UK Tax News from TaxPenny

We have just finished our fully featured, reverse uk tax calculator for tax years from 2003 to 2010/2011.

You just need to enter your chosen/required take home pay and select other options that are relevant to you, such as:

• whether you have student loan repayments
• would like to make pension contributions - salary sacrificed or otherwise
• your known tax code, otherwise we will automatically calculate it from your age/sex

The calculator returns some interesting results.

With average houseprices at £150,000, a 5% repayment mortgage over 25 years would cost £887 a month.

For a graduate, repaying a student loan, the gross income required to satisfy the mortgage alone would be £12,645 per annum.

If you were to include continguencies, running costs, motor etc you would need nearly £1800 a month to live a reasonable lifestyle. The graduate would need a salary before tax of £30,564.

What are average graduate salaries at the moment?

Give our reverse tax calculator a go.