Boris Johnson Tax Calculator - £ 41,000.00 Salary Example (£41K 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 £ 41,000.00 Salary (£41K Salary). The illustration also includes an overview of a current 2023 salary example for £ 41,000.00 and an salary example for £ 41,000.00 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.

£ 41,000.00 Salary Comparison

What	Current (2019)	Boris £80k Higher Rate Threshold	iCalculator™ £30k Personal Allowance
Net Pay	27231.84	27496.88	23706.88
Difference	n/a	265.04	-3524.96
Take Home	66.42%	67.07%	57.82%

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: £ 41,000.00
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 £ 41,000.00 (Current)

£ 41,000.00 Salary Example 2023/24 Tax Year

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	41,000.00	3,416.67	3,153.85	1,576.92	788.46	162.06	22.53	100.00%
Adjusted Gross Income2	38,950.00	3,245.83	2,996.15	1,498.08	749.04	153.95	21.40	95.00%
Company Pension: Employee	2,050.00	170.83	157.69	78.85	39.42	8.10	1.13	5.00%
Company Pension: Employer	1,230.00	102.50	94.62	47.31	23.65	4.86	0.68	3.00%
Taxable Pay	38,950.00	3,245.83	2,996.15	1,498.08	749.04	153.95	21.40	95.00%
Tax Due [PAYE]	8,080.00	673.33	621.54	310.77	155.38	31.94	4.44	19.71%
National Insurance	3,638.16	303.18	279.86	139.93	69.96	14.38	2.00	8.87%
Total Pay Deductions	13,768.16	1,147.35	1,059.09	529.54	264.77	54.42	7.56	33.58%
Net Pay	27,231.84	2,269.32	2,094.76	1,047.38	523.69	107.64	14.96	66.42%
Employers NIC Contribution	4,183.88	348.66	321.84	160.92	80.46	16.54	2.30	10.20%
Salary Package [Cost of Employee]	46,413.88	3,867.82	3,570.30	1,785.15	892.57	183.45	25.50	113.20%

¹ Percentage expressed in relation to Gross Income [£ 38,950.00].

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2023 Salary Example for £ 41,000.00 (Planned by Boris Johnson)

£ 41,000.00 Salary Example 2023/24 Tax Year (Planned by Boris Johnson)

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	41,000.00	3,416.67	3,153.85	1,576.92	788.46	162.06	22.53	100.00%
Adjusted Gross Income2	38,950.00	3,245.83	2,996.15	1,498.08	749.04	153.95	21.40	95.00%
Company Pension: Employee	2,050.00	170.83	157.69	78.85	39.42	8.10	1.13	5.00%
Company Pension: Employer	1,230.00	102.50	94.62	47.31	23.65	4.86	0.68	3.00%
Taxable Pay	38,950.00	3,245.83	2,996.15	1,498.08	749.04	153.95	21.40	95.00%
Tax Due [PAYE]	7,790.00	649.17	599.23	299.62	149.81	30.79	4.28	19.00%
National Insurance	3,663.12	305.26	281.78	140.89	70.44	14.48	2.01	8.93%
Total Pay Deductions	13,503.12	1,125.26	1,038.70	519.35	259.68	53.37	7.42	32.93%
Net Pay	27,496.88	2,291.41	2,115.14	1,057.57	528.79	108.68	15.11	67.07%
Employers NIC Contribution	4,212.59	351.05	324.05	162.02	81.01	16.65	2.31	10.27%
Salary Package [Cost of Employee]	46,442.59	3,870.22	3,572.51	1,786.25	893.13	183.57	25.52	113.27%

¹ Percentage expressed in relation to Gross Income [£ 38,950.00].

2023 Salary Example for £ 41,000.00 (Suggested by iCalculator)

£ 41,000.00 Salary Example 2023/24 Tax Year (Suggested by iCalculator)

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	41,000.00	3,416.67	3,153.85	1,576.92	788.46	162.06	22.53	100.00%
Adjusted Gross Income2	38,950.00	3,245.83	2,996.15	1,498.08	749.04	153.95	21.40	95.00%
Company Pension: Employee	2,050.00	170.83	157.69	78.85	39.42	8.10	1.13	5.00%
Company Pension: Employer	1,230.00	102.50	94.62	47.31	23.65	4.86	0.68	3.00%
Taxable Pay	38,950.00	3,245.83	2,996.15	1,498.08	749.04	153.95	21.40	95.00%
Tax Due [PAYE]	11,580.00	965.00	890.77	445.38	222.69	45.77	6.36	28.24%
National Insurance	3,663.12	305.26	281.78	140.89	70.44	14.48	2.01	8.93%
Total Pay Deductions	17,293.12	1,441.09	1,330.24	665.12	332.56	68.35	9.50	42.18%
Net Pay	23,706.88	1,975.57	1,823.61	911.80	455.90	93.70	13.03	57.82%
Employers NIC Contribution	4,212.59	351.05	324.05	162.02	81.01	16.65	2.31	10.27%
Salary Package [Cost of Employee]	46,442.59	3,870.22	3,572.51	1,786.25	893.13	183.57	25.52	113.27%

¹ Percentage expressed in relation to Gross Income [£ 38,950.00].

Further Reading

Boris Johnsons Plan for changes to the Higher Rate Tax Threshold

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