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Boris Johnson Tax Calculator - £ 47,000.00 Salary Example (£47K 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 £ 47,000.00 Salary (£47K Salary). The illustration also includes an overview of a current 2023 salary example for £ 47,000.00 and an salary example for £ 47,000.00 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 | 29967.84 | 31372.88 | 26442.88 |
| Difference | n/a | 1405.04 | -3524.96 |
| Take Home | 63.76% | 66.75% | 56.26% |
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: £ 47,000.00
- 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 £ 47,000.00 (Current)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 47,000.00 | 3,916.67 | 3,615.38 | 1,807.69 | 903.85 | 185.77 | 25.82 | 100.00% |
| Adjusted Gross Income2 | 44,650.00 | 3,720.83 | 3,434.62 | 1,717.31 | 858.65 | 176.48 | 24.53 | 95.00% |
| Company Pension: Employee | 2,350.00 | 195.83 | 180.77 | 90.38 | 45.19 | 9.29 | 1.29 | 5.00% |
| Company Pension: Employer | 1,410.00 | 117.50 | 108.46 | 54.23 | 27.12 | 5.57 | 0.77 | 3.00% |
| Taxable Pay | 44,650.00 | 3,720.83 | 3,434.62 | 1,717.31 | 858.65 | 176.48 | 24.53 | 95.00% |
| Tax Due [PAYE] | 10,360.00 | 863.33 | 796.92 | 398.46 | 199.23 | 40.95 | 5.69 | 22.04% |
| National Insurance | 4,322.16 | 360.18 | 332.47 | 166.24 | 83.12 | 17.08 | 2.37 | 9.20% |
| Total Pay Deductions | 17,032.16 | 1,419.35 | 1,310.17 | 655.08 | 327.54 | 67.32 | 9.36 | 36.24% |
| Net Pay | 29,967.84 | 2,497.32 | 2,305.22 | 1,152.61 | 576.30 | 118.45 | 16.47 | 63.76% |
| Employers NIC Contribution | 4,970.48 | 414.21 | 382.34 | 191.17 | 95.59 | 19.65 | 2.73 | 10.58% |
| Salary Package [Cost of Employee] | 53,380.48 | 4,448.37 | 4,106.19 | 2,053.10 | 1,026.55 | 210.99 | 29.33 | 113.58% |
1 Percentage expressed in relation to Gross Income [£ 44,650.00].
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2023 Salary Example for £ 47,000.00 (Planned by Boris Johnson)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 47,000.00 | 3,916.67 | 3,615.38 | 1,807.69 | 903.85 | 185.77 | 25.82 | 100.00% |
| Adjusted Gross Income2 | 44,650.00 | 3,720.83 | 3,434.62 | 1,717.31 | 858.65 | 176.48 | 24.53 | 95.00% |
| Company Pension: Employee | 2,350.00 | 195.83 | 180.77 | 90.38 | 45.19 | 9.29 | 1.29 | 5.00% |
| Company Pension: Employer | 1,410.00 | 117.50 | 108.46 | 54.23 | 27.12 | 5.57 | 0.77 | 3.00% |
| Taxable Pay | 44,650.00 | 3,720.83 | 3,434.62 | 1,717.31 | 858.65 | 176.48 | 24.53 | 95.00% |
| Tax Due [PAYE] | 8,930.00 | 744.17 | 686.92 | 343.46 | 171.73 | 35.30 | 4.91 | 19.00% |
| National Insurance | 4,347.12 | 362.26 | 334.39 | 167.20 | 83.60 | 17.18 | 2.39 | 9.25% |
| Total Pay Deductions | 15,627.12 | 1,302.26 | 1,202.09 | 601.04 | 300.52 | 61.77 | 8.59 | 33.25% |
| Net Pay | 31,372.88 | 2,614.41 | 2,413.30 | 1,206.65 | 603.32 | 124.00 | 17.24 | 66.75% |
| Employers NIC Contribution | 4,999.19 | 416.60 | 384.55 | 192.28 | 96.14 | 19.76 | 2.75 | 10.64% |
| Salary Package [Cost of Employee] | 53,409.19 | 4,450.77 | 4,108.40 | 2,054.20 | 1,027.10 | 211.10 | 29.35 | 113.64% |
1 Percentage expressed in relation to Gross Income [£ 44,650.00].
2023 Salary Example for £ 47,000.00 (Suggested by iCalculator)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 47,000.00 | 3,916.67 | 3,615.38 | 1,807.69 | 903.85 | 185.77 | 25.82 | 100.00% |
| Adjusted Gross Income2 | 44,650.00 | 3,720.83 | 3,434.62 | 1,717.31 | 858.65 | 176.48 | 24.53 | 95.00% |
| Company Pension: Employee | 2,350.00 | 195.83 | 180.77 | 90.38 | 45.19 | 9.29 | 1.29 | 5.00% |
| Company Pension: Employer | 1,410.00 | 117.50 | 108.46 | 54.23 | 27.12 | 5.57 | 0.77 | 3.00% |
| Taxable Pay | 44,650.00 | 3,720.83 | 3,434.62 | 1,717.31 | 858.65 | 176.48 | 24.53 | 95.00% |
| Tax Due [PAYE] | 13,860.00 | 1,155.00 | 1,066.15 | 533.08 | 266.54 | 54.78 | 7.62 | 29.49% |
| National Insurance | 4,347.12 | 362.26 | 334.39 | 167.20 | 83.60 | 17.18 | 2.39 | 9.25% |
| Total Pay Deductions | 20,557.12 | 1,713.09 | 1,581.32 | 790.66 | 395.33 | 81.25 | 11.30 | 43.74% |
| Net Pay | 26,442.88 | 2,203.57 | 2,034.07 | 1,017.03 | 508.52 | 104.52 | 14.53 | 56.26% |
| Employers NIC Contribution | 4,999.19 | 416.60 | 384.55 | 192.28 | 96.14 | 19.76 | 2.75 | 10.64% |
| Salary Package [Cost of Employee] | 53,409.19 | 4,450.77 | 4,108.40 | 2,054.20 | 1,027.10 | 211.10 | 29.35 | 113.64% |
1 Percentage expressed in relation to Gross Income [£ 44,650.00].
Further Reading
Boris Johnsons Plan for changes to the Higher Rate Tax Threshold
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