85	1,351.92	675.96	138.93	19.31	95.00%
Tax Due [PAYE]	7,030.00	585.83	540.77	270.38	135.19	27.79	3.86	19.00%
National Insurance	3,182.16	265.18	244.78	122.39	61.20	12.58	1.75	8.60%
Total Pay Deductions	12,062.16	1,005.18	927.86	463.93	231.96	47.68	6.63	32.60%
Net Pay	24,937.84	2,078.15	1,918.30	959.15	479.57	98.57	13.70	67.40%
Employers NIC Contribution	3,659.48	304.96	281.50	140.75	70.37	14.46	2.01	9.89%
Salary Package [Cost of Employee]	41,769.48	3,480.79	3,213.04	1,606.52	803.26	165.10	22.95	112.89%

¹ Percentage expressed in relation to Gross Income [£ 35,150.00].

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2023 Salary Example for £ 37,000.00 (Planned by Boris Johnson)

£ 37,000.00 Salary Example 2023/24 Tax Year (Planned by Boris Johnson)

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	37,000.00	3,083.33	2,846.15	1,423.08	711.54	146.25	20.33	100.00%
Adjusted Gross Income2	35,150.00	2,929.17	2,703.85	1,351.92	675.96	138.93	19.31	95.00%
Company Pension: Employee	1,850.00	154.17	142.31	71.15	35.58	7.31	1.02	5.00%
Company Pension: Employer	1,110.00	92.50	85.38	42.69	21.35	4.39	0.61	3.00%
Taxable Pay	35,150.00	2,929.17	2,703.85	1,351.92	675.96	138.93	19.31	95.00%
Tax Due [PAYE]	7,030.00	585.83	540.77	270.38	135.19	27.79	3.86	19.00%
National Insurance	3,207.12	267.26	246.70	123.35	61.68	12.68	1.76	8.67%
Total Pay Deductions	12,087.12	1,007.26	929.78	464.89	232.44	47.78	6.64	32.67%
Net Pay	24,912.88	2,076.07	1,916.38	958.19	479.09	98.47	13.69	67.33%
Employers NIC Contribution	3,688.19	307.35	283.71	141.85	70.93	14.58	2.03	9.97%
Salary Package [Cost of Employee]	41,798.19	3,483.18	3,215.25	1,607.62	803.81	165.21	22.97	112.97%

¹ Percentage expressed in relation to Gross Income [£ 35,150.00].

2023 Salary Example for £ 37,000.00 (Suggested by iCalculator)

£ 37,000.00 Salary Example 2023/24 Tax Year (Suggested by iCalculator)

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	37,000.00	3,083.33	2,846.15	1,423.08	711.54	146.25	20.33	100.00%
Adjusted Gross Income2	35,150.00	2,929.17	2,703.85	1,351.92	675.96	138.93	19.31	95.00%
Company Pension: Employee	1,850.00	154.17	142.31	71.15	35.58	7.31	1.02	5.00%
Company Pension: Employer	1,110.00	92.50	85.38	42.69	21.35	4.39	0.61	3.00%
Taxable Pay	35,150.00	2,929.17	2,703.85	1,351.92	675.96	138.93	19.31	95.00%
Tax Due [PAYE]	10,060.00	838.33	773.85	386.92	193.46	39.76	5.53	27.19%
National Insurance	3,207.12	267.26	246.70	123.35	61.68	12.68	1.76	8.67%
Total Pay Deductions	15,117.12	1,259.76	1,162.86	581.43	290.71	59.75	8.31	40.86%
Net Pay	21,882.88	1,823.57	1,683.30	841.65	420.82	86.49	12.02	59.14%
Employers NIC Contribution	3,688.19	307.35	283.71	141.85	70.93	14.58	2.03	9.97%
Salary Package [Cost of Employee]	41,798.19	3,483.18	3,215.25	1,607.62	803.81	165.21	22.97	112.97%

¹ Percentage expressed in relation to Gross Income [£ 35,150.00].

Further Reading

Boris Johnsons Plan for changes to the Higher Rate Tax Threshold

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