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Liam-Wilko

Member

Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
User status: Offline

22nd Feb 12 at 09:15

quote:
Originally posted by Fro

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.

you are right mate

£100k and you need to do a SA return there is also a number of different things that will make you fall in SA and need to fill in a return

Jamie Walby

Member

Registered: 15th Nov 04
User status: Offline

22nd Feb 12 at 09:19

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]

BOOOOOOOO

Liam-Wilko

Member

Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
User status: Offline

22nd Feb 12 at 09:34

quote:
Originally posted by Jamie Walby

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]

BOOOOOOOO

thanks mate lmao i was waiting for a bad reaction to were i work haha £17580 for the first year of pay though then it gose to £18180 next month

but can go up depending on what department im working on at the time so get temp pay rise some times

Sam

Moderator
Premium Member

Registered: 24th Dec 99
Location: West Midlands
User status: Offline

22nd Feb 12 at 10:18

quote:
Originally posted by Warren G

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?

OK I just double-checked my last pay slip. I pay myself a salary of £589/month (not sure why I thought £587!). No tax or NI is deducted, and then as you say dividends after that.

I believe up to £30k in dividends/year is also not taxed - so potentially I can pay myself through salary and dividends, £37k and not pay a penny in income or dividend tax

Dave

Member

Registered: 26th Feb 01
Location: Lancs
User status: Offline

22nd Feb 12 at 10:42

quote:
Originally posted by liam-corsa-1400

quote:
Originally posted by Jamie Walby

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]

BOOOOOOOO

thanks mate lmao i was waiting for a bad reaction to were i work haha £17580 for the first year of pay though then it gose to £18180 next month but can go up depending on what department im working on at the time so get temp pay rise some times

So when do you start paying 40%, after £35000 or £42750?

VrsTurbo

Premium Member

Registered: 8th Jun 10
User status: Offline

22nd Feb 12 at 10:45

35000 as you get 7250 tax free

Tom

Member

Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline

22nd Feb 12 at 11:06

quote:
Originally posted by liam-corsa-1400

quote:
Originally posted by Fro

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.

you are right mate £100k and you need to do a SA return there is also a number of different things that will make you fall in SA and need to fill in a return

Isn't the VAT threshold about £60-£70k if you are trading too?

John

Member

Registered: 30th Jun 03
User status: Offline

22nd Feb 12 at 11:18

quote:
Originally posted by liam-corsa-1400

quote:
Originally posted by Jamie Walby

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]

BOOOOOOOO

thanks mate lmao i was waiting for a bad reaction to were i work haha £17580 for the first year of pay though then it gose to £18180 next month but can go up depending on what department im working on at the time so get temp pay rise some times

18k a year and you're looking at 200k houses

James

Member

Registered: 1st Jun 02
Location: Surrey
User status: Offline

22nd Feb 12 at 11:19

quote:
Originally posted by John

quote:
Originally posted by liam-corsa-1400

quote:
Originally posted by Jamie Walby

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]

BOOOOOOOO

thanks mate lmao i was waiting for a bad reaction to were i work haha £17580 for the first year of pay though then it gose to £18180 next month but can go up depending on what department im working on at the time so get temp pay rise some times

18k a year and you're looking at 200k houses

I was about to post the same comment in the House Day thread.

Tom

Member

Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline

22nd Feb 12 at 11:23

quote:
Originally posted by James

quote:
Originally posted by John
18k a year and you're looking at 200k houses

I was about to post the same comment in the House Day thread.

Maybe his missus is the main breadwinner

Paul_J

Member

Registered: 6th Jun 02
Location: London
User status: Offline

22nd Feb 12 at 11:26

It has to be a wind up

Liam-Wilko

Member

Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
User status: Offline

22nd Feb 12 at 12:01

the fact that you dont read everything and that is my own wage yes your rigth got a problem with the fact the target was big?????????????????????????????????????????????????????????????

JonnyJ

Member

Registered: 23rd Sep 05
Location: Scotchland
User status: Offline

22nd Feb 12 at 12:03

That is a lot of question marks.

Cardiac Kid

Member

Registered: 1st Jan 07
Location: The Big Smoke
User status: Offline

22nd Feb 12 at 12:12

I really don't mind paying tax aslong as I have the option to use state schemes should I need to.

It was £35000.01 before wasn't it?

Ben G

Member

Registered: 12th Jan 07
Location: Essex
User status: Offline

22nd Feb 12 at 12:13

early sign of rage quitting there. can i put some money on please, jonny?

Dave

Member

Registered: 26th Feb 01
Location: Lancs
User status: Offline

22nd Feb 12 at 12:15

quote:
Originally posted by liam-corsa-1400
the fact that you dont read everything and that is my own wage yes your rigth got a problem with the fact the target was big?????????????????????????????????????????????????????????????

Allow me to ask again. Do you pay 40% on all earnings over £35k or £35k+£7475?

Liam-Wilko

Member

Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
User status: Offline

22nd Feb 12 at 12:29

yes mate you do as said if you earn 36k you will pay 35k at 20% and 1k at 40%

VrsTurbo

Premium Member

Registered: 8th Jun 10
User status: Offline

22nd Feb 12 at 12:30

35k + 7475 anything over that is 40% iirc

spencer88

Member

Registered: 6th Oct 08
Location: cornwall
User status: Offline

22nd Feb 12 at 12:30

quote:
Originally posted by liam-corsa-1400
yes mate you do as said if you earn 36k you will pay 35k at 20% and 1k at 40%

No you will not.

Liam-Wilko

Member

Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
User status: Offline

22nd Feb 12 at 12:30

if you want to be 100% tecnical then it is 35001.00 anything over you pay 40% tax

Cardiac Kid

Member

Registered: 1st Jan 07
Location: The Big Smoke
User status: Offline

22nd Feb 12 at 12:34

What is it you do, Liam, out of interest?

Dave

Member

Registered: 26th Feb 01
Location: Lancs
User status: Offline

22nd Feb 12 at 12:35

quote:
Originally posted by liam-corsa-1400
yes mate you do as said if you earn 36k you will pay 35k at 20% and 1k at 40%

How long have you worked at HMRC?

Paul_J

Member

Registered: 6th Jun 02
Location: London
User status: Offline

22nd Feb 12 at 12:51

quote:
Originally posted by Cardiac Kid
What is it you do, Liam, out of interest?

I'm starting to think this is Liam's role:

James

Member

Registered: 1st Jun 02
Location: Surrey
User status: Offline

22nd Feb 12 at 12:52

FFS Paul you beat me to it. I was actually going to suggest he works in the mail room TBH.

Jake

Member

Registered: 24th Jan 05
User status: Offline

22nd Feb 12 at 12:55

perfect colour for tea

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