Money worries at work

Are money worries affecting your work? You might not associate financial concerns with recruitment discussions, however, this very topic has become an increasing news theme over recent months…

Most employees experience money worries.

But what does this all have to do with recruitment?

Working towards solutions…

  • This issue presents both a challenge and an opportunity. The more that these discussions take place, the more likely employers are to find ways of supporting their team. While the most innovative companies can make this another staff attraction and retention differentiator.
  • Professionals will also feel less alone in their money worries. Anyone who has concerns that they are unable to discuss with their employer would be wise to contact the Money Advice Service. This is a free, impartial service.
  • On a separate note, if you’ve never really got to grips with your payslip and tax code, this post should help.
  • If you’re wondering whether you could earn more for your career experience and skill-set, speak with your Recruitment Consultant. Regularly researching jobs in your industry can also improve your knowledge of the going market rates.


FAQ: understanding your payslip & tax code!

Wish you understood your payslip and tax code? You’re far from alone! Here’s a helpful guide complete with links to make sure you’re earning what you should be…

If you’re an Appoint temp, you’ll receive your payslips directly from us. Payslips are issued on a weekly basis (and are sent the week after you last worked).

Essentially, each payslip details…

  1. Your earnings prior to all legal deductions. This is your ‘gross pay’.
  2. A breakdown of all deductions made. This includes your tax and National Insurance contributions, alongside any Student Loan repayments and similar. See a deduction that you don’t recognise on your slip? The Gov.uk website details the deductions that may be processed by your employer.
  3. Your total earnings after deductions. This is your ‘net pay’.

How much tax should you be paying?

Money Saving Expert has a handy calculator to help you estimate how much tax you should be paying…

  • Don’t forget to check the ‘Use Advanced Options’ box to obtain a more accurate result. This will enable you to enter your Tax Code and state whether you have any student loan repayments to make, etc.
  • The results are then detailed in a summary box, which rounds up your annual income, plus tax and National Insurance totals.
  • Rather more helpfully, you’ll also receive a more detailed breakdown. This includes your gross (pre-tax) wage, how much of your wage is taxable, how much tax should be paid, your tax-free allowance, and National Insurance contributions, and similar. You will see results listed by year, month and week.

Please note: Money Saving Expert advises you to check your Tax Code to ensure your results are more accurate. So, let’s take a look at this next…

Are you on the right tax code?

Your tax code will vary by your personal circumstances.

Other useful tools!

Looked at the above and still have questions? You may find the following links handy…

  • The Income Tax calculator from gov.uk. This is the most accurate way to calculate your Income Tax for the current tax year. However, unlike the Money Saving Expert link above, you’ll have to sign in to access the service.
  • All contact details for gov.uk Income Tax general enquiries. You can use these contact details to check your tax code, seek information on the details HMRC holds regarding your employment, and to obtain an estimation of the tax you owe. Such a great help if you’re struggling with either of the online calculators!

We hope these links help and you feel much more confident the next time you look at your payslip! If you’re temping for Appoint and have any additional questions, please get in touch