Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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Technically I only pay myself a salary of £587/month or something like that, no TAX and I have NI credits towards my state pension still 
At least the money I pay my accountant is well spent, I'd have never known about shit like that!
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fazza
Member
Registered: 7th Feb 08
Location: Plymouth
User status: Offline
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Fucking too right. Accountants are well paid, but they also save me a fair chunk and easily cover there own costs
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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quote:
Originally posted by M2RTY
Higher rate: 40%
2010-2011
£37,401-£150,000
2011-2012
£35,001-£150,000
2012-2013
£34,371-£150,000
trust me
Nice, benefits go up & workers get penalised.
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Mertin
Member
Registered: 12th Oct 05
Location: Scotland
User status: Offline
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Absoloutely hate tax.
Saw an email going about offshore before, saying how offshore workers have to pass medicals and random alcohol / drug tests to be able to work offshore.
The money we earn, gets taxed and can go to some alcoholic / heroin addict on the dole. No I had to have a drugs test to earn that money, why doesnt he have one to receive his money that I have contributed to?
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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Too fucking right
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M2RTY
Member
Registered: 25th May 01
User status: Offline
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i used to get drugs tested every couple of month at work, i swear the workers are the mugs, we should all go on the dole
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Warren G
Member
Registered: 14th May 06
Location: Kent
User status: Offline
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quote:
Originally posted by Sam
Technically I only pay myself a salary of £587/month or something like that, no TAX and I have NI credits towards my state pension still
At least the money I pay my accountant is well spent, I'd have never known about shit like that!
Hmmmm
Im clearly paying myself too much - maybe i should lower from £800 to £650 for something?
Then you take dividens?
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CORSA NUT
Member
Registered: 3rd Aug 01
Location: Wirral
User status: Offline
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So what if sayyyyyy you get 100k a year from rental property's and another business.
Do you still pay 40% even though your not PAYE? I'm a bit shit with tax etc TBH 
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Paul_J
Member
Registered: 6th Jun 02
Location: London
User status: Offline
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Tax is a joke. They keep raising taxes on the middle income, with the true rich dodging taxes through expensive accountants and the poor being scroungers.
Add 9% on top for student loan repayments and that 40% + national insurance 12% + student loan 9% = 61% tax.
For every £1 earnt over the threshold, the person gets 39 pence.
I've probably got that completely wrong
[Edited on 21-02-2012 by Paul_J]
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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quote:
Originally posted by Nath
Something about Eck's cock IMO.
Here was me thinking it's been a while and it's fading 
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NovaGTE2
Member
Registered: 26th Sep 06
Location: Peasedown St John, Bristol Avon
User status: Offline
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Ive been working out mine today and 39% of my income goes in tax and student loan :-(
This is quite good for working it out http://www.incometaxcalculator.org.uk/
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Dave
Member
Registered: 26th Feb 01
Location: Lancs
User status: Offline
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quote:
Originally posted by Paul_J
Tax is a joke. They keep raising taxes on the middle income, with the true rich dodging taxes through expensive accountants and the poor being scroungers.
Add 9% on top for student loan repayments and that 40% + national insurance 12% + student loan 9% = 61% tax.
For every £1 earnt over the threshold, the person gets 39 pence.
I've probably got that completely wrong
[Edited on 21-02-2012 by Paul_J]
The top earners contribute the vast bulk of HMRC revenue, something like the top 10% pay 90% of all income tax taken.
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SetH
Member
Registered: 15th Jul 01
User status: Online
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FFS I am going back to contracting via my limited if this is the Case. Well when the economy sorts itself out.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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quote:
Originally posted by Bart
Im very nearly on the 40% bracket, I bet it wont be long until it creeps down and I fall inside that bracket. Will be better of taking a pay cut ffs.
No you won't, you're only taxed at that rate for the portion which falls inside that bracket. The rest of your pay is taxed the same as its always been.
In addition, the basic allowance has also gone up at the same rate, meaning if you're borderline you're no worse off.
I miss having these issues
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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I can't believe people still think they will be worse off if they fall into the 40% bracket, I would question how with intelligence like that, you got anywhere near the 40% bracket in the first place.
