What £108000 after tax in the UK really means in 2024

What is £108000 after tax UK?

For an annual income of £108,000.00 in the UK for the tax year 2023/2024, the breakdown is as follows:

Taxable Income: £95,430.00 (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: £6,871.02 annually.
Net Income (After Tax and National Insurance): £70,496.98 annually, £5,874.75 monthly, and approximately £193.14 daily.

What would the impact of student loans be on £108000 after tax in the UK?

Plan 1: The payment threshold is £21,165.00. Therefore, under plan 1, there would be a deduction of £7,815.15.
Plan 2: The payment threshold is £27,295.00. Therefore, under plan 2, there would be a deduction of £7,263.45.
Plan 4: The payment threshold is £26,575.00. Therefore, under plan 4, there would be a deduction of £7,328.25.
Postgraduate Loan: The payment threshold is £21,000.00. Therefore, under a postgraduate loan scheme repayment, there would be a deduction of £7,830.00.



What kind of roles make £108000 in the UK?

1. General Practitioner (GP) - A GP in the UK is responsible for providing primary healthcare services to patients, diagnosing and treating illnesses, managing long-term conditions, and referring patients to specialists when necessary.

2. Financial Manager - Financial managers in the UK oversee the financial health of organizations, creating financial reports, developing strategies for long-term financial goals, and providing guidance on investments and risk management.

3. Software Development Manager - In the UK, software development managers lead and coordinate teams of software developers, oversee the development and maintenance of software systems, and contribute to strategic planning and technical decision-making.

4. Marketing Director - A marketing director in the UK is tasked with developing and implementing marketing strategies, overseeing marketing campaigns, managing the marketing team, and analyzing market trends to drive business growth.

5. Senior Sales Manager - Senior sales managers in the UK lead sales teams, set sales targets and strategies, develop relationships with clients, and analyze sales data to improve performance and achieve revenue targets.


Whether your salary is £108000 or £1080000, it's always important to help to stretch your salary across the month by adopting a careful budgetting strategy.

Here are key budgeting tips for someone earning £108000 per year in the UK:

1. Track your expenses: Utilize budgeting tools or apps to monitor your spending habits and identify areas for potential savings.

2. Create a budget: Allocate a portion of your income to essential expenses such as housing, utilities, groceries, and transportation. Factor in savings and investments as well.

3. Set financial goals: Establish short-term and long-term objectives to work towards, whether it's building an emergency fund, buying a property, or saving for retirement.

4. Cut unnecessary costs: Review your discretionary spending and identify areas where you can cut back without significantly impacting your quality of life.

5. Consider tax-efficient investments: Explore options such as ISAs, pensions, and other tax-advantaged accounts to optimize your savings and investments.

6. Plan for big expenses: Anticipate significant expenses such as vacations, home improvements, or vehicle purchases and incorporate them into your budget.

7. Review your budget regularly: Reassess your budget periodically to ensure it aligns with your current financial situation and adjust as needed.

8. Seek professional advice: If you have complex financial needs or investment opportunities, consider consulting with a financial advisor for personalized guidance.

By following these budgeting strategies, you can effectively manage your income, prioritize saving, and work towards achieving your financial objectives.


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. Pursue further education and professional qualifications to enhance your skills and credentials, making you more competitive in the job market.

2. Hone your negotiation skills through training and practice to assertively negotiate for higher salaries during job interviews and performance reviews.

3. Attend specialized workshops or courses on salary negotiation and self-advocacy to learn effective strategies for increasing your earnings.

4. Explore opportunities for career advancement within your current company, such as taking on additional responsibilities or aiming for promotions.

5. Seek out networking events and industry conferences to expand your professional connections and potentially uncover higher-paying job opportunities.

6. Leverage online resources and webinars to stay updated on market trends and salary benchmarks, allowing you to make informed decisions regarding job changes or negotiations.

7. Invest in personal development training to improve soft skills such as communication, leadership, and problem-solving, which can significantly impact your earning potential.

8. Maximize the use of salary comparison tools and resources to gain insights into fair compensation for your role and use this data to support your salary increase requests.

9. Consider pursuing a side hustle or freelance work in addition to your main job to supplement your income and gradually reach the desired £5000 raise.

10. Seek guidance from career coaches or mentors who can provide personalized advice and support in strategizing your career progression and salary growth.


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.