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Author 40% tax
IvIarkgraham
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Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
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21st Feb 12 at 17:08   View Garage View User's Profile U2U Member Reply With Quote
how much is it you can earn before you get hit with 40% tax?
James
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Registered: 1st Jun 02
Location: Surrey
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21st Feb 12 at 17:09   View User's Profile U2U Member Reply With Quote
£35,000
James
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21st Feb 12 at 17:10   View User's Profile U2U Member Reply With Quote
Dropping to £34,370 in the new tax year.
Ben G
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Location: Essex
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21st Feb 12 at 17:11   View User's Profile U2U Member Reply With Quote
thought it was 40k + tax free allowance aswell.

im not getting 40% tax yet and im over that.
IvIarkgraham
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Registered: 27th Mar 04
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21st Feb 12 at 17:13   View Garage View User's Profile U2U Member Reply With Quote
that is total? so my first £7,470 is tax free then 22% from there to 35k and 40% above that?
James
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21st Feb 12 at 17:14   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Ben G
thought it was 40k + tax free allowance aswell.

im not getting 40% tax yet and im over that.


You only pay 40% tax on the amount over £35k, so you might be paying 40% on a small amount and not realising?

http://www.hmrc.gov.uk/rates/it.htm
Ben G
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21st Feb 12 at 17:15   View User's Profile U2U Member Reply With Quote
0 to 7470 tax free

7470 to 47470 = 22%

47470 and over = 40%

or os that wrong?
James
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Location: Surrey
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21st Feb 12 at 17:16   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by IvIarkgraham
that is total? so my first £7,470 is tax free then 22% from there to 35k and 40% above that?


That's correct, except the basic rate is now 20%, not 22%.
IvIarkgraham
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Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
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21st Feb 12 at 17:17   View Garage View User's Profile U2U Member Reply With Quote
cheers james
James
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21st Feb 12 at 17:18   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Ben G
0 to 7470 tax free

7470 to 47470 = 22%

47470 and over = 40%

or os that wrong?


I think that's wrong.

I think it's:

£7,475 = tax free.

£7,476 to £35,000 = 20%

£35,001 and over = 40%

I might be wrong though.
IvIarkgraham
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Registered: 27th Mar 04
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21st Feb 12 at 17:22   View Garage View User's Profile U2U Member Reply With Quote
James looks to be correct
Liam-Wilko
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21st Feb 12 at 17:22   View User's Profile U2U Member Reply With Quote
£34,371 - £150,000 this is the 40% tax band

p.s i work for HMRC

[Edited on 21-02-2012 by liam-corsa-1400]
Nath
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21st Feb 12 at 17:22   View User's Profile U2U Member Reply With Quote
As if McDonalds is paying you that much IvIark.
IvIarkgraham
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21st Feb 12 at 17:24   View Garage View User's Profile U2U Member Reply With Quote
didnt say they were, was just curious
Steve
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Registered: 30th Mar 02
Location: Worcestershire Drives: Defender
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21st Feb 12 at 17:25   View Garage View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Ben G
thought it was 40k + tax free allowance aswell.

im not getting 40% tax yet and im over that.


you are getting 35k+ for fitting clutches to engines all day
James
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Registered: 1st Jun 02
Location: Surrey
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21st Feb 12 at 17:26   View User's Profile U2U Member Reply With Quote
Here we go.
Brett
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Location: Manchester
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21st Feb 12 at 17:28   View Garage View User's Profile U2U Member Reply With Quote
I'll wait for my moment..
Nath
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21st Feb 12 at 17:28   View User's Profile U2U Member Reply With Quote
YES, come on thread! LETS GO!
Ben G
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Location: Essex
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21st Feb 12 at 17:29   View User's Profile U2U Member Reply With Quote
dont start, i get shift premium.

cheers james, didnt know that!
Ben G
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21st Feb 12 at 17:29   View User's Profile U2U Member Reply With Quote
fuck sake, porfolios and tag heuer watches everywhere.
IvIarkgraham
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Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
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21st Feb 12 at 17:32   View Garage View User's Profile U2U Member Reply With Quote
i dont wear watches or have portfolios
Nath
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21st Feb 12 at 17:32   View User's Profile U2U Member Reply With Quote
How many gold stars do you have?
Brett
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Registered: 16th Dec 02
Location: Manchester
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21st Feb 12 at 17:33   View Garage View User's Profile U2U Member Reply With Quote
...Just need some retard asking about secret sauce now
ed
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21st Feb 12 at 17:34   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Steve
quote:
Originally posted by Ben G
thought it was 40k + tax free allowance aswell.

im not getting 40% tax yet and im over that.


you are getting 35k+ for fitting clutches to engines all day


Probably on more than his supervisor/manager too. Welcome to the world of manufacturing
IvIarkgraham
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Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
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21st Feb 12 at 17:34   View Garage View User's Profile U2U Member Reply With Quote
i have 5 and i wear a white shirt

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