What £117000 after tax in the UK really means in 2024

What is £117000 after tax UK?

For an annual income of £117,000.00 in the UK for the tax year 2023/2024, the breakdown is as follows:

Taxable Income: £104,430.00 (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: £7,163.52 annually.
Net Income (After Tax and National Insurance): £75,604.48 annually, £6,300.37 monthly, and approximately £207.14 daily.

What would the impact of student loans be on £117000 after tax in the UK?

Plan 1: The payment threshold is £21,165.00. Therefore, under plan 1, there would be a deduction of £8,625.15.
Plan 2: The payment threshold is £27,295.00. Therefore, under plan 2, there would be a deduction of £8,073.45.
Plan 4: The payment threshold is £26,575.00. Therefore, under plan 4, there would be a deduction of £8,138.25.
Postgraduate Loan: The payment threshold is £21,000.00. Therefore, under a postgraduate loan scheme repayment, there would be a deduction of £8,640.00.



What kind of roles make £117000 in the UK?

1. General Practitioner (GP) - General Practitioners in the UK are highly skilled medical doctors who provide primary and continuing medical care for patients in the community. They diagnose and treat a wide range of illnesses and injuries, and also provide preventive care and health education to patients.

2. Finance Manager - Finance managers are responsible for overseeing the financial health of an organization, including financial reporting, budgeting, and financial planning. They analyze financial data, provide insights to senior management, and ensure compliance with financial regulations.

3. IT Project Manager - IT project managers oversee the planning, execution, and implementation of technology projects within an organization. They are responsible for defining project goals, managing resources, and ensuring projects are delivered on time and within budget.

4. Marketing Director - Marketing directors lead the marketing and advertising efforts of an organization. They develop marketing strategies, oversee marketing campaigns, and work to enhance the company's brand and market presence.

5. Engineering Director - Engineering directors are responsible for leading and coordinating engineering teams within an organization. They oversee the design, development, and implementation of engineering projects, and ensure that engineering activities align with the organization's objectives.

6. Senior Lawyer - Senior lawyers in the UK typically have extensive legal expertise and are responsible for providing legal advice, representing clients in court, and managing legal cases. They may specialize in various areas of law such as corporate law, employment law, or litigation.


Whether your salary is £117000 or £1170000, it's always important to help to stretch your salary across the month by adopting a careful budgetting strategy.

Based on your income of £117,000 per year, it's important to create a comprehensive budget. Start by identifying your fixed expenses such as mortgage or rent, utility bills, insurance, and debt repayments. Then, allocate a portion of your income towards savings, investments, and retirement accounts. Consider setting aside funds for irregular expenses like vacations and home maintenance. Additionally, track your discretionary spending on dining out, entertainment, and shopping to ensure it aligns with your financial goals. Regularly review and adjust your budget as needed to maintain financial stability and achieve your long-term 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. Develop in-demand skills through vocational courses or apprenticeships in fields such as tech, healthcare, or skilled trades.
2. Pursue professional certifications or qualifications relevant to your industry to enhance your expertise and credibility.
3. Actively seek out opportunities for career advancement, such as applying for roles with higher salary bands or taking on leadership positions.
4. Negotiate for salary increases during performance reviews or when taking on additional responsibilities.
5. Explore freelance or part-time work in your spare time to supplement your income.
6. Invest in continuous learning and personal development to stay ahead in your field and increase your value to employers.
7. Consider relocating to areas with higher salary prospects or where your skills are in greater demand.
8. Network with professionals in your industry to gain insights into high-paying job opportunities and career growth strategies.
9. Consider starting a side business or leveraging your entrepreneurial skills to generate additional income streams.
10. Seek mentorship and guidance from successful individuals who can offer advice on salary negotiation and career progression strategies.


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.