There are now three repayment methods for Student Loans, which are known as Plan 1, Plan 2 and Postgraduate Loans

There are now three repayment methods for Student Loans, which are known as Plan 1, Plan 2 and Postgraduate Loans

Wondering how much difference that pay rise would make? The values have now been made available to show you the most up-to-date information. Use the Take-Home Salary Calculator to work out just how much more you will have each month.

How to use the Take-Home Calculator

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To use the tax calculator, enter your annual salary (or the one you would like) in the salary box above

If you are earning a bonus payment one month, enter the ? value of the bonus into the bonus box for a side-by-side comparison of a normal month and a bonus month.

Find out the benefit of that overtime! Enter the number of hours, and the rate at which you will get paid. For example, for 5 hours a month at time and a half, enter 5 1.5. There are two options in case you have two different overtime rates. To make sure the calculations are as accurate as possible, enter the number of non-overtime hours in the week.

New! If your main residence is in Scotland, tick the “Resident in Scotland” box. This will apply the Scottish rates of income tax.

If you know your tax code, enter it into the tax code box for a more accurate take-home pay calculation. If you are unsure of your tax code just leave it blank and the default code will be applied.

If you have a pension which is deducted automatically, enter the percentage rate at which this is deducted and choose the type of pension into which you are contributing. Pension contributions are estimates, click to learn more about pension contributions on The Salary calculator.

If you receive Childcare vouchers as part of a salary sacrifice scheme, enter the value of the vouchers you receive each month into the field provided. If you signed up for the voucher scheme before 6th ount of tax relief you are due.

Select your age range from the options displayed. If you are married, tick the “Married” box. Similarly, tick the “Blind” box if you are blind.

If you do not pay National Insurance, for example, if you are over State Pension Age, tick the “No NI” box.

New! If you are repaying a student loan for a course which started before 1st , tick “Plan 1”, if you are repaying a student loan for a course which started on or after 1st , tick “Plan 2”. If you are repaying a loan for a postgraduate course, tick “Postgraduate”.

You can now choose the tax year that you wish to calculate. By default, the 2021 / 22 tax year is applied but if you wish to see salary calculations for other years, choose from the drop-down.

When you’re done, click on the “Calculate!” button, and the table on the right will display the information you requested from the tax calculator. You’ll be able to see the gross salary, taxable amount, tax, national insurance and student loan repayments on annual, monthly, weekly and daily bases.

Resident in Scotland

From If you live in Scotland, income tax is calculated differently than if you live in the rest of the UK. The rates and thresholds are set by the Scottish Government.

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You are classed as living in Scotland if that is where your main residence is. More information is available here and here.

Job Support Scheme

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The furlough scheme was due to be replaced by the Job Support Scheme in , but the furlough scheme has been extended and the Job Support Scheme may be introduced later in the year. This scheme offers support to employers who bring their staff back to work gradually.