Estimating Take-Home Pay

[JackPot]

Other outside-of-UK HSMP applicants might also have experienced unwillingness of employment agencies to indicate whether one would qualify for specific UK job opportunities. I would expect employment agencies to be more willing to respond once one can indicate possession of an EC for the UK.

So it is quite tricky to estimate expected expenditures and resultant take-home pay before having EC, when looking at possible employment opportunities and associated salaries (that is, to determine if it is worthwhile applying for HSMP).

Is there a website or FAQ somewhere where one can check out typical expenditures once employed in the UK. Something like:

Income Tax = X% of gross monthly salary
Accommodation = Y% of gms
Private Healthcare (optional) = Z% of gms
Typical monthly groceries bill...
Typical monthly transport bill...
Gas, council taxes, fuel, mail, TV license, cable, satellite, cellphone, phone etc...

So I wish to arrive at a monthly salary rate which I would consider to be worth the effort.

[MunneRaja]

Check this site

This will give you the salary estmate after deducting Income tax in UK

http://www.i-resign.com/uk/financialcen ... ulator.asp

Rest everything depends on how much do you wanna spend.

[MunneRaja]

Council tax approximately = £70
TV License - £12
BT (Phone) minimum rental - £10.50
Broadband - £18
....

[zeke]

MunneRaja,

The link you have posted is helpful, very much so.

Thank you. It is just what I have been looking for!

[zeke]

JackPot,

see my post at

http://www.immigrationboards.com/viewto ... 7155#17155

for some other useful links.

[Amit T]

Hi all there,

I am interested to know what all kind of taxes we shall likely be paying for the first year? Are we as an immigrant, wanted to settle there, given any relaxation to taxes? I think This aspect is very important bec. more we have liquidity, the more will be stabillity. Also Does govt. will support us in any health insurance etc.

Thanks in advance.

[hk_007]

Depending on the income one will have to pay income tax and national insurance (made up of health insurance and state pension). Additionally, one will have to pay council tax depending on the property you live in and water and sewerage charges. A car will attract road tax and drive around London and you will be hit with congestion charge!! And of course VAT @17.5% is added onto most things.

[lynn132]

Perhaps this will help you:

http://www.listentotaxman.com/

It's just for payroll taxes, so you still have to figure out council tax, and of course VAT.

[Amit T]

Lynn,

That site is a good way to know how much money will be shaded in IT.

after having Govt. health insurance do we get benefits on medical expenses? do we still need to take other medical insurances?

I just calculated..

For a gross income of say 25K, we endup paying @20% tax and thus the net in-hand amt would be @ 20K. I find from this forum that monthly expenses comes to abt 1600 UKP for a couple - adding upto abt 19k.

Then where is the savings?

[baskey]

Lynn,

Then where is the savings?

Yes u r right. With single income with net pay of 20K hardly people can save here. They can just lead a normal life of 2 bed room house with a second hand car. If one wants to save really do lots of compromise in living conditions like shared room, using public transport, restricted phone calls, cooking meals in the home all the time, no hotel/ bar,no visit to native for first 2 years etc...

But in long term people may get into 40K range, partner start working, investment in the mortgage and if house price goes up etc... one could see some saving..

Regards,

Baskey

[f2k]

Lynn,

..
I just calculated..

For a gross income of say 25K, we endup paying @20% tax and thus the net in-hand amt would be @ 20K. I find from this forum that monthly expenses comes to abt 1600 UKP for a couple - adding upto abt 19k.

Then where is the savings?

Your expenses figure of £1600 per month seems to be a bit high. mind you a lot will also depend on where you are living, e.g location wise in terms of city or town, area in that town, proximity to work (important for transport cost), and general lifestyle. i guess as well with both partners working it will really make a huge difference as the other partner's saving can almost all go to your savings