Saving Tool Advanced
Saving Tool Advanced is now available!
Take your forecasts much further with the UK's most comprehensive personal finance tool.
Income Tax Calculator
Use the Saving Tool UK income tax calculator to find out the Income Tax, National Insurance contributions and Student Loan repayments on your salary in the 2024/25 tax year. See your take-home pay by year, month or week.
See below for a full breakdown of the tax you will pay. Add more information such as your workplace pension and student loan repayments for a more detailed picture of your finances.
Your taxes (2024/25)
Please note
This tool makes various assumptions that will make sense for most people, but not absolutely everyone. It is an estimation of the taxes and take-home you will get. Try Saving Tool Advanced if your situation is more complex.Year | Month | Week | |
---|---|---|---|
Gross Income | £28,500 | £2,375 | £548 |
Pension Contributions | £0 | £0 | £0 |
Employer Pension Contributions | £0 | £0 | £0 |
Taxable Income | £28,500 | £2,375 | £548 |
Personal allowance | £12,570 | - | - |
National Insurance | £1,273 | £106 | £24 |
Income Tax | £3,186 | £266 | £61 |
Take Home Pay | £24,041 | £2,003 | £462 |
HMRC Tax rates and rules last updated 30/08/2024
Your Monthly Outgoings
Projected Pension
Wealth & Financial Independence More Info
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Financial independence means having enough saved that your expenses will be covered for the rest of your life.
- In today's money, you'll have at least £17,472 / year (£1,456 / month) when you retire at 66 - just from your savings
- In real terms (where inflation is not removed), that's £31,013 / year (£2,584 / month)
- That means all your outgoings are covered without having to make any further contributions!
- All your expenses are covered for your retirement, but your wealth may start to decrease towards old age
Projected Wealth
Calculations
- FI Target = Annual outgoings (£17,472) * Years needed for 4.00% SWR (25.00) = £436,800
- Invested annual pension = £0
- Invested annual surplus = £2,201
- Inflation of 2.5% / year
- Assumes New State Pension, payments increasing with inflation (2.5% / year)
- Assumes student loans last 30 years max
- Assumes a flex-drawdown pension for illustration purposes
- Assumes you draw down pension up to the higher rate bracket (£50,270), then draw down your S&S ISA
- Pension lump sums are not included