smp tax and ni rates

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katie2008
katie2008 Registered Posts: 294 Dedicated contributor 🦉
in Chat and off-topic discussion
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

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  • coojee
    coojee Registered Posts: 794 Epic contributor 🐘
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    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.
  • katie2008
    katie2008 Registered Posts: 294 Dedicated contributor 🦉
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    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 Rainbow
    Rozzi Rainbow Registered Posts: 465 Dedicated contributor 🦉
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    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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