*Loan,banking and credit>>>tax calculation

UK Income Tax Calculations - how much do we pay?

I was wondering if someone could provide me with an estimate for how much I would earn (hypothetically!) after tax and N.I. if my annual salary before tax and N.I. was 拢32K, 拢33K, 拢34K, 拢35K, 拢36K, 拢37K, 拢38K, 拢39K, 拢40K and 拢41K.

The reason I ask for all these figures is that above a certain amount the tax band changes from 22% to 40% - and I'm concerned that it might be the case that by earning more per annum I will get taxed more and end up taking home less.

If I lose 22% of 拢33K, I calculate would take home 拢25,740 (not taking into account N.I. contributions). But at 拢40K, I would lose 40% to tax (or 拢16K), thus taking home 拢24K.

This can't be right? Would I actually take home less per year on a salary of 拢40K than a salary of 拢33K?

Could someone please explain?!

You don't pay 40% of the whole amount, tax levels are banded so...
the first 拢5035 is taxed @ 0% (personal tax allowance)
the next 拢2150 is taxed @ 10%
the next 拢31150 is taxed @ 22%
and anything else is taxed @ 40%

so if you're earning 40k pa you'd pay income tax of
5035 x 0 = 0
2150 x 0.1 = 215
31150 x 0.22 = 6853
(40000 - 31150 - 2150 - 5035) x 0.4 = 666

total tax = 7734
(just fyi the NI would be an additional 3,199)

you can go here
http://www.contractorcalculator.co.uk/...

and click Permanent employement calculators
and then 2.PAYE/NI calculator

there's also loads of other calculators to show how much more nett you'll get and how much gross you need if you want your nett to be x amount...

if you do Financial Profile Calculator
then Your Complete Tax Profile

you'll see how much you pay in tax and NI based on your earnings

why worry, if the government cant get you one way it will get you another. We in Britain are the most heavily taxed nation on earth. Rightly so labelled Rip-off Britain. More stealth taxes than you could shake a stick at, so at the end of the day, your going to lose no matter what!!!
www.inlandrevenue.co.uk should tell you the tax brackets. You only pay the higher percentage on the amount you earn which is over (greater than) the threshold, so you can't take home less by earning more.
The higher rate only applies to the excess above the threshold - so you'll never end up with less in your pocket by getting a pay rise.

The 40% tax rate kicks in if you earn over 拢32400. So if you earned 拢35000, the 40% rate would only apply to the amount in excess of 拢32400 which is 拢2600.