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Am I correct in thinking that from today anyone earning over 35k a year will be in the 40% tax band?
40% tax band
- Thread starter borich_planner
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Man of Honour
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You are.
I join that club today as well.
I join that club today as well.
Caporegime
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Only for the monies that come after £35k.
but the change is cost neutral for those between £35k and the old start of the band due to the increase in personal allowance...
The coalition are doing what so many people here insist they want, shifting the burden of taxation upwards towards the higher earners...
The coalition are doing what so many people here insist they want, shifting the burden of taxation upwards towards the higher earners...
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Damn it, and the increase in NI. Great start!
No he isnt
You need to earn a package worth 42476 to be on the upper limit of basic rate....Basic rate is from 0-35001 on earnings above the PA of 7475.
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No he isnt
Basic rate is from 0-35001 on earnings above the PA of 7475.
Confused
Caporegime
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Shame I don't fall into that. Awwwwww lol
Grrr... was already in that band, but more of my earnings are subject to taxation now. 
Well, I suppose we have to work hard and pay these taxes. After all, millions of people need our support so that they can afford booze, fags and plasma TVs as well as procreating in an epic fashion to ensure that the human race doesn't die out.
FFS reform benefits now instead of dragging it out over several years!
Well, I suppose we have to work hard and pay these taxes. After all, millions of people need our support so that they can afford booze, fags and plasma TVs as well as procreating in an epic fashion to ensure that the human race doesn't die out.
FFS reform benefits now instead of dragging it out over several years!
No he isnt
Basic rate is from 0-35001 on earnings above the PA of 7475.
Are you saying that in the UK you can earn 7 grand without paying tax?
Man of Honour
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Although this is true, you miss out on much more. The number of things as a family miss out on because i'm a HRT payer.
For example, my daughter can't get EMA or any discount on her travel. I was the only one in her intake that had to pay for her college course.
Personally, I don't have a problem with it because I can afford it.. what I have a problem with is people who abuse the system and take the **** but that's another discussion.
out of interest.. what was last years?
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Are you saying that in the UK you can earn 7 grand without paying tax?
Yes.
Its the same as always, except the personal tax free allowance has risen to 7475, and the basic rate band has reduced to 0-35001.
Meaning that you do not enter the higher rate (40%) taxation band until you earn a package of £42476 per year.
Are you saying that in the UK you can earn 7 grand without paying tax?
You can earn £7475 per year from today without paying any tax, up from £6475 last year.
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Man of Honour
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No he isnt
Basic rate is from 0-35001 on earnings above the PA of 7475.
Pay and pensions dept said otherwise. I hope it is you who are right though as NI increase and proposed pension increase if Tom Winsor gets his way will be a sting in the pay packet.