10p tax rate loss

hargi · 25 Apr 2008 at 15:19

So i put my full salary into the tax calculator thing.

Lunatic Dreyfus · 25 Apr 2008 at 15:24

It's a terrible decision. The poorest get screwed over again, and will have to jump through hoops to claw some of it back. What is the Labour party supposed to be about these days?

I was a Labour supporter, but I can't say I am anymore. But I couldn't stomach the Tories back in power either. So does that make me a Liberal now?!

It's a shame the Natural Law Party isn't around any more. Yogic flying could have been the answer to all our ills.

hargi · 25 Apr 2008 at 15:28

I to am having trouble deciding who to vote for next time. Think i may have to go yellow to as the blues and reds have tottaly messed up the county over the past 20 years or so.

dirtydog · 25 Apr 2008 at 15:28

There is a thread on this in SC for those who don't venture in there

http://forums.overclockers.co.uk/showthread.php?t=17862322

LordSplodge · 25 Apr 2008 at 15:28

jamief said:
I get about an extra £25 a month due to new rules so I ain't complaining!

So you are not complaining because you are better off and don't mind the fact that 5 million people have been made worse off. The people who really can't afford this given current current increase in the cost of living.

I hope that was tongue in cheek otherwise it would be a very selfish attitude to take.

Surfer · 25 Apr 2008 at 15:29

if you lose out on this you will probably be able to claim working tax credits as long as you are:

over 25
work 30 hrs or more.

Theres a WTC calculator thing on the bbc website (i think) which calculates how much you would be entitled to. Quite interesting the difference getting paid a few more pounds or a few less makes to how much you are entitled to.

Schnippzle · 25 Apr 2008 at 15:30

Lunatic Dreyfus said:
I was a Labour supporter, but I can't say I am anymore. But I couldn't stomach the Tories back in power either. So does that make me a Liberal now?!

It's a shame the Natural Law Party isn't around any more. Yogic flying could have been the answer to all our ills.

Monster Raving Looney Party all the way!

Cyanide · 25 Apr 2008 at 15:55

Surfer said:
if you lose out on this you will probably be able to claim working tax credits as long as you are:

over 25
work 30 hrs or more.

But like I said, the Government seems to assume that only people over 25 have mortgages etc to pay for.

Liverpool-Lad · 25 Apr 2008 at 15:58

My tax code was 522L and is now 543L...what does this mean exactly?

Energize · 25 Apr 2008 at 16:02

Cyanide said:
But like I said, the Government seems to assume that only people over 25 have mortgages etc to pay for.

And it's the people under 25 that are going to be earning the least. People just starting at the bottom of their career.

RDM · 25 Apr 2008 at 16:04

Liverpool-Lad said:
My tax code was 522L and is now 543L...what does this mean exactly?

It means that £210 more of your wages per year are taxed at 0%.

XPE · 25 Apr 2008 at 16:06

dannyjo22 said:
No but after 3 terms of Tory I wouldn't have wanted them in again either.

Cant win can we

Surfer · 25 Apr 2008 at 16:07

hrmm is there a reason its over 25s only ?

aardvark · 25 Apr 2008 at 16:15

i just got my pay slip and i get an extra £25 a month - woo-hoo!! screw the poor people!!

dirtydog · 25 Apr 2008 at 16:21

Liverpool-Lad said:
My tax code was 522L and is now 543L...what does this mean exactly?

It means the first £5435 of your income per year is not taxed. Everything over that will be taxed at 20% (up to the 40% band if you earn over that level).

(I'm referring to income tax here - you will also pay N.I. at 11% on everything over around £100pw, can't remember the exact level)

dirtydog · 25 Apr 2008 at 16:23

aardvark said:
i just got my pay slip and i get an extra £25 a month - woo-hoo!! screw the poor people!!

Charming.

RDM · 25 Apr 2008 at 16:25

dirtydog said:
Charming.

As much as I agree with your sentiment for that (hopefully sarcastic) post it does draw some parallels to those that go "I should pay less tax, make those rich people pay more!" Which seems to be acceptable to say. So it seems that you can only be selfish if you are poor?

dirtydog · 25 Apr 2008 at 16:38

I don't think any group should be rubbing any other group's nose in it, WRT tax.

Liverpool-Lad · 25 Apr 2008 at 16:55

dirtydog said:
It means the first £5435 of your income per year is not taxed. Everything over that will be taxed at 20% (up to the 40% band if you earn over that level).

(I'm referring to income tax here - you will also pay N.I. at 11% on everything over around £100pw, can't remember the exact level)

Cool, thanks for the explanation.

Guv · 25 Apr 2008 at 17:48

Cyanide said:
I still don't get why you have to be over 25 for Working Tax Credit. I'm 20 and have a mortgage to pay. My partner is doing A levels and only works part time so we've not exactly loaded. She's not lost ~£30 p/w to extra tax and, until the summer, I'm down around £60 p/m. Council tax has just gone up again, as have a lot of the other bills. Luckily we've got a fixed rate mortgage or that'd have gone up too. I'm not wanting to sponge off of the system, I just don't understand why someone 5 years older than me in the exact same situation gets help?

You really shouldn't be down as much as £30p/w or £60p/m.

Just as an example for everyone, on a salary of £12,000 you should be paying about £90 more tax than last year and saving £28ish on NI. So over the 12 momths the difference between this year and last year is £62 or £5.17 per month.

To those seeing massive changes should compare payslips from last year and April.