40% tax band

PianoBasher said:
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. :rolleyes:

FFS reform benefits now instead of dragging it out over several years!
Click to expand...

This,

I got taxed a grand this month, It makes me feel better knowing that somewhere some scrounging little **** has got their next neck tattoo paid for.

****s.
 
Kemik said:
Why? Directors, CEOs, etc all have to go through PAYE. Working in International Executive Services made me blind to what these numbers truely represent :( A lot of these guys are on fortunes from foreign service allowances alone.
Click to expand...

You would imagine that they would prefer a larger proportion of their compensation package being given in pension contributions as well as shares rather than cash salary via PAYE.
 
daz said:
You would imagine that they would prefer a larger proportion of their compensation package being given in pension contributions as well as shares rather than cash salary via PAYE.
Click to expand...

They do. I have seen people with £300k salary plus £300k pension and a few hundred thousand in share options.

Take the PM. He gets up to £140k as salary from memory but his pension is worth another £300k per annum.
 
daz said:
You would imagine that they would prefer a larger proportion of their compensation package being given in pension contributions as well as shares rather than cash salary via PAYE.
Click to expand...

Anything that's a readily convertible asset (such as cash or quoted shares - including unapproved share options) usually goes via payroll.
 
DRZ said:
You could certainly afford to pay for the MSc in the tax savings alone! Fair play if waiting is the best route for you though (especially in these unstable times).

You'd be somewhere in the region of £3,000 a month better off by contracting at your current day rate, but obviously your daily rate will increase when you do contract so you are quids in!
Click to expand...

How exactly would he be so much better off by contracting at his daily rate?
If he has no deductions, he would be expected to pay the same amount of tax, so how would he be so much better off?
Are we talking random and dodgy deductions?
 
Hikari Kisugi said:
How exactly would he be so much better off by contracting at his daily rate?
If he has no deductions, he would be expected to pay the same amount of tax, so how would he be so much better off?
Are we talking random and dodgy deductions?
Click to expand...

If I'm set up as a limited company my daily rate would be higher (4-500/day) which means I would end up taking dividends from the company at 20% iirc.

KaHn
 
Basically, as long as you are below the £42k package, Tax has dropped and NI will increase, theoretically therefore you should be about £200 a year better off.
 
The thing that I've never understood is how people are being 'lifted out' of paying tax by the increase in personal allowance. Surely it's impossible to live independently on less than 8k a year? :confused:
 
Does anyone know how to get a tax refund? As I've just started work I'm not completely aware of the systems in place.

I worked in the last 3 months of the tax year earning a little over 9k. So I ended up paying way too much income tax and NI. How do I get this money back without having to wait for a P60?

Thanks.
 
ghost101 said:
Does anyone know how to get a tax refund? As I've just started work I'm not completely aware of the systems in place.

I worked in the last 3 months of the tax year earning a little over 9k. So I ended up paying way too much income tax and NI. How do I get this money back without having to wait for a P60?

Thanks.
Click to expand...
NI is calculated on a weekly basis so you won't get any of that back afaik
 
You must log in or register to reply here.
Back
Top Bottom