# How Much Is £71,000 Per Year After Tax?

In the UK, an annual salary of £71,000, after tax and national insurance, results in a net income of £50,229.40 for 2023/2024. This equates to approximately £4,185.78 monthly, £965.95 weekly, and £193.19 daily (based on a 5-day workweek).

For more accurate results, use our salary and tax calculator

# Salary Calculator

YEARMONTHWEEKDAYHOUR
Gross Wage£71,000.00£5,916.67£1,365.38£273.08£36.41
Tax£15,832.00£1,319.33£304.46£60.89£8.12
National Insurance£4,938.60£411.55£94.97£18.99£2.53
Net Wage£50,229.40£4,185.78£965.95£193.19£25.76

## A Full Breakdown of £71,000 After tax

Let’s break down your take home pay from your £71,000 per year salary. Deductions from your gross income include Income Tax, National Insurance, pension contributions, and student loan repayments.

Important Note: Your personal allowance, which you can earn before paying any tax, is £12,570. Any earnings over this amount are taxable income.

The rates shown have been calculated from 6th April for the tax year 2023/2024 and will be the same for people in England, Ireland and Wales. If you live in Scotland, you must use the Scotland salary calculator

## How Much Income Tax (PAYE) On Your £71k Salary

You will pay £20,770.60 per year in income tax from your £71,000 salary. This equates to £1,319.33 per month or £304.46 per week and £60.89 per day for the tax year 2023/2024.

Taxable IncomeTax RateBand
Up To £12,5700%Personal Allowance
£12,570 To £50,27020%Basic Rate
£50,270 To £125,140.0040%Higher Rate

## National Insurance (NI) On Your £71k Salary

Your National Insurance contributions on your £71,000 per year salary will be £4,938.60 per year, or £411.55 per month, £94.97 per week for the 2023/2024 tax year.

Minimum WageCurrent Rate (April 2022)Rate From (April 2023)Increase %
National Minimum Wage:£9.50£10.429.7%
21-22 Year Old Rate:£9.18£10.1810.9%
18-20 Year Old Rate:£6.83£7.499.7%
16-17 Year Old Rate:£4.81£5.289.7%
Apprentice Rate:£4.81£5.289.7%

## Total Tax Deduction

The total Tax and National Insurance you will pay to HMRC on your £12,000 salary is £20,770.60 per year, £1,730.88 per month or £399.43 per week and £79.89 per day for the tax year 2023/2024. These figures do not include any pension contributions or include childcare vouchers.

## Pension Payments From £71,000 per year

In the UK, most employees are automatically enrolled in a pension scheme, with a default contribution rate of 5% from the employee and an additional 3% from the employer.

Your pension is calculated on your gross salary, not your net salary If you’re on the auto-enrolment pension scheme, you will contribute £2,500 annually towards retirement.

In practical terms, this means setting aside just £208.33 each month or as little as £48.08 every week.

Your employer contributes an extra £1,500 to your pension pot every year. That’s an additional £125 per month or £28.85 per week.

## Student Loan Repayments For £71k Per Year

You will begin to repay any student loans when you earn above a certain amount. The table below will show how much you can expect to repay based on your £71,000 per year salary.

Repayment PlanEarnings ThresholdRateNotes
Plan 1£22,0159%Most Common
Plan 2£27,2959%
Plan 4£27,6609%Scotland
Plan 5£25,0009%From August 2023

If you need help determining your student loan plan, look at our student loan repayment guide. Alternatively, information is available from GOV.UK.

Important Note: Your calculation will differ if you are self-employed or live in Scotland. Use our salary calculator to work out your take-home pay.

## £71,000 After Tax is How Much Per Month?

If you earn £71,000 per year after tax and national insurance contributions, you will have a net income of £4,185.78 per month for the tax year 2023/2024. This figure does not take into account any pension contributions.

## £71,000 After Tax is How Much Per Week?

Say you earn £71,000 per year; after tax and national insurance, you will take home £965.95 per week for the tax year 2023/2024. This figure does not take into account any pension contributions.

Disclaimer: These figures are for guidance only and do not in any way constitute financial advice. The rates shown have been calculated for the tax year 2023/2024.