Gross to net London?
Hey guys, I recently started an internship at a bank in London, in which I get paid GBP 47k / yr pro-rata. I calculated online that my net take-home would be c. GBP 3k pm (75% gross to net conversion).
However, yesterday I received my first payslip, which also included a GBP 1k relocation bonus plus salary from January, as I started mid-January, and I received less than expected. Gross to net conversion was below 70%. Do you guys know if this is going to be like that in the next payslips, or it is a one-off, maybe because it is the first month?
Thank you!
Potentially you've been put on a temporary/emergency tax code. Check what it says on your payslip. Usually this resolves itself by the next pay cycle and you'll pay less tax to compensate. If not, you can phone HMRC to get the tax code sorted.
3k sounds about right for take home pay. My first paycheck was taxed differently than the rest, I think it normalizes after and you may get a refund at the end of the tax year.
£3k is right - btw: there is a UK gov tax calculator.
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