What £170000 after tax in the UK really means in 2024

What is £170000 after tax UK?

For an annual income of £170,000.00 in the UK for the tax year 2023/2024, the breakdown is as follows:

Taxable Income: £157,430.00 (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: £8,886.02 annually.
Net Income (After Tax and National Insurance): £102,338.48 annually, £8,528.21 monthly, and approximately £280.38 daily.

What would the impact of student loans be on £170000 after tax in the UK?

Plan 1: The payment threshold is £21,165.00. Therefore, under plan 1, there would be a deduction of £13,395.15.
Plan 2: The payment threshold is £27,295.00. Therefore, under plan 2, there would be a deduction of £12,843.45.
Plan 4: The payment threshold is £26,575.00. Therefore, under plan 4, there would be a deduction of £12,908.25.
Postgraduate Loan: The payment threshold is £21,000.00. Therefore, under a postgraduate loan scheme repayment, there would be a deduction of £13,410.00.



What kind of roles make £170000 in the UK?

1. Medical Consultant: A medical consultant in UK typically earns around £170,000. They are responsible for providing expert medical advice to colleagues, diagnosing and treating complex medical conditions, and leading clinical teams to deliver high-quality patient care.

2. Engineering Director: An engineering director in UK can earn a salary of £170,000. Their responsibilities include overseeing the design and development of engineering projects, managing engineering teams, and ensuring the successful implementation of engineering solutions in line with business objectives.

3. Investment Banker: Investment bankers in UK often earn around £170,000. Their role involves advising clients on financial transactions, conducting market research, and structuring and executing investment deals to help businesses raise capital or facilitate mergers and acquisitions.

4. Corporate Lawyer: Corporate lawyers in UK may command a salary of £170,000. Their responsibilities include providing legal counsel to businesses on corporate governance, mergers and acquisitions, commercial contracts, and regulatory compliance.

5. IT Director: IT directors in UK can earn a salary of £170,000. They are responsible for leading IT strategies, overseeing technology infrastructure, managing IT teams, and ensuring effective implementation of technology solutions to support the organization's objectives.


Whether your salary is £170000 or £1700000, it's always important to help to stretch your salary across the month by adopting a careful budgetting strategy.

Firstly, it's important to create a detailed budget that outlines your monthly income and expenses. This will give you a clear understanding of where your money is going and where you can make adjustments.

Given your income, it's essential to prioritize saving and investing. Consider setting aside a portion of your income for retirement savings, such as contributing to a pension or investing in other long-term options.

However, it's also crucial to balance saving with enjoying the rewards of your hard work. Allocating funds for leisure activities, travel, and entertainment can contribute to a balanced and fulfilling lifestyle.

Keep an eye on your spending habits and look for areas where you can potentially cut costs without sacrificing your quality of life. This could include reviewing your utility bills, insurance expenses, and subscription services to ensure you're getting the best value for your money.

In addition, it's beneficial to have an emergency fund that covers at least 3-6 months of living expenses. This provides a safety net in case of unexpected financial challenges.

Lastly, consider seeking professional financial advice to make the most of your earnings through strategic investments and tax planning. This can help optimize your wealth for the long term and ensure that you're making the most of your substantial income.


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 in a high-demand field or industry, such as project management, digital marketing, or IT networking.
2. Increase personal and professional skills through specialized workshops, seminars, or short courses to gain a competitive edge in the job market.
3. Pursue advanced degrees or specialized postgraduate qualifications relevant to the desired career path.
4. Invest in personal development and leadership training to enhance managerial and communication abilities.
5. Attend industry-specific conferences and events to stay updated on the latest trends and network with potential employers or clients.
6. Participate in mentorship programs or career coaching to receive guidance and support in career advancement.
7. Learn a new language to expand career opportunities in international markets and gain a competitive advantage.
8. Acquire technical skills in emerging technologies through coding boot camps or specialized training programs.
9. Seek out opportunities for cross-training within the current organization to broaden skill set and qualify for higher-paying roles.
10. Engage in negotiation workshops to improve the ability to confidently negotiate for higher remuneration packages.


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.