40% tax bracket

TriedandTested · 28 Apr 2008 at 20:12

Can anyone here confirm at what salary you are taken in to the 40% income tax bracket?

According to this site: http://www.hmrc.gov.uk/rates/it.htm

..it's £36,000 and over. Anyone here confirm that as a colleague informs me otherwise.

Cheers.

TriedandTested · 28 Apr 2008 at 20:17

I have a new job, plus money i make from other business activities...well, I'm concerned it'll push me in to that bracket. Are they combined? I'll pop an email to my accountant later, but he can sometimes take a while to reply.

TriedandTested · 28 Apr 2008 at 20:25

Got ya! So, once i go over £41,435 THEN i am taxed 40% on how much I surpass that number - and that's due to the initial allowance of ~£5k?

I've emailed the same question to my guy so will post back here with his response.

Thanks all.

TriedandTested · 28 Apr 2008 at 20:29

Cracking. Thanks mate. What do you do for a living if you don't mind me asking?

TriedandTested · 28 Apr 2008 at 20:32

Result! Thanks again.

TriedandTested · 28 Apr 2008 at 22:23

Hah..i'm only 28! Relax! That is the tax code I'm on so all is well.