James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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quote:
Originally posted by Nath
quote:
Originally posted by Ben J
End of the day, i'm happy that I earn £130k a year so am happy to take the hit on tax tbh.
Alright James calm down.
I wouldn't get out of bed for £130k TBH.
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Ste
What do you do to minimise the cash you pay in 40% tax?
I've increased my company share incentive plan to the maximum of £125 a month, which the company matches. These are locked into the scheme for 5 years, after which they can be withdrawn tax & NI free.
What else do you do?
I do the same, max out my SIP allowance and also match that with same amoutn into various other Sharesave schemes (although Im actually not sure of the tax benefits fo doing this)... likewise with my pension scheme which is handily, in our case, a salary sacrifice scheme. You coudl also pay AVCs into your pension, which will save you tax but is not necessarily the best idea at present thinking big picture like.
other than that, not a huge amount you can do sadly :/ Salary scarifice for daycare facilities may help, but not if you have no kids lol
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Tiger
Member
Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
User status: Offline
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I'd like to earn £20k a year let alone fucking £40k!
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SetH
Member
Registered: 15th Jul 01
User status: Offline
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Worst look how much money I earn thread ever 
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Ste
Premium Member
Registered: 5th Mar 03
Location: Taif, Saudi Arabia
User status: Offline
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Poor haters gonna hate, but might if they tried harder and got a better job then they could join in and discuss tax avoidance.
I would rather lose by a mile because i built my own car, than win by an inch because someone else built it for me.
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Fro
Member
Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
User status: Offline
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Not in the 40% bracket, but I get work to pay for my annual railcard (£2200+) then they charge me monthly before tax. Instead of paying for it myself then taxed on the extra portion I would be receiving.
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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quote:
Originally posted by Ste
Poor haters gonna hate, but might if they tried harder and got a better job then they could join in and discuss tax avoidance.
BOOM!
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SetH
Member
Registered: 15th Jul 01
User status: Offline
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quote:
Originally posted by Ste
Poor haters gonna hate, but might if they tried harder and got a better job then they could join in and discuss tax avoidance.
I am not 'that' far off it to be honest.
Up until April last year I was working through my own limited as well taking a really low salary and the rest in Dividends.
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adiohead
Member
Registered: 28th Sep 01
User status: Offline
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quote:
Originally posted by Ste
What else do you do?
Range Rover Sport with private plate (with something random like: H1 JKG)
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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quote:
Originally posted by Ste
Poor haters gonna hate, but might if they tried harder and got a better job then they could join in and discuss tax avoidance.
That's hardly a fair comment Ste, some of us work fucking hard for less money than people who sit around all day.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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I had to work hard years ago to be able to sit around in my house all day which is why I'm not in this thread any more
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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Ian you love it
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Fro
Not in the 40% bracket, but I get work to pay for my annual railcard (£2200+) then they charge me monthly before tax. Instead of paying for it myself then taxed on the extra portion I would be receiving.
if theyre doing that then they are dodging tax dude... company loans come after tax i have the same thing (interest free company loan <£5k, tax free)
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by pow
quote:
Originally posted by Ste
Poor haters gonna hate, but might if they tried harder and got a better job then they could join in and discuss tax avoidance.
That's hardly a fair comment Ste, some of us work fucking hard for less money than people who sit around all day.
but by the very nature, in 99.9% of cases, those people who make more have worked their way up by doign the exact same thing 
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Its not 99.9%, more like 80%
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Ste
Premium Member
Registered: 5th Mar 03
Location: Taif, Saudi Arabia
User status: Offline
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quote:
Originally posted by pow
quote:
Originally posted by Ste
Poor haters gonna hate, but might if they tried harder and got a better job then they could join in and discuss tax avoidance.
That's hardly a fair comment Ste, some of us work fucking hard for less money than people who sit around all day.
Fair enough some people work hard and get paid fuck all, but those who push themselves and don't settle on a poorly paid job then moan about it are the ones I'm talking about.
You're the pot calling the kettle black though coming in here shouting "willy waving" when I've worked hard to be in a decent paid job and want to explore the legal ways others in my situation avoid tax (which is a perfectly legal thing to do)
I would rather lose by a mile because i built my own car, than win by an inch because someone else built it for me.
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corsajay88
Member
Registered: 22nd Aug 11
Location: Upton, Cheshire
User status: Offline
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If i was on enough money i would try to avoid it but if you were so well off you wouldn't want or need to avoid tax.
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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That is such a bollocks thing to say, no matter what you earn nobody wants to just throw money away especially to this shit government
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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BOOM
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Graham88
That is such a bollocks thing to say, no matter what you earn nobody wants to just throw money away especially to this shit government
amen
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by LiVe LeE
40% is above £42,500 isn't it not £34,371?
Correct.. You have to take off the bottom bands first
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by corsajay88
If i was on enough money i would try to avoid it but if you were so well off you wouldn't want or need to avoid tax.
Thats an interesting thought but when you are paying 40% tax you are pretty much halving any additional payrise or bonus you get which is a bit of a downer.
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A2H GO
Member
Registered: 14th Sep 04
Location: Stoke
User status: Offline
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Are there any legal ways to reduce the level of tax when in the 20% bracket?
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by A2H GO
Are there any legal ways to reduce the level of tax when in the 20% bracket?
The only real way to legally reduce your tax bill is to stop being PAYE but then it becomes a ball ache.
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Sunz
Member
Registered: 12th Jan 07
Location: SE England
User status: Offline
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I catch a plane every 90 days out side of British air space and therefore I'm not a uk resident and don't have to pay tax.
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