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#+title: UK Wage and Tax Rates
#+date: \today
#+author: Craig Oates
#+email: craig@craigoates.net
#+language: en
#+select_tags: export
#+exclude_tags: noexport
#+creator: Emacs 29.1.90 (Org mode 9.7-pre)
#+cite_export:

* Overview of UK Minimum/Living Wage and Tax Rates

- [[https://www.gov.uk/national-minimum-wage-rates][UK National Minimum/Living Wage Rates]]

Because I am over 21 years of age, at the time of writing, I'm only going to be
dealing with the 'Over 21' rates.
  
#+begin_src lisp :results output raw
  (let* ((min-wage 11.44) ; April 2024
         (day-wage (* min-wage 8))
         (wk-wage  (* day-wage 5))
         (mth-wage (* wk-wage 4))
         (ann-wage (* mth-wage 12)))
    (format t "|Time Span|Wage (£)|~%")
    (format t "|-|-|~%")
    (format t "|Day  (8 Hrs)|~a|~%" day-wage)
    (format t "|Week (5 Day, 40 Hrs)|~a|~%" wk-wage)
    (format t "|Month|~a|~%" mth-wage)
    (format t "|Year|~a|~%" ann-wage))
#+end_src

#+RESULTS:
| Time Span            |  Wage (£) |
|----------------------+-----------|
| Day  (8 Hrs)         |     91.52 |
| Week (5 Day, 40 Hrs) | 457.59998 |
| Month                | 1830.3999 |
| Year                 | 21964.799 |

*Note:* These figures don't take into account holiday/sick pay. These figures are
 just to give me a ballpark figure of what the UK government considers the bare
 minimum one should expect to earn in the UK from April 2024.

* Income Tax Rates (upto 5th April 2024)

- [[https://www.gov.uk/income-tax-rates][UK Income Tax Rates]]

| Band               | Taxable income      | Tax rate |
|--------------------+---------------------+----------|
| Personal Allowance | Up to £12,570       |       0% |
| Basic rate         | £12,571 to £50,270  |      20% |
| Higher rate        | £50,271 to £125,140 |      40% |
| Additional rate    | over £125,140       |      45% |