Boris Johnson Tax Calculator - £ 55,000.00 Salary Example (£55K 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 £ 55,000.00 Salary (£55K Salary). The illustration also includes an overview of a current 2023 salary example for £ 55,000.00 and an salary example for £ 55,000.00 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.

£ 55,000.00 Salary Comparison

What	Current (2019)	Boris £80k Higher Rate Threshold	iCalculator™ £30k Personal Allowance
Net Pay	33838.44	37127.48	30677.48
Difference	n/a	3289.04	-3160.96
Take Home	61.52%	67.50%	55.78%

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: £ 55,000.00
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 £ 55,000.00 (Current)

£ 55,000.00 Salary Example 2023/24 Tax Year

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	55,000.00	4,583.33	4,230.77	2,115.38	1,057.69	217.39	30.22	100.00%
Adjusted Gross Income2	52,250.00	4,354.17	4,019.23	2,009.62	1,004.81	206.52	28.71	95.00%
Company Pension: Employee	2,750.00	229.17	211.54	105.77	52.88	10.87	1.51	5.00%
Company Pension: Employer	1,650.00	137.50	126.92	63.46	31.73	6.52	0.91	3.00%
Taxable Pay	52,250.00	4,354.17	4,019.23	2,009.62	1,004.81	206.52	28.71	95.00%
Tax Due [PAYE]	13,400.00	1,116.67	1,030.77	515.38	257.69	52.96	7.36	24.36%
National Insurance	5,011.56	417.63	385.50	192.75	96.38	19.81	2.75	9.11%
Total Pay Deductions	21,161.56	1,763.46	1,627.81	813.91	406.95	83.64	11.63	38.48%
Net Pay	33,838.44	2,819.87	2,602.96	1,301.48	650.74	133.75	18.59	61.52%
Employers NIC Contribution	6,019.28	501.61	463.02	231.51	115.76	23.79	3.31	10.94%
Salary Package [Cost of Employee]	62,669.28	5,222.44	4,820.71	2,410.36	1,205.18	247.70	34.43	113.94%

¹ Percentage expressed in relation to Gross Income [£ 52,250.00].

Please provide a rating, it takes seconds and helps us to keep this resource free for all to use

2023 Salary Example for £ 55,000.00 (Planned by Boris Johnson)

£ 55,000.00 Salary Example 2023/24 Tax Year (Planned by Boris Johnson)

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	55,000.00	4,583.33	4,230.77	2,115.38	1,057.69	217.39	30.22	100.00%
Adjusted Gross Income2	52,250.00	4,354.17	4,019.23	2,009.62	1,004.81	206.52	28.71	95.00%
Company Pension: Employee	2,750.00	229.17	211.54	105.77	52.88	10.87	1.51	5.00%
Company Pension: Employer	1,650.00	137.50	126.92	63.46	31.73	6.52	0.91	3.00%
Taxable Pay	52,250.00	4,354.17	4,019.23	2,009.62	1,004.81	206.52	28.71	95.00%
Tax Due [PAYE]	10,450.00	870.83	803.85	401.92	200.96	41.30	5.74	19.00%
National Insurance	4,672.52	389.38	359.42	179.71	89.86	18.47	2.57	8.50%
Total Pay Deductions	17,872.52	1,489.38	1,374.81	687.40	343.70	70.64	9.82	32.50%
Net Pay	37,127.48	3,093.96	2,855.96	1,427.98	713.99	146.75	20.40	67.50%
Employers NIC Contribution	6,047.99	504.00	465.23	232.61	116.31	23.91	3.32	11.00%
Salary Package [Cost of Employee]	62,697.99	5,224.83	4,822.92	2,411.46	1,205.73	247.82	34.45	114.00%

¹ Percentage expressed in relation to Gross Income [£ 52,250.00].

2023 Salary Example for £ 55,000.00 (Suggested by iCalculator)

£ 55,000.00 Salary Example 2023/24 Tax Year (Suggested by iCalculator)

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	55,000.00	4,583.33	4,230.77	2,115.38	1,057.69	217.39	30.22	100.00%
Adjusted Gross Income2	52,250.00	4,354.17	4,019.23	2,009.62	1,004.81	206.52	28.71	95.00%
Company Pension: Employee	2,750.00	229.17	211.54	105.77	52.88	10.87	1.51	5.00%
Company Pension: Employer	1,650.00	137.50	126.92	63.46	31.73	6.52	0.91	3.00%
Taxable Pay	52,250.00	4,354.17	4,019.23	2,009.62	1,004.81	206.52	28.71	95.00%
Tax Due [PAYE]	16,900.00	1,408.33	1,300.00	650.00	325.00	66.80	9.29	30.73%
National Insurance	4,672.52	389.38	359.42	179.71	89.86	18.47	2.57	8.50%
Total Pay Deductions	24,322.52	2,026.88	1,870.96	935.48	467.74	96.14	13.36	44.22%
Net Pay	30,677.48	2,556.46	2,359.81	1,179.90	589.95	121.25	16.86	55.78%
Employers NIC Contribution	6,047.99	504.00	465.23	232.61	116.31	23.91	3.32	11.00%
Salary Package [Cost of Employee]	62,697.99	5,224.83	4,822.92	2,411.46	1,205.73	247.82	34.45	114.00%

¹ Percentage expressed in relation to Gross Income [£ 52,250.00].

Further Reading

Boris Johnsons Plan for changes to the Higher Rate Tax Threshold

Join the Discussion on Facebook, share your thoughts and feelings on Boris' plan.