Quick ammendments to the calculations based on all the (limited) positive feedback:
hrly rate:£23
hours worked
pr week : 47.5
weeks worked in a year:47/52 (5 weeks off)
works out as: >£51,000
so take £50,000 for tax purposes
TAX on this (2008-2009):
personal allowance: £5,435
so taxable income: £44,565
first £43,000 at 20%= £8,600
£1,565 at 40%= £626
Total: £9,226
incom after tax : £40,774
NI: weekly income 50,000/52= £962
first £87 none
87-670= 11%=> 64.13
670+=1%=>292x0.01=2.92
total weekly= £67.05
total annualy= £3486.60p --> £3,487
total income tax and NI: 9226+3487= £12,713
Approximate Income after income tax and NI (2008-2009):
£37,287
(No other allownaces have been taken into account, so the post tax/NI income would be more, things that can be claimed are the RPSGB registration fee (saves about £160 at current £395),fuel cost, etc etc...)
gives a more accurate result than before , any comments people?