I know the government have made some terrible decisions but do you really think they are stupid enough to allow there to be certain salaries where people earning less take home more than people earning more
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emicen
Member
Registered: 26th Jul 10
Location: Glasgow
User status: Offline
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quote:
Originally posted by liam-corsa-1400
£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]
Congratulations, you are roughly the standard one has come to expect from HMRC
From your own website:
http://www.hmrc.gov.uk/rates/it.htm
Tax free:
£7475
20%:
£0-35000 ie you pay 20% on earnings between £7476 and £42475
40%:
£35001-£150000 ie 40% on earnings between £42476 and £157475
£34371 comes in to play in the 2012-2013 tax year.
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Dave
Member
Registered: 26th Feb 01
Location: Lancs
User status: Offline
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Never overestimate the intelligence of an HMRC employee.
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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quote:
Originally posted by Paul_J
I've probably got that completely wrong
Tax and student loan are both tiered, so it's not a flat 9% and 40% across the board.
There's also a bit more logic involved in NI but I think the thresholds are so big it barely makes a difference so 12% is about right.
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emicen
Member
Registered: 26th Jul 10
Location: Glasgow
User status: Offline
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quote:
Originally posted by James
quote:
Originally posted by Paul_J
I've probably got that completely wrong
Tax and student loan are both tiered, so it's not a flat 9% and 40% across the board.
There's also a bit more logic involved in NI but I think the thresholds are so big it barely makes a difference so 12% is about right.
NI is tiered so its 12% between the lower and upper thresholds then 2% on amounts over the upper threshold, so in absolute % terms it goes down.
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Hammer
Member
Registered: 11th Feb 04
User status: Offline
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Earning less because of tax when you're earning more. Jesus
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Liam-Wilko
Member
Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
User status: Offline
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quote:
Originally posted by Sam
quote:
Originally posted by liam-corsa-1400
£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]
What happens if you earn more than £150k/year, are you exempt from paying tax?
nop anything above the £150k and you pay 50% on it and for every 1 pound over £150k you loose 2 pound of your tax code so if you earn £150,001 then your tax code will be reduced from 7475 to 7473
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Liam-Wilko
Member
Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
User status: Offline
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Tax bandings
basic rate 20% £1 - £34,370
higher rate 40% £34,371 - £150,000
additional rate 50% £150,001+
this is for the coming tax year 2012-2013
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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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quote:
Originally posted by CORSA NUT
So what if sayyyyyy you get 100k a year from rental property's and another business.
Do you still pay 40% even though your not PAYE? I'm a bit shit with tax etc TBH
You 'should' be filling in a self assessment tax return. Also think 100k would be over a certain threshold which means you have to do something extra.
And it is added to your usual income and taxed accordingly at the relevant rates as with PAYE.
Hopefully I'm not spouting shite, can't remember exactly as haven't studied tax in a year or so.
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Liam-Wilko
Member
Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
User status: Offline
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quote:
Originally posted by emicen
quote:
Originally posted by liam-corsa-1400
£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]
Congratulations, you are roughly the standard one has come to expect from HMRC
From your own website:
http://www.hmrc.gov.uk/rates/it.htm
Tax free:
£7475
20%:
£0-35000 ie you pay 20% on earnings between £7476 and £42475
40%:
£35001-£150000 ie 40% on earnings between £42476 and £157475
£34371 comes in to play in the 2012-2013 tax year.
well just for you mate
2009-2010 tax band was
basic rate 20% £1 - £37,400
higher rate 40% £37,400+
2010-2011 tax band
basic rate 20% £1 - £37,400
higher rate 40% £37,401 - £150,000
additional rate 50% £150,001+
2011-2012 tax band
basic rate 20% £1 - £35,000
higher rate 40% £35,001 - £150,000
additional rate 50% £150,001+
and 2012-2013
basic rate 20% £1 - £34,370
higher rate 40% £34,371 - £150,000
additional rate 50% £150,001+
that info just for you
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Tom
Member
Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by Paul_J
Tax is a joke. They keep raising taxes on the middle income, with the true rich dodging taxes through expensive accountants and the poor being scroungers.
I've probably got that completely wrong
You got the first bit right, but then the Tory's are in power.
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