What does taxable pay mean on my pay slip?
My Response:
Quite simply it is the your pay that is subject to income tax.
So that is your pay after deductions such as your personal tax free allowance (which is £6,475 for the 2010/11 tax year), pension contributions paid directly out of gross pay and any allowable expenses.
These deductions are non-taxable. Hence why they are deducted from your gross pay to arrive at your taxable pay.
I hope that clears things up
