As the nation gets back to work after the start of the new tax year, a clever tool which helps employees to better understand the deductions from their pay slip and calculate their tax and allowances has been given an extensive update to make it easier to use than ever before.
SalaryBot is a handy salary calculator which calculates the take home pay a worker earns on their gross wage. Employees can use it to see how much cash they’ll make each week, month or year – helping them take control of their finances and ensure they’re paying the correct amounts of tax. It’s useful when a new job or promotion is on the table and can be used to calculate the impact of a change in circumstances, such as an increase in pension contributions at the start of a new tax year.
Chris Bell, founder of SalaryBot said, “In the next few weeks, millions of workers will receive their first pay slips of the new tax year and many can expect there to be some changes. From increased personal allowances which result in more money to the increased workplace pension contribution, which will leap from 2% to 5% this month and see take home pay go down, the figures on millions of pay slips may come as a bit of a surprise.
“This is a great time to turn to SalaryBot as it’s an easy to use calculator which will clearly show all deductions including pensions and student loans. It makes it easy to see what you can expect to receive at the end of each week or month worked.”
SalaryBot users simply input a few basic details, such as their gross salary, the frequency of pay, any student loan owed and hours worked to get a useful, accurate summary of their salary.
SalaryBot provides a range of information which is unique to the user. This means that in the event of any change in circumstances likely to impact the net salary, such as changes to student loan repayments, blind allowance, pension contributions and the worker’s personal tax allowance, the employee can quickly and easily see the financial implications without having to wait for the next pay slip arrive.
For those in positions where overtime is paid, SalaryBot can also be used through the month to calculate the impact of that extra time worked on both gross and net pay.
Bell added, “SalaryBot isn’t just for employees. It’s also a really useful tool for managers and business owners when new positions are being considered or promotions and pay rises are in discussion.”
SalaryBot is available online and can be downloaded for iOS, Android and Alexa. A free trial is available to business users wishing to embed the calculator onto their own website. To find out more and to see the updated SalaryBot for the 2018/19 tax year, visit https://salarybot.co.uk.