British weather is terrible imo.
Hard to plan as its totally random. Far too much time overcast or just dreary.
Far too wet for my liking.
I love hot, but happy with dry and cold. Yet UK sits in between mostly just damp.
Tax in UK
- Thread starter aspiring
- Start date
British weather is terrible imo.
Hard to plan as its totally random. Far too much time overcast or just dreary.
Far too wet for my liking.
I love hot, but happy with dry and cold. Yet UK sits in between mostly just damp.
Man of Honour
Yes I'm biding my time to try and do some expat experience for a while, or even return to the Med.
Still holding fire about talking to the gf about emigrating or not. Some family stuff might make it a no or a yes for her. Not sure what way she's gonna go.
Well, working on it.
Just seems a waste to wait all year for a few months (at best) of nice weather.
Also don't like the way UK is going. Voting results we have pushing us to segregation with Europe for example . Decline in biodiversity, decline in basically everything.
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Yeah but you can save tax by doing pension contributions so not 60%
if someone earns 100k how is that 'not enough'
If you earn 100k your in top 5% in UK?
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Well, you can set it to say 60% including NI and increase tax free allowance 20K. I expect all those complaining at different tax bands actually just want to pay 20% (or less) and are pretending it has something to do with different bands.
Man of Honour
Yes there's a lot of tax reduction techniques, which is great as it boosts your pension contribution. That's just 100k, as you start to move up higher and you start eating into your personal allowance more it becomes trickier, unless of course you can get share options or alternatives. i.e. bonuses can get paid directly into your pension instead to avoid the massive tax hit. The thing is you also have a to do a self assessment as soon as you earn over 100k. So in general earning over 100k whilst it sounds impressive and a lot, isn't suddenly a door of luxury.
Scuzi posted some figures above, ok 5.2k after tax isn't bad... but if you're the only earner, it doesn't spread that far. I'm not using myself as an example - I haven't disclosed what I earn on the forums, I'm not interested in doing so. All I'm doing is basing it on what it could mean for a family of 4 as a main earner whilst 100k sounds like a lot to someone that has never earned 100k, and seeing it on paper it sounds impressive. However as always you spend to your means. 100k doesn't suddenly mean you can afford a luxury car, go on 3+ luxury holidays a year. 100k does mean you can pay your mortgage, pay your bills, give the kids good experiences, and put a little aside for a rainy day. In terms of "fun stuff" you still have to save for a months - it's not as if you can suddenly drop 2-3k on something frivolous in an impulsive manner.
As I said, if you were single, or in a relationship with no kids, then it is likely that your other half would be working as well - your household income then does suddenly become quite significant, and it does open up a more luxurious life. Generally people who earn those higher salaries are older and more likely to be family people. Of course that's just a sweeping assumption but probably has an element of validity?
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Man of Honour
I'd be happy with a nice middle ground - 20% is too low though. In France you also get tax breaks for being married, children etc...
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Permabanned
If you earn an overall income of 100k, if anything that gives you a comfortable life.
Agree with you that it doesn't suddenly mean you can go on 3 luxury holidays etc but for sure it gives you a very reassuring and good lifestyle.
Your points would make more sense at 50k for example where the net income is less.
100k puts you in top 5% of UK earners so there must be some good reason people talk about it as a very good salary?
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Man of Honour
Taxation in the UK is really not all that bad. Many European countries have much worse bandings, including here.
Austria - Individual - Taxes on personal income
Detailed description of taxes on individual income in Austria
taxsummaries.pwc.com
The multi millionaires seem happy to pay around 20%. E.g see rishi. Needs fixing because the current system is a joke.
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Man of Honour
I'm not a multi millionaire... let alone a single digit millionaire (even if you take properties into account!
) - however paying 30-40% flat rate wouldn't be the end of the world and would give the UK more cash?I'm.agreeing with you but the people in charge are the ones benefitting from.these tax rules.I'm not a multi millionaire... let alone a single digit millionaire (even if you take properties into account!
100k aus is 52k gbp. Not a lot, certainly in Australia
I do feel the whole tax system is broken though. Everyone is heavily penalised for getting themselves into a good poisiton in life. I think it should lower % tax the more you earn up to crazy money where it goes up again, say 500k salary.
So people want to try harder instead of thinking (like me) overtime is pointless, i'll be throwing 1/3 of it down the toilet on tax.
No wonder people brush on the legal loopholes surrounding tax the more they earn and/or just leave the UK in search of somewhere where there is lower taxation amounts
I do feel the whole tax system is broken though. Everyone is heavily penalised for getting themselves into a good poisiton in life. I think it should lower % tax the more you earn up to crazy money where it goes up again, say 500k salary.
So people want to try harder instead of thinking (like me) overtime is pointless, i'll be throwing 1/3 of it down the toilet on tax.
No wonder people brush on the legal loopholes surrounding tax the more they earn and/or just leave the UK in search of somewhere where there is lower taxation amounts
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Man of Honour
I wouldn't say very reassuring lifestyle. If you're a family of 4, it means you can cover the bills, and probably go on a holiday, and not shop at bargain basement for food. However it wouldn't mean luxury car, or be frivolous with your spending. I mean Scuzi's example, 5.2k after you take off mortgage, bills, utilities, food, childcare, car(s), commuting, council tax, other bills (phone, insurance etc..), hobbies, fuel, etc.. Sure you'll be left with a positive balance, but it still means you need to save up for stuff like holidays and so on.
Remember you tend to live to your means, even if you try not to, it's only natural to do so.
Oh I realise that - I was sort of agreeing with you agreeing with me!
There is not point working harder to pay more.
100k is not a rich wage these days.
Problem is wages at the bottom have not kept up with inflation and the bands have not kept up with inflation.
These days mobility is the key towards keeping more of your earnings.
Therefore if the opportunity arises then take it.
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The average London wage does not mean it is enough to live on.I really dislike that word being used to show some fact.
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What do you mean by reassuring? 5k net a month should certainly give you comfort even after all those things?I wouldn't say very reassuring lifestyle. If you're a family of 4, it means you can cover the bills, and probably go on a holiday, and not shop at bargain basement for food. However it wouldn't mean luxury car, or be frivolous with your spending. I mean Scuzi's example, 5.2k after you take off mortgage, bills, utilities, food, childcare, car(s), commuting, council tax, other bills (phone, insurance etc..), hobbies, fuel, etc.. Sure you'll be left with a positive balance, but it still means you need to save up for stuff like holidays and so on.
Remember you tend to live to your means, even if you try not to, it's only natural to do so.
Oh I realise that - I was sort of agreeing with you agreeing with me!
Mobility outside UK?