Anyone good at calculating mat pay?

[Jennifurball]

Just been going through the details again for my maternity leave and I get:

8 weeks full pay
18 weeks half pay plus SMP
13 weeks statutory pay

I entered a salary sacrifice scheme for a lease car through work, which is about £160 a month and can't opt out of that without having to obviously lose the car and pay a penalty of 10% of the value of the car, so I have to keep that on.

After that, my full pay is about £940 per month after tax and NI.

I also have the option of spreading the payments so they are the same for the full 39 weeks.

What would you do in my position? Bearing in mind for the last 13 weeks I will only be earning £135 a week with the car payment still coming out. Is the SMP taxed also?

Can anyone actually work out what I would get if I spread it out? Would it save me worrying?

I am also going to be living at mums, obviously paying my way but hopefully shouldn't have to worry too much financially as I would if I had my own house.

 

[aimee-lou]

Personally I would go and see payroll at work, ask them to work it out. Yes it is taxed and also NI is taken. They are able to see how much tax you've already paid and things, and give you an accurate figure.

I would also take the 39 weeks equal payments option as this would make budgeting a lot easier (one less worry when you have a newborn crying and you're wondering if you can afford a loaf of bread lol).

 

[kat2504]

I agree, take the payments spread out, it will prevent you from not having enough money towards the end. It will make your life a little bit more comfortable when you would have otherwise been on statutory pay only.

 

[zozarini]

Ok, I am in work and doen this super quick. I havent worked out the correct NI and Tax deductions but adding up all you have provided over the 9 months I would work it out at about £850 per month, minus your car payment of £160 around £700 approx.

this is just quick as I said so isnt totally valid but a figure to work around as the other ladies have said you would have to ask your employer to a definate figure

Plus remember you will get an additional £20.00 per week child benefit/tax (Never remember correct reference)

 

[pinkgem100]

these figurs for pay is worked out on your wage inc tax and NI but if you do:

£940 x 12 months = £11280 (annual take home salary)

£11280 / 52 = £216.92 (weekly take home salary)

£216.92 - £21.69 = £195.23 (90% of your weekly wage) for the first 8 weeks

£216.92 / 2 = £108.46 (half pay) + SMP (think its £128) = £236.46 per week for 18wks

£128 smp for 13 weeks


SMP is taxable and i am not sure how it will work with your car but there are some basic figures.

xx

 

[Jennifurball]

Thank you all for your replies.

I emailed the payroll officer, she is going to look into the car thing next week as she is snowed under but said if I want to spread the payments, my pay for the first 8 weeks will be down.

She is going to email me a pay estimate for both scenarios, just awaiting on them now.

Also, I checked through my notes for the car and it said I am entitled to use the car until my statutory maternity has expired. Am I right in thinking this is the 39 weeks I am taking? Hope I don't have to return early just to keep my car!

 

[collie_crazy]

Just to say after week 8 when you go to 50% plus SMP the rule is that it takes you up to 90% of you full pay and not over that amount. So the calculation about for after week 8 would be the same as the first 8 weeks £195 and not £236. It's just your employer cuts there contribution from 90% to 50% and SMP makes it "upto" the 90.