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smp tax and ni rates

katie2008katie2008 Trusted RegularRegistered Posts: 294
Hi all, just a quick question if anyone knows.

I am trying to figure out how much money I will be left with when I go onto Smp.

HMRC have said 242.59 for first 6 weeks

and then 128.73 for 33 weeks.

How much then do I have to give in tax and NI?

If it is relevant I earn 14020 pa and have worked with this employer for 6 years.

Thanks

Katie

Comments

  • coojeecoojee Experienced Mentor Registered Posts: 794
    katie2008 wrote: »
    Hi all, just a quick question if anyone knows.

    I am trying to figure out how much money I will be left with when I go onto Smp.

    HMRC have said 242.59 for first 6 weeks

    and then 128.73 for 33 weeks.

    How much then do I have to give in tax and NI?

    If it is relevant I earn 14020 pa and have worked with this employer for 6 years.

    Thanks

    Katie

    Once you go onto the lower rate you shouldn't pay any NI as you'll be on less than the primary threshold. Whether you'll pay any tax or not will depend on what your tax code is, assuming you're on the standard code then you shouldn't pay any tax either once you're on the lower rate. There will be tax and NI to pay for the 1st 6 weeks.
  • katie2008katie2008 Trusted Regular Registered Posts: 294
    Thanks for the reply.

    My tax code is 757L (should be 747L) but they changed it years ago for a few months and haven't changed it ba
  • Rozzi RainbowRozzi Rainbow Trusted Regular Registered Posts: 465
    Quick calculations (won't be exact without having all the year to date info)
    First six weeks = NICs £12, PAYE = £20.
    After that none as already said below tax and NI thresholds.
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