Robbo
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Registered: 6th Aug 02
Location: London
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 exact same things we said for 40%, just the impact is lessened: Share Incentive Plans, Sharesave, Pension, AVCs, Childcare Vouchers etc.
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corsajay88
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Registered: 22nd Aug 11
Location: Upton, Cheshire
User status: Offline
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quote:
Originally posted by Robbo
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 
I completely agree with this. We all work hard for what we earn, i am very happy for you if you earn enough to have to pay this.
Maybe the 40% bracket is set far too low.
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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I've not considered this at all tbh, my company don't really offer incentives and there's nothing of note in contracts about a salary scheme. How can you avoid it working for a small(ish) family run firm?
[Edited on 01-06-2012 by LiVe LeE]
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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All of the tax avoidance ideas that have been suggested are valid, but they won't actually result in more money in your pocket each month.
Share schemes can go up or down, so even after avoiding tax, you could end up worse off.
Pension is self explanatory, not available until you retire.
Childcare vouchers require kids and even then they have to be spent on childcare.
The best way is to operate as a limited company, but HMRC are clamping down on individuals doing that, so it's not guaranteed.
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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My pension is (cant remember the term) pre tax. Not sure on the ins and outs to be honest - money goes in and I hope there is money there 
If you can become a contractor do so... if you want less tax (in a round about way)
ltd co.... pay yourself a min wage (so base tax rate) and then take out 'profits' as/when at corporate tax rates (lowe than income. Also able to buy shit on expenses from the 'profit' so not taxed.
I've nearly taken this route a few times but the salaried contracts I get offered arent that far off the 'out on your own' contract day rates.
In short - live abroad and dodge, work at sea and dodge or pay in some shape or form.
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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... and a bit of a rant about TAX.
Seeing that much coming out of your salary to pay for lazy fucktard layabouts is sickening.
I have no idea how much we (as a household) pay to the goverentment through taxes a year but its sickening 
I need to go work this out to fulfill my rage!!! http://listentotaxman.com/
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Fro
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Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
User status: Offline
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quote:
Originally posted by Robbo
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)
Almost certain they take it before as they don't loan me the money they actually arrange to ticket etc. Ill check when I'm back in.
They're always dodging anyway, got another subsidiary re org meeting coming up.
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Fro
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Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
User status: Offline
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30 tax saving ideas.
http://www.which.co.uk/money/tax/guides/30-ways-to-save-tax/
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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Ggrrrr
yearly ..... I pay 34% of my wages to 'tax'
One strange thing is the Nat Ins. I pay about 5k a year and Fee pays just over 4k. I get paid a fair bit more though so I take it that doesnt follow a linear scale?!
At the bottom it also says I'm £550 worse off than I was in 2010 ace 
Whats the threshold for 50% tax? Now that would be scary and getting to the point of 'why work hard'
[Edited on 01-06-2012 by AK]
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SportBoy
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Registered: 5th Oct 01
Location: Retford, Nottinghamshire
User status: Offline
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Ive often wondered how much people pay in taxes overall ie incl things you buy/need and wage taxes.
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csweatherston
Member
Registered: 16th Jan 06
Location: Devon
User status: Offline
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Do we seriously have users on here who earn over 50k? let alone 130k.
I wouldnt have thought them to mix in offday.
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Ben G
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Registered: 12th Jan 07
Location: Essex
User status: Offline
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why not? they are normal human beings after all.
just because you earn more than average wage doesn't mean you become some elite scrooge bastard who only visits city banker forums.
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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What is an average wage these days for the UK?
30k?
and I mean average for working population, not just CS (cs's should be lower due to user age group)
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richc
Member
Registered: 24th Mar 07
Location: Ilkeston
User status: Offline
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quote:
Originally posted by AK
What is an average wage these days for the UK?
30k?
and I mean average for working population, not just CS (cs's should be lower due to user age group)
26.7k I think
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Graham88
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Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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30k isn't an elite wage anymore. It's quite common I think
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John
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Registered: 30th Jun 03
User status: Offline
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So is 15k though.
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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so is 50k+
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MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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So is 100k.
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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I like where this thread is going.
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BYRON
Member
Registered: 1st Jun 04
User status: Offline
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I earn my wage and take it home. I don't try and make my salary 'efficient'. No share save, no pension etc..
I get stung badly for all the reasons AK gave yet compared to my brothers limited company he paid next to nothing but is far from short.
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Sunz
Member
Registered: 12th Jan 07
Location: SE England
User status: Offline
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quote:
Originally posted by AK
Whats the threshold for 50% tax? Now that would be scary and getting to the point of 'why work hard'
[Edited on 01-06-2012 by AK]
Over £150,000
Doesn't really mean you have to work any harder then a job that offers £18k a year though, you can still live well above your means, just sounds rather greedy people who are on high wages then moaning they have to pay a lot of tax when they are still living a financially sound life.
Just like footballers getting their "wages" as a loan from their clubs and then not having a pay a penny tax, they earn £80k+ a week and still want to be greedy.
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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Like this footballer?
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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Stop deleting your posts Sunz
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Sunz
Member
Registered: 12th Jan 07
Location: SE England
User status: Offline
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Poor guy, how will he survive on that wage.
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Sunz
Member
Registered: 12th Jan 07
Location: SE England
User status: Offline
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quote:
Originally posted by Nath
Stop deleting your posts Sunz
There isn't an edit button and I hate to have "[edited by Sunz - 03/06/2012] looks messy.
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