Taxes off your pay in the UK?

What percentage of taxes is taken off your pay in the UK? I am assuming 24,000 pounds a year does not really work out to be that amount.

Need to know in order to find affordable housing.

Thanks a lot

It depends on how much you are earning, but for £24,000 it would be 22%. (you also get a tax allowance, so you won't pay tax on the first £5000)

http://www.hmrc.gov.uk/rates/it.htm

There's also NI which can be hard to work out. NI is the UK equivalent of CPP.

The UK advertises itself as having the lowest rate of income tax of any major country in Europe, however this is highly misleading as the UK has all kinds of indirect taxes. VAT for example is 17.5% VAT (works the same as GST), which is middle of the road for the EU, very high fuel tax, somewhat high taxes on alcohol and tobacco, also there is the TV licensing fee which is £125.

There are tons of other taxes that aren't obvious, for example inheritance tax is 40% on anything over £250,000, IIRC. Doesn't exist in Canada.

There's also a gift tax with a fairly low limit.

Car tax (i.e. your tax disc, the equivalent to the registration fee) is way higher in the UK than in Canada.

Basically any tax you can think of other than income tax and NI is far higher in the UK and there are a ton of other taxes you will not have seen before.

On a salary of £24,000 you will have a hard time making ends meet in London. And it wouldn't be that easy in any major UK city.

The average salary in Calgary for example is $40,000, and that's not much less than £24,000.

I always used to write to my MP and just tell them to raise the basic income tax rate to 25% and knock off some of the indirect taxes, to which I used to get the response: "it wouldn't make much of a dent".

They're also re-applying the Capital Gains Tax starting in the next tax year (6th April) to various things that were made subject to a lower rate a few years ago, and also to payments into trusts to stop flight of capital.

Vote tory.

steve seems to have the right of it.

Only wanted to add that if you don't have an NI when you start working you will be emergency taxed which works out to roughly 30% of your income. It sometimes takes them some time to readjust the tax rate once you have the number. You would be able to claim anything you were over taxed back once you have your number settled I believe.

this calculator is spot on:

http://www.listentotaxman.com/

it looks like you'll have around 1500 quid per month after taxes. if you are heading to london, you should probably search for flatshares and bedsits.