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Boris Johnson Tax Calculator - £ 43,000.00 Salary Example (£43K 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 £ 43,000.00 Salary (£43K Salary). The illustration also includes an overview of a current 2023 salary example for £ 43,000.00 and an salary example for £ 43,000.00 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.
| What | Current (2019) | Boris £80k Higher Rate Threshold | iCalculator™ £30k Personal Allowance |
|---|---|---|---|
| Net Pay | 28143.84 | 28788.88 | 24618.88 |
| Difference | n/a | 645.04 | -3524.96 |
| Take Home | 65.45% | 66.95% | 57.25% |
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:
- Annual Salary before tax: £ 43,000.00
- The individual is part of a company pension scheme
- An Employer Pension Contribution of 5% has been applied
- An Employee Pension Contribution of 3% has been applied
- A standard tax code has been used
- Salary is calculated over a full tax year
- There are no salary sacrifice options included
- There are no special National Insurance Contibutions rules /exemptions (Employer or Employee)
2023 Salary Example for £ 43,000.00 (Current)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 43,000.00 | 3,583.33 | 3,307.69 | 1,653.85 | 826.92 | 169.96 | 23.63 | 100.00% |
| Adjusted Gross Income2 | 40,850.00 | 3,404.17 | 3,142.31 | 1,571.15 | 785.58 | 161.46 | 22.45 | 95.00% |
| Company Pension: Employee | 2,150.00 | 179.17 | 165.38 | 82.69 | 41.35 | 8.50 | 1.18 | 5.00% |
| Company Pension: Employer | 1,290.00 | 107.50 | 99.23 | 49.62 | 24.81 | 5.10 | 0.71 | 3.00% |
| Taxable Pay | 40,850.00 | 3,404.17 | 3,142.31 | 1,571.15 | 785.58 | 161.46 | 22.45 | 95.00% |
| Tax Due [PAYE] | 8,840.00 | 736.67 | 680.00 | 340.00 | 170.00 | 34.94 | 4.86 | 20.56% |
| National Insurance | 3,866.16 | 322.18 | 297.40 | 148.70 | 74.35 | 15.28 | 2.12 | 8.99% |
| Total Pay Deductions | 14,856.16 | 1,238.01 | 1,142.78 | 571.39 | 285.70 | 58.72 | 8.16 | 34.55% |
| Net Pay | 28,143.84 | 2,345.32 | 2,164.91 | 1,082.46 | 541.23 | 111.24 | 15.46 | 65.45% |
| Employers NIC Contribution | 4,446.08 | 370.51 | 342.01 | 171.00 | 85.50 | 17.57 | 2.44 | 10.34% |
| Salary Package [Cost of Employee] | 48,736.08 | 4,061.34 | 3,748.93 | 1,874.46 | 937.23 | 192.63 | 26.78 | 113.34% |
1 Percentage expressed in relation to Gross Income [£ 40,850.00].
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2023 Salary Example for £ 43,000.00 (Planned by Boris Johnson)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 43,000.00 | 3,583.33 | 3,307.69 | 1,653.85 | 826.92 | 169.96 | 23.63 | 100.00% |
| Adjusted Gross Income2 | 40,850.00 | 3,404.17 | 3,142.31 | 1,571.15 | 785.58 | 161.46 | 22.45 | 95.00% |
| Company Pension: Employee | 2,150.00 | 179.17 | 165.38 | 82.69 | 41.35 | 8.50 | 1.18 | 5.00% |
| Company Pension: Employer | 1,290.00 | 107.50 | 99.23 | 49.62 | 24.81 | 5.10 | 0.71 | 3.00% |
| Taxable Pay | 40,850.00 | 3,404.17 | 3,142.31 | 1,571.15 | 785.58 | 161.46 | 22.45 | 95.00% |
| Tax Due [PAYE] | 8,170.00 | 680.83 | 628.46 | 314.23 | 157.12 | 32.29 | 4.49 | 19.00% |
| National Insurance | 3,891.12 | 324.26 | 299.32 | 149.66 | 74.83 | 15.38 | 2.14 | 9.05% |
| Total Pay Deductions | 14,211.12 | 1,184.26 | 1,093.16 | 546.58 | 273.29 | 56.17 | 7.81 | 33.05% |
| Net Pay | 28,788.88 | 2,399.07 | 2,214.53 | 1,107.26 | 553.63 | 113.79 | 15.82 | 66.95% |
| Employers NIC Contribution | 4,474.79 | 372.90 | 344.21 | 172.11 | 86.05 | 17.69 | 2.46 | 10.41% |
| Salary Package [Cost of Employee] | 48,764.79 | 4,063.73 | 3,751.14 | 1,875.57 | 937.78 | 192.75 | 26.79 | 113.41% |
1 Percentage expressed in relation to Gross Income [£ 40,850.00].
2023 Salary Example for £ 43,000.00 (Suggested by iCalculator)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 43,000.00 | 3,583.33 | 3,307.69 | 1,653.85 | 826.92 | 169.96 | 23.63 | 100.00% |
| Adjusted Gross Income2 | 40,850.00 | 3,404.17 | 3,142.31 | 1,571.15 | 785.58 | 161.46 | 22.45 | 95.00% |
| Company Pension: Employee | 2,150.00 | 179.17 | 165.38 | 82.69 | 41.35 | 8.50 | 1.18 | 5.00% |
| Company Pension: Employer | 1,290.00 | 107.50 | 99.23 | 49.62 | 24.81 | 5.10 | 0.71 | 3.00% |
| Taxable Pay | 40,850.00 | 3,404.17 | 3,142.31 | 1,571.15 | 785.58 | 161.46 | 22.45 | 95.00% |
| Tax Due [PAYE] | 12,340.00 | 1,028.33 | 949.23 | 474.62 | 237.31 | 48.77 | 6.78 | 28.70% |
| National Insurance | 3,891.12 | 324.26 | 299.32 | 149.66 | 74.83 | 15.38 | 2.14 | 9.05% |
| Total Pay Deductions | 18,381.12 | 1,531.76 | 1,413.93 | 706.97 | 353.48 | 72.65 | 10.10 | 42.75% |
| Net Pay | 24,618.88 | 2,051.57 | 1,893.76 | 946.88 | 473.44 | 97.31 | 13.53 | 57.25% |
| Employers NIC Contribution | 4,474.79 | 372.90 | 344.21 | 172.11 | 86.05 | 17.69 | 2.46 | 10.41% |
| Salary Package [Cost of Employee] | 48,764.79 | 4,063.73 | 3,751.14 | 1,875.57 | 937.78 | 192.75 | 26.79 | 113.41% |
1 Percentage expressed in relation to Gross Income [£ 40,850.00].
Further Reading
Boris Johnsons Plan for changes to the Higher Rate Tax Threshold
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