How to calculate your income tax, National Insurance & Student loans | UK Income tax explained 2023

#IncomeTax #StudentLoans #IncomeTax2021

0:00 - intro
1:18 - How the UK tax bands work
2:36 - How to calculate income tax
6:13 - How to calculate national insurance
8:30 - How to calculate your student loan

In this video I am going to explain how to easily work out your income tax, national insurance and student loans. If you are someone who just trusts their monthly payslip and hopes that they paid the correct amount of national insurance, income tax and student loans because the whole tax system is confusing to you, then this video is for you. In this video we will explore how much income tax, national insurance and student loans someone will pay on a gross salary of £60,000 in tax year 2020-2021.

In my opinion, everyone should be able to calculate their own income taxes, national insurance contributions and student loan repayments to ensure they haven't overpaid or underpaid.

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[ibnn]

I’m a banking and finance student at university and Allah Huma Barik you have a gift of explaining very easily. Perhaps your viewers could benefit from an overview of inheritance tax and capital gains tax… it would supplement this video and be interesting to see a break down especially with all the Nil rate bands rules. Jazakallah as always.

[MoSalhan]

Hey all, what topic would you like me to break down in the next whiteboard session?

[eniolaeniola]

I hardly comment on videos. Infact i do not. I have searched the whole of youtube. To see who can explain NI and income tax as if i was a dummy. But only your video did it perfectly.

[abdisegulle]

Community service at its best, may Allah reward you akhi, today I have learnt so much from this short video 📹.

[samludford]

IT'S A NICE EXPLANATION. I WOULD APPRECIATE GETTING AN UPDATED FIGURE VERSION FOR TAX YEAR 2023/2024 AND 2024/2025. AND I HAVE DONE AN EXCEL SHEET THAT CAN BE AUTOMATED; ALL YOU NEED IS THE NIC CODE. EVERYTHING IS AUTOMATED AND CAN BE IMPROVED TO GENERATE MONTH-BY-MONTH WITH A SOPHISTICATED FORMULA

[ldld]

we need to take advantage of the legal loopholes when you do your own taxes, maybe a video on how you can be paid as a company or whatnot, not too knowledgeable in that field.

tax after expenses>>>tax before expenses

[md.ruhenhossainbhuiyan]

One of my friend's NI number isn't mention on his payslip. But his employer deducted taxes and its mentioned on his payslip. So, if government searches how much taxes he paid by using his NI number, will they see how much taxes he paid or will they won't see it?

[jeremyr]

This video is really good but is there a way to show how you will do it monthly, as i do it month by month, my salary is £44, 400 but each month I do overtime and varies, sometimes I get 20% sometimes i get 40% throughout the year, is there a monthly way to do this on excel to put in how much overtime and money you made each month to work out the correct tax and Ni?

[shuibabdullah]

what would they do if we all just refuse to pay tax

[RTJDCosplay]

would love if you could do this for self employed people

[redwangrymify]

Suppose you have a job offer for 52k would it not be smart if you went to 49k to get under the bracket? Just curious

[westy]

Love the video, but I think your calculations may be slightly wrong on the income tax. With the basic rate band, I think it should be £37700 rather than £37699. I know the Gov website clearly states between £12, 571-£50, 270 but you pay 20% on any amount over £12, 570 (which would include £12, 571) and up to £50, 270 which would work out at £37700. I have done a bit of research and all other websites seem to verify this.