Everything you need to know about payslips, tax codes, repaying student loans and workplace pensioners.
Thousands of school leavers and graduates will be entering the workforce after the summer, with many new students set to take on part-time roles outside of college or university hours. For many, this will be their first first into the world of work and it may seem a bit daunting.
Make sense of payslips For those starting out in the workplace, the first payslip can be very confusing. A payslip contains important information, including someone’s payroll number, gross income and net pay , and usually a tax code. It’s important to get to grips with what deductions will be made to understand how much income will be left each month. Deductions could include tax, pensions, or Student Finance Repayments.
Contributions made into a pension are usually free of income tax and employers who offer a salary sacrifice arrangement are also able to save employees National Insurance costs on their contributions. Those who started their course between 1 Sept 2012 - 31 July 2023 are likely to be on Repayment Plan 2, meaning they will only start making repayments once their income is over the repayment threshold, which is currently £27,295 a year. Student loan repayments are collected via PAYE, with 9% of salary that exceeds the current threshold used to pay off the loan.
Consider savings It’s always a good idea to have a pot of money for unexpected costs and for the future. While a workplace pension provides a great way to save for retirement, there are also other options for those looking to save in general. Review spending If spending is more than someone would like it to be, they may be able to reduce their costs by checking bank and payment services for recurring payments and look for ways to reduce these. This may be possible by shopping around to lower household bills such as insurance, phone and broadband providers, and cancelling unused subscriptions.
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