London Analysts - How much AFTER taxes?
I may have a tempting opportunity for me to move to London.
How much can one expect after taxes when earning GBP45 + GBP15-20 bonus a year?
I don't know anything about taxation in London and whether there are some special rules or anything, given that I am a citizen of a central European country (think GER, FRA, NED).
Will the base of GBP45 get taxed with 40% and that's it, or are there additional taxes (f.e. city taxes like in the US, etc.)? So can I expect to receive 45*0.6= 27 on my bank account? And is there a higher tax on bonuses (like 50% or so?)
Can anyone shed some light on this? Many thanks!
I think you only get taxed 20% on your salary up to 32,010 and beyond that the rest is taxed at 40%. Not sure how bonuses work.
Net non-savings income: 65000 Less personal allowance: (8105) Taxable income: 56895 34370 taxed at 20%: 6874 22525 taxed at 40%: 9010 Tax liability: 15884
Class 1 NIC: 3750 for 11 months: 353 23750 for 1 month: 753
You lose: 16990
You're welcome
Your NIC would total 4636 [(353 x 11) + 753]
So you actually lose 20,520 and walk away with 44,480
That looks better...
http://www.listentotaxman.com/
Thank you guys, SBs for both of you!
One last question about that. Will I be paying the national insurance stuff as a non-UK-citizen as well? Like I said, I'm from a continental European country.
And does somebody know if there will be some kind of double taxation (i.e. in the UK as well as in my home country?
Really appreciate it, cheers guys!
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