£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
