Boris Johnson Tax Calculator - £ 48,000.00 Salary Example (£48K 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 £ 48,000.00 Salary (£48K Salary). The illustration also includes an overview of a current 2023 salary example for £ 48,000.00 and an salary example for £ 48,000.00 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.

£ 48,000.00 Salary Comparison

What	Current (2019)	Boris £80k Higher Rate Threshold	iCalculator™ £30k Personal Allowance
Net Pay	30423.84	32018.88	26898.88
Difference	n/a	1595.04	-3524.96
Take Home	63.38%	66.71%	56.04%

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: £ 48,000.00
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 £ 48,000.00 (Current)

£ 48,000.00 Salary Example 2023/24 Tax Year

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	48,000.00	4,000.00	3,692.31	1,846.15	923.08	189.72	26.37	100.00%
Adjusted Gross Income2	45,600.00	3,800.00	3,507.69	1,753.85	876.92	180.24	25.05	95.00%
Company Pension: Employee	2,400.00	200.00	184.62	92.31	46.15	9.49	1.32	5.00%
Company Pension: Employer	1,440.00	120.00	110.77	55.38	27.69	5.69	0.79	3.00%
Taxable Pay	45,600.00	3,800.00	3,507.69	1,753.85	876.92	180.24	25.05	95.00%
Tax Due [PAYE]	10,740.00	895.00	826.15	413.08	206.54	42.45	5.90	22.38%
National Insurance	4,436.16	369.68	341.24	170.62	85.31	17.53	2.44	9.24%
Total Pay Deductions	17,576.16	1,464.68	1,352.01	676.01	338.00	69.47	9.66	36.62%
Net Pay	30,423.84	2,535.32	2,340.30	1,170.15	585.07	120.25	16.72	63.38%
Employers NIC Contribution	5,101.58	425.13	392.43	196.21	98.11	20.16	2.80	10.63%
Salary Package [Cost of Employee]	54,541.58	4,545.13	4,195.51	2,097.75	1,048.88	215.58	29.97	113.63%

¹ Percentage expressed in relation to Gross Income [£ 45,600.00].

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2023 Salary Example for £ 48,000.00 (Planned by Boris Johnson)

£ 48,000.00 Salary Example 2023/24 Tax Year (Planned by Boris Johnson)

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	48,000.00	4,000.00	3,692.31	1,846.15	923.08	189.72	26.37	100.00%
Adjusted Gross Income2	45,600.00	3,800.00	3,507.69	1,753.85	876.92	180.24	25.05	95.00%
Company Pension: Employee	2,400.00	200.00	184.62	92.31	46.15	9.49	1.32	5.00%
Company Pension: Employer	1,440.00	120.00	110.77	55.38	27.69	5.69	0.79	3.00%
Taxable Pay	45,600.00	3,800.00	3,507.69	1,753.85	876.92	180.24	25.05	95.00%
Tax Due [PAYE]	9,120.00	760.00	701.54	350.77	175.38	36.05	5.01	19.00%
National Insurance	4,461.12	371.76	343.16	171.58	85.79	17.63	2.45	9.29%
Total Pay Deductions	15,981.12	1,331.76	1,229.32	614.66	307.33	63.17	8.78	33.29%
Net Pay	32,018.88	2,668.24	2,462.99	1,231.50	615.75	126.56	17.59	66.71%
Employers NIC Contribution	5,130.29	427.52	394.64	197.32	98.66	20.28	2.82	10.69%
Salary Package [Cost of Employee]	54,570.29	4,547.52	4,197.71	2,098.86	1,049.43	215.69	29.98	113.69%

¹ Percentage expressed in relation to Gross Income [£ 45,600.00].

2023 Salary Example for £ 48,000.00 (Suggested by iCalculator)

£ 48,000.00 Salary Example 2023/24 Tax Year (Suggested by iCalculator)

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	48,000.00	4,000.00	3,692.31	1,846.15	923.08	189.72	26.37	100.00%
Adjusted Gross Income2	45,600.00	3,800.00	3,507.69	1,753.85	876.92	180.24	25.05	95.00%
Company Pension: Employee	2,400.00	200.00	184.62	92.31	46.15	9.49	1.32	5.00%
Company Pension: Employer	1,440.00	120.00	110.77	55.38	27.69	5.69	0.79	3.00%
Taxable Pay	45,600.00	3,800.00	3,507.69	1,753.85	876.92	180.24	25.05	95.00%
Tax Due [PAYE]	14,240.00	1,186.67	1,095.38	547.69	273.85	56.28	7.82	29.67%
National Insurance	4,461.12	371.76	343.16	171.58	85.79	17.63	2.45	9.29%
Total Pay Deductions	21,101.12	1,758.43	1,623.16	811.58	405.79	83.40	11.59	43.96%
Net Pay	26,898.88	2,241.57	2,069.14	1,034.57	517.29	106.32	14.78	56.04%
Employers NIC Contribution	5,130.29	427.52	394.64	197.32	98.66	20.28	2.82	10.69%
Salary Package [Cost of Employee]	54,570.29	4,547.52	4,197.71	2,098.86	1,049.43	215.69	29.98	113.69%

¹ Percentage expressed in relation to Gross Income [£ 45,600.00].

Further Reading

Boris Johnsons Plan for changes to the Higher Rate Tax Threshold

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