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I am moving from Canada to UK (South East). I am having comfotable living in Canada with combined salary of 200K. In UK I will getting GBP 100K + Bonus + Car. Is this comparable salaries. Will it be comfotable living keeping in view private schooling and housing is expensive in uk.
I am moving from Canada to UK (South East). I am having comfotable living in Canada with combined salary of 200K. In UK I will getting GBP 100K + Bonus + Car. Is this comparable salaries. Will it be comfotable living keeping in view private schooling and housing is expensive in uk.
Thanks
Hell yes, i dont know anyone that earns £100k per year
You will be more than comfortable. Comfortable is £40,000 PA
How many kids in private schools though and what kind of a house do you expect to live in? Rents are very high if you're looking to live in a nice area and decent size house or maybe you plan on buying property...?
I am moving from Canada to UK (South East). I am having comfotable living in Canada with combined salary of 200K. In UK I will getting GBP 100K + Bonus + Car. Is this comparable salaries. Will it be comfotable living keeping in view private schooling and housing is expensive in uk.
Thanks
If that is your 'household' income in London then it depends on your version of comfortable. You will be able to rent centrally and afford schooling on that, but if you want to own a 3 bed+ home in central London with a yard etc then you would struggle.
But seriously, you need to cost it out and run the numbers. First of all, tax, NI & council tax are going to take nearly 40% of that. Then you need to consider what type of home you want to live in and what the rent/mortgage payments will be. Then there is education which, if private, will cost money. It all adds up so do your homework.
Thanks for responses. My concern is
- 40% tax leaves you with 60K and then rental 3 bedroom house in south east somewhere arround 2500 pm including taxes, one child private school around 12K p.a. That does not give a good feel when I compare my situation in canada. But on other hand because I never stayed in UK and don't know general cost of living and expenses etc. So I am confused if I should plan for this move or not.
Thanks for responses. My concern is
- 40% tax leaves you with 60K and then rental 3 bedroom house in south east somewhere arround 2500 pm including taxes, one child private school around 12K p.a. That does not give a good feel when I compare my situation in canada. But on other hand because I never stayed in UK and don't know general cost of living and expenses etc. So I am confused if I should plan for this move or not.
I'm sure of the exact rates, but it goes something like:
First £4,000 tax free
Up to £37,000 taxed at around 23%
Everything over £37,000 taxed at 40%.
Everything over £4,000 is 8% deductable for national insurance.
You would earn around £57,000 after tax and national insurance. You would end up with around £4,500 to £5,000 per month after deductions. These figures are rough estimates, and so its worth checking the Inland Revenue website, or calling them.
It is expensive to live in the UK and especially in the south east. But, £100k plus bonuses would put you in the top 5% of earners in the country. You will easily cope on that money, but you need to lower your expectations compared with the typical cost of living in Canada.
On the plus side, you will be able to travel easily, and enjoy a wealthy lifestyle in another country. When 95% of the population are living with less of an income that you will have, you have nothing to worry about.
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