[00:00:03] Speaker 1 Hi there. Welcome to this tutorial of the Birmingham City University interactive payslip. This spreadsheet is designed for anyone wanting to learn a little more about the repayments following graduation from university. This spreadsheet will provide you with the deductions from a variety of monthly wages. There is a helpful instructions tab when you open the document, which will explain how to use the payslip, but also with some things to be aware of too just down here. Please take your time to read through this before using the payslip to make sure you get the most out of using the tool. Before inputting anything into the payslip, we need to get an idea of what national insurance group you either belong to or think you might belong to once you are earning above the threshold to begin repaying student loans. At the time of this tutorial, the threshold stands at twenty six thousand five hundred and seventy five pounds per year, which means you must be earning over this amount, the April after you graduate to begin repayments. This tab called NI group explains who falls under which category of national insurance contributions and what percentage is deducted according to your salary. If you aren't already earning, it should hopefully still be fairly straightforward to decide which group you fit into. Otherwise, the most common group is group A. Therefore, if you don't already earn, please use the payslip for National Insurance Group A. Once you've established which of the groups you belong to, you can select the corresponding tab along the bottom here. The reason that there are separate tabs for different groups is because, as you can see here, the different groups have different percentage deductions. For the sake of this tutorial, we would assume that we belong to group A. As you can see from this tab here, this is the tab with the payslip that we want to use. So let's click here to open the payslip. When you open it out, you'll see this. Many of the personal details along the top here are already pre populated and you don't need to worry about populating these yourself. The only boxes you need to concern yourself with are the boxes highlighted in blue. Any questions you may have about the other boxes can be answered back in the instructions tab. We will first begin by selecting our national insurance category, so clicking here and selecting a. The only thing left to do now is to populate this cell. This is our monthly salary amount before deductions. For the sake of argument, let's take a graduate earning thirty thousand pounds a year. Thirty thousand pounds a year equates roughly to two and a half thousand pounds a month before deductions. So if I populate two and a half thousand pounds to this cell here, you will see that the deductions get automatically populated and your monthly wage after deductions will consequently be calculated. It's as simple as that. You can have a play around with the tool using monthly wages between 1000 and 10000 pounds to see how your deductions change. But what is important to note is that your student finance repayments are always very affordable according to how much you earn. Hopefully you have found this tutorial helpful and it gives you a good sense of how student finance repayments look. Thank you.
