Boris Johnson Tax Calculator - £5,000.00 Salary Example (£5K 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 £5,000.00 Salary (£5K Salary). The illustration also includes an overview of a current 2019 salary example for £5,000.00 and an salary example for £5,000.00 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.

Boris Johnson tax Calculator
£5,000.00 Salary Comparison
WhatCurrent (2019)Boris £80k Higher Rate ThresholdiCalculator £30k Personal Allowance
Net Pay475047504750
Difference n/a00
Take Home95.00%95.00%95.00%

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: £5,000.00
  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)

2019 Salary Example for £5,000.00 (Current)

£5,000.00 Salary Example 2019/20 Tax Year
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Gross Income5,000.00416.67384.62192.3196.1519.762.75100.00%
Adjusted Gross Income24,750.00395.83365.38182.6991.3518.772.6195.00%
Tax Free Personal Allowance12,500.001,041.67961.54480.77240.3849.416.87250.00%
Company Pension: Employee250.0020.8319.239.624.810.990.145.00%
Company Pension: Employer150.0012.5011.545.772.880.590.083.00%
Total Pay Deductions250.0020.8319.239.624.810.990.145.00%
Net Pay4,750.00395.83365.38182.6991.3518.772.6195.00%

Salary Package [Cost of Employee]5,150.00429.17396.15198.0899.0420.362.83103.00%

1 Percentage expressed in relation to Gross Income [£4,750.00].

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2019 Salary Example for £5,000.00 (Planned by Boris Johnson)

£5,000.00 Salary Example 2019/20 Tax Year (Planned by Boris Johnson)
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Gross Income5,000.00416.67384.62192.3196.1519.762.75100.00%
Adjusted Gross Income24,750.00395.83365.38182.6991.3518.772.6195.00%
Tax Free Personal Allowance12,500.001,041.67961.54480.77240.3849.416.87250.00%
Company Pension: Employee250.0020.8319.239.624.810.990.145.00%
Company Pension: Employer150.0012.5011.545.772.880.590.083.00%
Total Pay Deductions250.0020.8319.239.624.810.990.145.00%
Net Pay4,750.00395.83365.38182.6991.3518.772.6195.00%

Salary Package [Cost of Employee]5,150.00429.17396.15198.0899.0420.362.83103.00%

1 Percentage expressed in relation to Gross Income [£4,750.00].

2019 Salary Example for £5,000.00 (Suggested by iCalculator)

£5,000.00 Salary Example 2019/20 Tax Year (Suggested by iCalculator)
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Gross Income5,000.00416.67384.62192.3196.1519.762.75100.00%
Adjusted Gross Income24,750.00395.83365.38182.6991.3518.772.6195.00%
Tax Free Personal Allowance30,000.002,500.002,307.691,153.85576.92118.5816.48600.00%
Company Pension: Employee250.0020.8319.239.624.810.990.145.00%
Company Pension: Employer150.0012.5011.545.772.880.590.083.00%
Total Pay Deductions250.0020.8319.239.624.810.990.145.00%
Net Pay4,750.00395.83365.38182.6991.3518.772.6195.00%

Salary Package [Cost of Employee]5,150.00429.17396.15198.0899.0420.362.83103.00%

1 Percentage expressed in relation to Gross Income [£4,750.00].

Further Reading

Boris Johnsons Plan for changes to the Higher Rate Tax Threshold

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