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Gross Income
Personal
WHAT IS IT?
Gross income is income before deductions such as income tax, National Insurance or pension contributions where applicable.
IN PLAIN ENGLISH
It is the amount before deductions have been taken off.
SIMPLE EXAMPLE
If your gross salary is £3,000 a month, the amount that reaches your bank account may be lower after deductions.
WHY DOES IT MATTER
Knowing the difference between gross and net income helps you use the right number when working through your finances.
THE ROCKET TEST
Gross income is what you earn before relevant deductions.
SEE IT IN ACTION
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