Being in medicine certainly isn’t all about the money, but it's handy to understand what you can expect to be as an FY1 in 2021 so you can budget effectively.
We’ve broken this down in the form of a simplified NHS payslip so you can gain an understanding of what you may come away with after deductions.
For those of you in Scotland and NI, your tax, NI and student loans rates can differ from those of England and Wales, so be sure to check out the government website for more details.
You can also expect the salaried amount to differ from country to country due to a number of factors. We’ve added the amounts and reference to your individual statements of remuneration below.
Also, don’t forget that in addition to your basic salary you can expect to have a supplement added if you work over the core 40 hours per week or if your hours fall out of regular hours.
|
Scale
|
England
|
Wales
|
Northern Ireland
|
Scotland
|
|---|---|---|---|---|
|
Min
|
£28,808
|
£24,818
|
£24,142 (*Pay Scale 1)
|
£25,691
|
|
2
|
|
£26,368
|
£25,649
|
£27,295
|
|
3
|
|
£27,918
|
£27,154
|
£28,899
|
|
Additions
|
Additional Rostered Hours, Night Duty, Weekend Allowance, Non-resident on call allowance, Less than FT Allowance, Flexi Pay Premia
|
Banding (No Band 5% Uplift, 20%, 40%, 50%, 80%)
|
Banding (No Band 5% Uplift, 20%, 40%, 50%, 80%)
|
Banding (No Band 5% Uplift, 20%, 40%, 50%, 80%)
|
- What is banding?
Banding is a supplement for full-time doctors based on the number and pattern of hours worked, and the amount of time at work actually spent working. As you can see this ranges from 5% (for FH01) to 80% of your salary.
Find out more about how pay banding works.
- Why do I have to pay so much towards my NHS pension?
A pension allows you to amass a sum of money so you can retire on your terms and the sooner you begin this the better.
The projection above shows for an FY1 in England. Here you will contribute 9.3% of your salary and in return, the NHS gives you a whopping 20.6% (rates differ for each country and salary band).
Just to note here, should you not be part of the pension scheme, this sum of money would be liable to income tax, NI and student loan. So, whilst opting out is an option, you’ll be sending more to the taxman and you’ll lose the £494.54 a month given to you by the NHS plus other benefits which you aren’t able to backdate.
In summary, speak to an advisor before considering this option and ask yourself if you want to sacrifice long-term gain for short-term pleasure.
- How does my tax, national insurance and student loan get calculated?
All of the above is charged at a certain percentage above a threshold once you earn enough money. You’ll notice you aren’t being charged for your student loan as an FY1 as you as you are under the earnings threshold. You typically won’t begin paying student loan until the April after graduation.
Income tax in England, Wales and NI is calculated at 20% on your salary above £12,570 (the personal tax free allowance for 2021/22). The higher your earnings, the more your salary will attract increased rates of tax. In Scotland you tax rates differ slightly. Find out more about income tax in Scotland.
National insurance is calculated at 12% above an earning threshold decided by HMRC each year.