getting know my salary taxes in UK

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getting know my salary taxes in UK - omarnasir101 - 07-11-2004

I will be ACCA member this September. I am of 21.I have applied for UK job visa and will get it next month. I want to work 3 years in UK and hope to earn about 120,000pounds in three months at rate of 46000per year. I will be required to work 10 hours a day.I want to ask you whether I will be able to pay my residential dues, income tax and others within 10000 pounds per year.I have heard that there are a lot of income tax and others that about half of the income is wasted on it .IS it true ?? Reply me soon omarnasir101@yahoo.com

OMAR

- Goodman - 07-12-2004

on 46000 salary per year.

Monthly Gross Â£3833 (46000 /12)

You will get a cheque for about Â£2690 per month. Rest of the money will go to Her Majesty's Inspector of taxes.

do you have any work experience, or you just passed the exams.

- omarnasir101 - 07-12-2004

As I am ACCA member I had three years practical experience.Two and half years experience was just learning kind of experience at a very low pay.But six months experience was Post Qualified as I had that experience after having BSC(hons) APPLIED ACCOUNTING from Oxford Brookes University through ACCA part 2. I hope to be paid over 55000 pounds after one years more experience.During the first one year I will also do CIMA and become ACMA that will be very helpful for next year. Not will??

OMAR

- Goodman - 07-12-2004

One of my friends also came recently. He got started at 38000 per year but his experience was much more solid than yours. But he was kinnda desperate for the job when he landed.

I suggest you consider carefully about doing ACMA. I dont want to start a debate on this issue. But If i were to get a CV where the person is planning to continue another professional qualification, that means I have to be prepared for time off and possiblity of him jumping ships. I will be reluctant to put up my time and training costs on such a person.

IF you want prof. dev. consider doing a specialization in tax say ATII you stand a much better chance ending up in a board room of partners with this strategy.

- derivativetrader - 07-12-2004

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>
on 46000 salary per year.

Monthly Gross Â£3833 (46000 /12)

You will get a cheque for about Â£2690 per month. Rest of the money will go to Her Majesty's Inspector of taxes.

do you have any work experience, or you just passed the exams.

<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

Goodman, would you mind showing your working too? Also, did you deduct the NI contribution?

DT

- Goodman - 07-12-2004

hi DT

For exact calc. please refer to your study manuals or www.inlandrevenue.gov.uk. I am sorry but it is difficult for me to find time to go through the whole process of calculating the net figures

Net salary has taken care of necessary NI.

- sumaaan - 07-12-2004

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>
As I am ACCA member I had three years practical experience.Two and half years experience was just learning kind of experience at a very low pay.But six months experience was Post Qualified as I had that experience after having BSC(hons) APPLIED ACCOUNTING from Oxford Brookes University through ACCA part 2. I hope to be paid over 55000 pounds after one years more experience.During the first one year I will also do CIMA and become ACMA that will be very helpful for next year. Not will??

OMAR
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

I dont mean to discourage you, but you're being VERY VERY optimistic by hoping to earn 55K p.a.

I don't think experience after getting BSc. is counted as PQE... Please reconsider your strategic career plans.

- Masood - 07-14-2004

As a permanent/contract employee I would say you would get anything between Â£20k and Â£35k. Any more would mean that you have worked in either the big four or have banking experience. Even with that I would not think you would get more than Â£40k as a newly qualified.

You could get more if you worked as a temp, anything upto Â£21 an hour. But the disadvantages are you work long hours and do not get any paid holidays and if your employer has a bonus scheme you are not eligible to join.

There are obviously many factors which effect salary levels, apart from qualifications, the main one being communication skills. I am not trying to be rude here but going by your posts I would not say you have good communication skills.

Having said all of the above, if you still manage to get Â£55k a year, please do let us know!

- Azeem Shah Khan - 07-14-2004

hi all

all i would like know is the name of this GENEROUS employer. i have been working for a firm of accountants in london for the last two and a half years quarter of which is PQE and the sad part is that i m not even paid half of what my friend has mentioned. i know there are employers who offer 30k plus to recently qualified accountants with some experience but frankly speaking i have never seen any of them going to pakistanis for many reasons, and if u are not currently residing in UK then i will call it a miracle.....dont wait just get into this firm )

regarding ur net salary, it will be something like Â£2.8 grand (extrapolated from my own salary). i dont know who wants to know the exact workings but should anyone need it i can do it for him at a cost of Â£80 per hour (my client charge rate for payrol services).

omar, i can easily assure u that Â£46k pa will be more than enough for u to live a happy life with one wife and 2 kids, NO gfs allowed.

anyway...good luck to u

cheeeeeers

azeeeeeeem

- Azeem Shah Khan - 07-14-2004

just trying to figure out the numerics, u said

120,000 pounds in 3 months @ 46,000 pounds per year......mind boggling. even Â£46k pa comes to Â£138k in three years time.

a brief break down of living expenses in London (say South London)
all estimates are based on the fact that you will be living alone

Rent Â£250-Â£450pm incl rates.
Travel Â£25-Â£120pm depending on ur work place and home
Food Â£75-Â£200pm depending on ur eating habbits
Others Â£50-Â£200pm depending on ur life style

in total Â£400-Â£970.

azeem