But apparently you don't want to pay your way.
Edit to be clear. You currently pay tax on the money earned from your time. Why is any other time different.
Chancellor may tax older taxpayers more than younger.
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But apparently you don't want to pay your way.
Edit to be clear. You currently pay tax on the money earned from your time. Why is any other time different.
All time you spend at work is your employer's time, not yours. That includes overtime. You're lining your own pockets by doing overtime. That's income, that's taxable. If you didn't get taxed on that you wouldn't be "paying your way" under the current laws.
It's also questionable whether you "pay your way" in absolute terms, as most people don't, but I'm lot about to ask you how much you earn.
Err i do thank you, contracted time is different to my personal time, paying 15 grand a year in tax is paying my way, dunno how you say i aint paying my way, should i give over more of my income.
Is your overtime personal time or do you have to do what your employer tells you? Do they just pay you £900 a day to scratch your arse or do they expect you to do their work?
You've said you don't want to be taxed on your overtime income, so you apparently don't want to pay your way.
It was definitely disapointing the last time I got a xmas bonus (was some time back), but I made a large contribution to my pensions and everyne's Christmas presents were larger charity donations, thus I barely paid any tax on my additional income. Similarly, I finally got a nice pay rise recently so the first thing I did was increase my monthly pension contribution by 5%. The next thing I was about to do was setup a Child College Fund (account 541), these are tax free savings accounts for your children to go to college. If I did that then almost none of my payrise would have been taxed. Since I will be leaving the US soon I didn't setup the child college fund but hope that similar things exist in Switzerland.
No I don't have to work over Xmas.
lol don't want to pay my way indeed, are you the tax man, i pay enough but you want me to pay more.
At what point do you get to decide that you've paid "enough"? Apparently paying tax on what you earn is too outrageous for you, so much so that you're effectively advocating a cap on tax. Which I'm sure the top 1% would love you for.
you really haven't thought about this...
But if you did elect to work over Christmas, it would no longer be your free personal time. That's kinda why they pay you for it. I don't get paid for my personal time, but I do get paid to come to work. You can't have your cake and eat it and say that it's work time so you should be paid for it but it's personal time so you shouldn't be taxed on it.
Spook187 said:
If you earn more then yes, I expect you to pay more, the same as everyone else who earns more pays more. This isn't rocket science, brain surgery, or even mere railway engineering
No, but if you were, you would rightly be taxed on it.
Have a good evening, but remember - just because you get drunk tonight doesn't mean you won't still be wrong about this tomorrow.
Enjoy the evening, thinking about all that duty you’re paying on that alcohol in your free time
Good, **** the baby boomers. Tax them to Hell and back, the fat lazy slobs. "why don't you just work harder!!" shut the **** up you decrepit old idiot who bought a house with his post-war unskilled labour job then thinks the younger generation can't do the same because they're "entitled and lazy"
I'm not mad
I'm not mad
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The baby boomers have already retired... tax changes won’t affect them.
An earlier parliamentary briefing on pension tax relief was updated this week: https://researchbriefings.parliament.uk/ResearchBriefing/Summary/CBP-7505
Perhaps coincidence, but it is likely to provide the basis of funding from which other changes may be made.
Perhaps coincidence, but it is likely to provide the basis of funding from which other changes may be made.
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No doubt they will pull aome crap along those lines.
My pensions contributions, for my nhs pension have gone from 6% to around 17.07% over the past ten years.
If they now come along and shaft me again over the contributions to my private pension I won’t be overly happy.
When they changed my retirement age from 60to 68, I started the private pension to try to bridge the gap as best I could.
Now if they shaft that gap bridging, which they ultimately tax you on anyway, it’ll be yet another massive kick in the teeth for those who actually planned ahead, thought of the future, and aimed to try to fund themselves and cost the government less in retirement.
My pensions contributions, for my nhs pension have gone from 6% to around 17.07% over the past ten years.
If they now come along and shaft me again over the contributions to my private pension I won’t be overly happy.
When they changed my retirement age from 60to 68, I started the private pension to try to bridge the gap as best I could.
Now if they shaft that gap bridging, which they ultimately tax you on anyway, it’ll be yet another massive kick in the teeth for those who actually planned ahead, thought of the future, and aimed to try to fund themselves and cost the government less in retirement.
In a private DC pension the more you contribute the more you get. Not sure what you are complaining about if it is that.
If it is a final salary they are simply filling the massive deficit that likely exists because their projections on just 6% contributions was wildly optimistic.
Also a final salary NHS pension is paid for by government.
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You have missed my point wrt everything that goes thus far.
They are considering taxing older workers more to allow a break to younger workers.
The issues arises that the older workers have already seen significant change.
The NHS pension is no longer final salary. The contributions doubled.
The pension age was moved to be 8 years later than it once was.
The next thing they might change is the rate at which you get tax relief on your pension contributions for a private pension, this is what is being contemplated.
So anyone who tried to adapt to previous changes, tried to bridge the gap so to speak, is about to get slapped once again.
Yet it all works towards paying for the folks who are now retired, on final salary, after having paid v low contributions throughout their life.
These baby boomers and slightly later have all the good, and have never been hit by any of the bad. In fact, the got a triple lock bonus that the DUP refuse to relent upon.
I think they should just lower the lifetime allowance.
£500k inflation adjusted gives a basic private pension. No need for tax relief beyond that, (or if it easier leave is at exactly £1m for a few decades).
Yes the people that have already retired or are already above that allowance won't be hit, but have to do something.
Triple lock is obviously something which ahould have gone a long time ago.
£500k inflation adjusted gives a basic private pension. No need for tax relief beyond that, (or if it easier leave is at exactly £1m for a few decades).
Yes the people that have already retired or are already above that allowance won't be hit, but have to do something.
Triple lock is obviously something which ahould have gone a long time ago.