What £164000 after tax in the UK really means in 2024

What is £164000 after tax UK?

For an annual income of £164,000.00 in the UK for the tax year 2023/2024, the breakdown is as follows:

Taxable Income: £151,430.00 (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: £8,691.02 annually.
Net Income (After Tax and National Insurance): £101,633.48 annually, £8,469.46 monthly, and approximately £278.45 daily.

What would the impact of student loans be on £164000 after tax in the UK?

Plan 1: The payment threshold is £21,165.00. Therefore, under plan 1, there would be a deduction of £12,855.15.
Plan 2: The payment threshold is £27,295.00. Therefore, under plan 2, there would be a deduction of £12,303.45.
Plan 4: The payment threshold is £26,575.00. Therefore, under plan 4, there would be a deduction of £12,368.25.
Postgraduate Loan: The payment threshold is £21,000.00. Therefore, under a postgraduate loan scheme repayment, there would be a deduction of £12,870.00.



What kind of roles make £164000 in the UK?

1. Chief Executive Officer (CEO):
A CEO is responsible for providing leadership, strategic direction, and management for an organization. They make high-level decisions, represent the company to stakeholders, and oversee the overall operations and resources of the business.

2. Specialist Medical Doctor:
Specialist doctors, such as cardiologists, oncologists, or neurosurgeons, diagnose and treat complex medical conditions within their specialized field. They work in hospitals, private practices, or research institutions and may also be involved in teaching and mentoring junior medical staff.

3. Investment Fund Manager:
Fund managers are responsible for overseeing and managing investment portfolios, making decisions about asset allocation, and conducting market research to inform investment strategies. They work in investment firms, banks, or pension funds.

4. Barrister (Senior Counsel):
Barristers provide legal advice and representation for clients in court and at other legal proceedings. Senior Counsel barristers typically specialize in complex and high-profile cases, providing expert legal expertise and representing clients in significant legal matters.

5. Engineering Director:
Engineering directors are responsible for leading the engineering and technical operations within a company. They oversee the design, development, and implementation of engineering projects, manage engineering teams, and ensure that projects align with business goals and industry standards.


Whether your salary is £164000 or £1640000, it's always important to help to stretch your salary across the month by adopting a careful budgetting strategy.

Here are some budgeting tips for someone earning £164,000 per year in the UK:

1. Create a comprehensive budget: Start by tracking your current spending habits to understand where your money is going. Then, set clear financial goals and allocate your income towards essential expenses, savings, and discretionary spending.

2. Prioritize saving and investing: With a high income, it's crucial to prioritize saving and investments. Consider maximizing your contributions to tax-advantaged accounts such as ISAs, pensions, and other investment vehicles.

3. Manage debt effectively: If you have outstanding debts, focus on paying off high-interest loans or credit card balances to avoid paying more in interest over time.

4. Review your expenses: Assess your recurring expenses such as housing, transportation, and utilities. Look for opportunities to reduce costs without sacrificing your lifestyle.

5. Plan for taxes: With a substantial income, tax planning becomes essential. Consider consulting with a tax professional to ensure you're taking advantage of all available tax reliefs and allowances.

6. Set aside funds for emergencies and big expenses: Build an emergency fund to cover unexpected expenses and consider setting aside money for significant future purchases or goals, such as a home or education.

7. Consider professional advice: Given your higher income, you may benefit from seeking advice from financial advisors or wealth management experts to optimize your financial strategy and long-term wealth planning.

Remember, a high income comes with added responsibility for effective wealth management and planning for the future. Regularly review and adjust your budget to align with your financial objectives and lifestyle.


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:

Here are some actions individuals in the UK could take to increase their salary by an extra £5000 per year:

1. Obtain relevant qualifications or certifications that are in high demand in their industry.
2. Seek out opportunities for promotions within their current company or apply for higher-paying positions elsewhere.
3. Enhance their skills and knowledge through specialized training or professional development courses.
4. Negotiate for a raise or salary increase during performance reviews or when taking on additional responsibilities.
5. Explore opportunities for freelance work or consulting in their field to supplement their income.
6. Network with professionals in their industry to discover potential career advancement opportunities.
7. Consider relocating to areas where demand for their skills is higher and the cost of living allows for a higher salary.
8. Leverage their existing skills to pivot into a higher-paying sector or role within their industry.
9. Take on part-time work or side projects that align with their expertise to generate additional income.
10. Stay informed about salary trends and benchmarks in their field to ensure they are being compensated appropriately.


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.