15000 After Tax

15000 After Tax

£15,000 is on the lower side of the income scale in the United Kingdom. However, you are still required to pay income tax. That said, you will enjoy a personal allowance of £12,500.

For the current tax year 2020-2021, not everyone will receive the same £12,500 as a personal allowance; this figure may vary.

But to ensure that you always receive the minimum personal allowance of £12,500; pay your income tax on time.

£15000 After Tax

If your salary is £15000, your taxable income would be £2,500, tax £500.00, national insurance £660.00, and yearly take-home pay of £13,840. That said, Here is a breakdown of your after Tax take home pay for someone who earns £15,000.

£15.000 After-Tax Explained

Assuming you earn 15k per year, here’s a breakdown of your after tax calculations.

Your tax

  • You will pay a total of £500 in tax.
  • You’ll pay no tax on the first £12,500 that you’re earning.
  • You’ll pay £500 tax on £2,500 (at 20%)
  • You’ll pay no higher rate tax

Your National Insurance

You will pay no more than £660 in national insurance.

Net Income After Tax and Insurance

  • £13,840/year
  • £1,153/month
  • £265/week
  • £53/day
  • £7/hour