How much pay jump is needed?
Discussion
£125k, assuming an 8% pension contribution and zero tax free allowance.
https://www.thesalarycalculator.co.uk/salary.php
https://www.thesalarycalculator.co.uk/salary.php
Racehorse said:
If earning 90k at present and getting 5k net a month, what pay lift would I need to make 6k net (1k more than current package).
I work out it to be salary of 110k to gain extra 1k net a month?
Does this seem correct or have I overestimated.
Any help would be appreciated.
Oh godI work out it to be salary of 110k to gain extra 1k net a month?
Does this seem correct or have I overestimated.
Any help would be appreciated.
DanL said:
£125k, assuming an 8% pension contribution and zero tax free allowance.
https://www.thesalarycalculator.co.uk/salary.php
That can't be right. Seems a huge jump to get 1k net extrahttps://www.thesalarycalculator.co.uk/salary.php
5k current net after pension and 12570k tax free allowance
Mr E said:
I’m half cut watching Eurovision, so apologies if I’m a bit snippy here.
But, if you’re aiming at a six figs (and some staircase domination), it would seem to be fairly easy maths to work out the various tax implications.
Break out your favourite spreadsheet and model it?
None of that is needed, its all on my salary calc and poster above has already given the figure.But, if you’re aiming at a six figs (and some staircase domination), it would seem to be fairly easy maths to work out the various tax implications.
Break out your favourite spreadsheet and model it?
Racehorse said:
DanL said:
£125k, assuming an 8% pension contribution and zero tax free allowance.
https://www.thesalarycalculator.co.uk/salary.php
That can't be right. Seems a huge jump to get 1k net extrahttps://www.thesalarycalculator.co.uk/salary.php
5k current net after pension and 12570k tax free allowance
You’d get some back with salary sacrifice for pension, but you’re better off assuming zero allowance as you’re likely to get some sort of bonus that will eliminate it during the tax year. If you don’t go for zero, you’ll be paying extra tax in the following years to cover off the underpayment.
Use the link, put some number in - you’ll find it’s right.
It’s about £110k with no pension contributions, according to the link. Your £90k would be £5,230 with no pension contribution according to the link, or around £5k with a 5% salary sacrifice pension contribution.
DanL said:
You lose your allowance gradually over £100k, and it’s all gone by the time you hit £125k, give or take.
You’d get some back with salary sacrifice for pension, but you’re better off assuming zero allowance as you’re likely to get some sort of bonus that will eliminate it during the tax year. If you don’t go for zero, you’ll be paying extra tax in the following years to cover off the underpayment.
Use the link, put some number in - you’ll find it’s right.
It’s about £110k with no pension contributions, according to the link. Your £90k would be £5,230 with no pension contribution according to the link, or around £5k with a 5% salary sacrifice pension contribution.
what is all that waffle about? the answer has already been provided. You’d get some back with salary sacrifice for pension, but you’re better off assuming zero allowance as you’re likely to get some sort of bonus that will eliminate it during the tax year. If you don’t go for zero, you’ll be paying extra tax in the following years to cover off the underpayment.
Use the link, put some number in - you’ll find it’s right.
It’s about £110k with no pension contributions, according to the link. Your £90k would be £5,230 with no pension contribution according to the link, or around £5k with a 5% salary sacrifice pension contribution.
most companies do not allow 'no pension contributions'.
jasonrobertson86 said:
Mr E said:
I’m half cut watching Eurovision, so apologies if I’m a bit snippy here.
But, if you’re aiming at a six figs (and some staircase domination), it would seem to be fairly easy maths to work out the various tax implications.
Break out your favourite spreadsheet and model it?
None of that is needed, its all on my salary calc and poster above has already given the figure.But, if you’re aiming at a six figs (and some staircase domination), it would seem to be fairly easy maths to work out the various tax implications.
Break out your favourite spreadsheet and model it?
Are you the OP (aka Welshbeef) posting under 2 profiles?
jasonrobertson86 said:
DanL said:
You lose your allowance gradually over £100k, and it’s all gone by the time you hit £125k, give or take.
You’d get some back with salary sacrifice for pension, but you’re better off assuming zero allowance as you’re likely to get some sort of bonus that will eliminate it during the tax year. If you don’t go for zero, you’ll be paying extra tax in the following years to cover off the underpayment.
Use the link, put some number in - you’ll find it’s right.
It’s about £110k with no pension contributions, according to the link. Your £90k would be £5,230 with no pension contribution according to the link, or around £5k with a 5% salary sacrifice pension contribution.
what is all that waffle about? the answer has already been provided. You’d get some back with salary sacrifice for pension, but you’re better off assuming zero allowance as you’re likely to get some sort of bonus that will eliminate it during the tax year. If you don’t go for zero, you’ll be paying extra tax in the following years to cover off the underpayment.
Use the link, put some number in - you’ll find it’s right.
It’s about £110k with no pension contributions, according to the link. Your £90k would be £5,230 with no pension contribution according to the link, or around £5k with a 5% salary sacrifice pension contribution.
most companies do not allow 'no pension contributions'.
I was explaining why it was more of a jump than the OP had anticipated. Something I thought was pretty clear, but there’s always someone who can’t follow along.
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