New job

A question about : New job

Hi all,

I am going to get a new job. The salary will be Ј42,000.

Can anyone tell me how much tax I will be paying in the UK for this basic salary and how to cut it? I think I will fall into the 40% tax rate but not sure.

On top of this I could be getting a Ј4,000 bonus too so not sure how much that will be taxed!

Best answers:

• See https://www.thesalarycalculator.co.uk/salary.php
  https://www.gov.uk/income-tax-rates/...and-allowances
  https://www.gov.uk/government/upload...basic_rate.pdf
  40% currently starts at Ј41,865 for most people, but if you have not started the job yet you may not hit that threshold this year (which ends on 5/4/15)
  From April, 40% kicks in at Ј42,285, so you will be just under the limit.
  Any contributions to a pension scheme that are deducted from your salary reduce your taxable pay.
• Hi Nick,
  Thank you for the reply
  My job is starting at the end of March so this means I will be in the 20% range for Ј42,000 salary?
  Sorry I am quite new to this so trying to understand it.
• While it's worth knowing how tax works, and it always amazes me that people can earn relatively high salaries without having much idea about how much is deducted and why, if you wait until you get your first pay in the new job (or possibly the second) you'll know whether you're in the higher rate band or not. If it's not clear from you payslip then post the figures here for analysis - at the moment it's all guesswork.