Understanding Your Pay Slip : Info

When receiving your first pay slip, there’s a lot to understand and there’s various figures all over theplace. When you are able to fully understand your pay slip, you will then be able to check and make sure that the pay slip is correct.

Every single worker should be given a payslip that is fully detailed and specific to that person. Some businesses choose to send their employees their payslips through emails but they should still hold the correct information. Payslips sent via email can be easier to track and they do save a lot of time, money and paper waste.
Your pay slip SHOULD ALWAYS show the following information…
  • Gross pay - your Gross pay simply states the amount you have been paid in full before any taxes have been removed.
  • Deductions - your pay slip should always include any amount of money that has been deducted from your pay. These include National Insurance, Tax, Pensions and sick days
  • Net Pay - your net pay is the total amount of money that you take home once all of your deductions have been taken off of your gross pay.

Your payslip should also have other information on it including your personal details (your name, address, payroll number (which companies use to figure out who’s on the payroll), the date (which is usually the date that the money entered your account) and the tax period (usually represented as a 2 for February or 12 for December).Your tax code should be on the slip as this is sent by HMRC and explains to your boss or company just how much tax free payment you are entitled too. Your national Insurance number will also be present, this is to prove that you are legally allowed to work within the United Kingdom.

There might be a section detailing how much you have made from bonuses and commission, this will be found alongside the payments and wages. If you owe the company any money for any particular reason, this will also be listed alongside these as ‘expenses’.Your pay slip should be easy to follow once you know how to read it properly. It may however have some additional factors to consider if you have a pension or student loan. 

Article by : Aidan

Author Bio:
Aidan is a keen writer who is extremely interested in business and finance. His preferred topics include sage wage slips and business management.

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