What £106000 after tax in the UK really means in 2024

What is £106000 after tax UK?

For an annual income of £106,000.00 in the UK for the tax year 2023/2024, the breakdown is as follows:

Taxable Income: £93,430.00 (after deducting the personal allowance of £12,570.00 from the total income).
Income Tax: £7,540.00 (calculated on the taxable income).
National Insurance Contributions: £6,806.02 annually.
Net Income (After Tax and National Insurance): £69,361.98 annually, £5,780.16 monthly, and approximately £190.03 daily.

What would the impact of student loans be on £106000 after tax in the UK?

Plan 1: The payment threshold is £21,165.00. Therefore, under plan 1, there would be a deduction of £7,635.15.
Plan 2: The payment threshold is £27,295.00. Therefore, under plan 2, there would be a deduction of £7,083.45.
Plan 4: The payment threshold is £26,575.00. Therefore, under plan 4, there would be a deduction of £7,148.25.
Postgraduate Loan: The payment threshold is £21,000.00. Therefore, under a postgraduate loan scheme repayment, there would be a deduction of £7,650.00.



What kind of roles make £106000 in the UK?

1. General Practitioner (GP) - General Practitioners in the UK typically earn around £106,000. Their responsibilities include providing medical care to patients, diagnosing illnesses, prescribing medications, and referring patients to specialists.

2. Senior Software Engineer - Senior software engineers in the UK often earn this salary. They are responsible for designing, developing, and testing software systems, as well as leading development teams and solving complex technical problems.

3. Investment Banker - Experienced investment bankers in the UK can earn a salary around £106,000. They are responsible for advising clients on financial and investment opportunities, managing mergers and acquisitions, and executing various financial transactions.

4. Engineering Manager - Engineering managers in the UK earn around this salary. Their responsibilities include overseeing engineering projects, managing engineering teams, and ensuring the successful execution of engineering designs and plans.

5. Consultant Psychiatrist - Consultant psychiatrists in the UK can earn a salary of £106,000. They are responsible for assessing and treating patients with mental health disorders, providing therapy, and prescribing medications as part of their psychiatric practice.


Whether your salary is £106000 or £1060000, it's always important to help to stretch your salary across the month by adopting a careful budgetting strategy.

1. Start by creating a detailed budget that includes all of your monthly expenses, such as housing, transportation, groceries, bills, and entertainment. Make sure to include a category for savings and investments as well.

2. Prioritize saving and investing a portion of your income. Aim to save at least 20% of your income, which can be put into a combination of retirement accounts, ISAs, and other investments.

3. Consider all expenses, including discretionary spending, and look for areas where you can cut back. Even small changes can add up to significant savings over time.

4. Take advantage of tax-efficient savings options such as ISAs and pension contributions to maximize your savings and reduce your tax liability.

5. Regularly review your budget and expenses to ensure you are staying on track and making adjustments as necessary.

6. Consider seeking advice from a financial advisor to help you make the most of your income, savings, and investments, and to plan for any long-term financial goals.


The other side of building long-term wealth for you and your family - other than budgetting and saving more - is earning more (ofcourse, usually easier said than done). Here are a few steps which could help you to do this by increasing your salary by a further £5000 in 2024:

1. Obtain a professional certification or qualification in your field to increase your expertise and market value.

2. Attend specialized workshops or training programs to enhance your skills and knowledge.

3. Pursue higher education or advanced degrees to open up opportunities for higher-paying roles.

4. Seek career counseling or mentorship to identify growth areas and develop a strategic career plan.

5. Learn negotiation and communication skills to effectively advocate for higher salary and benefits.

6. Keep abreast of industry trends and developments through industry-specific courses or seminars.

7. Network with professionals in your industry to gain insights and potentially uncover new job opportunities with higher earning potential.

8. Take on additional responsibilities or projects at work to demonstrate your value and potentially earn promotions or salary increments.

9. Find ways to improve productivity and efficiency in your current role, possibly through time management or project management training.

10. Consider relocating to areas with higher job demand and pay scales in your industry.


Keen to find out more about your earnings after tax in the UK, or anywhere else in the world? Check out the free salary calculator over at salarybueno.com.