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 2019 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.

Boris Johnson tax Calculator
£55,000.00 Salary Comparison
WhatCurrent (2019)Boris £80k Higher Rate ThresholdiCalculator £30k Personal Allowance
Net Pay39177.4839627.4842677.48
Difference n/a4503500
Take Home71.23%72.05%77.60%

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)

2019 Salary Example for £55,000.00 (Current)

£55,000.00 Salary Example 2019/20 Tax Year
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Gross Income55,000.004,583.334,230.772,115.381,057.69217.3930.22100.00%
Adjusted Gross Income252,250.004,354.174,019.232,009.621,004.81206.5228.7195.00%
Tax Free Personal Allowance12,500.001,041.67961.54480.77240.3849.416.8722.73%
Company Pension: Employee2,750.00229.17211.54105.7752.8810.871.515.00%
Company Pension: Employer1,650.00137.50126.9263.4631.736.520.913.00%
Taxable Pay39,750.003,312.503,057.691,528.85764.42157.1121.8472.27%
Tax Due [PAYE]8,400.00700.00646.15323.08161.5433.204.6215.27%
National Insurance4,672.52389.38359.42179.7189.8618.472.578.50%
Total Pay Deductions15,822.521,318.541,217.12608.56304.2862.548.6928.77%
Net Pay39,177.483,264.793,013.651,506.83753.41154.8521.5371.23%

Employers NIC Contribution6,047.99504.00465.23232.61116.3123.913.3211.00%
Salary Package [Cost of Employee]62,697.995,224.834,822.922,411.461,205.73247.8234.45114.00%

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

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2019 Salary Example for £55,000.00 (Planned by Boris Johnson)

£55,000.00 Salary Example 2019/20 Tax Year (Planned by Boris Johnson)
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Gross Income55,000.004,583.334,230.772,115.381,057.69217.3930.22100.00%
Adjusted Gross Income252,250.004,354.174,019.232,009.621,004.81206.5228.7195.00%
Tax Free Personal Allowance12,500.001,041.67961.54480.77240.3849.416.8722.73%
Company Pension: Employee2,750.00229.17211.54105.7752.8810.871.515.00%
Company Pension: Employer1,650.00137.50126.9263.4631.736.520.913.00%
Taxable Pay39,750.003,312.503,057.691,528.85764.42157.1121.8472.27%
Tax Due [PAYE]7,950.00662.50611.54305.77152.8831.424.3714.45%
National Insurance4,672.52389.38359.42179.7189.8618.472.578.50%
Total Pay Deductions15,372.521,281.041,182.50591.25295.6360.768.4527.95%
Net Pay39,627.483,302.293,048.271,524.13762.07156.6321.7772.05%

Employers NIC Contribution6,047.99504.00465.23232.61116.3123.913.3211.00%
Salary Package [Cost of Employee]62,697.995,224.834,822.922,411.461,205.73247.8234.45114.00%

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

2019 Salary Example for £55,000.00 (Suggested by iCalculator)

£55,000.00 Salary Example 2019/20 Tax Year (Suggested by iCalculator)
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Gross Income55,000.004,583.334,230.772,115.381,057.69217.3930.22100.00%
Adjusted Gross Income252,250.004,354.174,019.232,009.621,004.81206.5228.7195.00%
Tax Free Personal Allowance30,000.002,500.002,307.691,153.85576.92118.5816.4854.55%
Company Pension: Employee2,750.00229.17211.54105.7752.8810.871.515.00%
Company Pension: Employer1,650.00137.50126.9263.4631.736.520.913.00%
Taxable Pay22,250.001,854.171,711.54855.77427.8887.9412.2340.45%
Tax Due [PAYE]4,900.00408.33376.92188.4694.2319.372.698.91%
National Insurance4,672.52389.38359.42179.7189.8618.472.578.50%
Total Pay Deductions12,322.521,026.88947.89473.94236.9748.716.7722.40%
Net Pay42,677.483,556.463,282.881,641.44820.72168.6923.4577.60%

Employers NIC Contribution6,047.99504.00465.23232.61116.3123.913.3211.00%
Salary Package [Cost of Employee]62,697.995,224.834,822.922,411.461,205.73247.8234.45114.00%

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

Further Reading

Boris Johnsons Plan for changes to the Higher Rate Tax Threshold

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