a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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does anyone do much over time on here and how are you payed for it
time x1.5/ x2
cash through books etc
I have recently been doing 10hrs extra a week as any more than that and it really just isnt worth it with tax
i get time x1.5 for every hour over 42 so basically work 46/47 a week
TAX is killing me 
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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Love it when people say this... the tax is exactly the same 
Only time tax stops makign things worthwhile is ona 2nd job where you are paying basic rate tax on all earnings!
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Tax is exactly the same as normal.
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Ste
Premium Member
Registered: 5th Mar 03
Location: Taif, Saudi Arabia
User status: Offline
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not unless it puts you over the £40k band.
I limit myself on my overtime as my tax bill makes it not worth going over 40 grand.
Tax is one of those things in life
I would rather lose by a mile because i built my own car, than win by an inch because someone else built it for me.
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Ste W
not unless it puts you over the £40k band.
Granted
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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quote:
Originally posted by Robbo
Love it when people say this... the tax is exactly the same
Only time tax stops makign things worthwhile is ona 2nd job where you are paying basic rate tax on all earnings!
I aint so sure, possibily it is but that would mean i only take home half my hourly rate 
surely that cant be right?
Do i just notice it more as i no what my standard wage is then?
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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does NI change?
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by a_j_mair
does NI change?
Same % unless you go over the weekly UEL.
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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quote:
Originally posted by Ste W
not unless it puts you over the £40k band.
£37,400 for the 09/10 tax year.
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daymoon
Premium Member
Registered: 1st Aug 08
Location: Selby, North Yorkshire
User status: Offline
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if you are on Pay as you earn tax scheme then you will be taxed each week depending on your earning THAT particular week.. so lets say one week you earner (pre tax) 400 quid. then it would be worked out as yearly salary. so 400*52.. so the tax rate would be from £20800
then say next week you earn 800 pretax...it works out as £41600 per year..
so you would be taxed that week as you would be earning 41.6k a year..
at the end of each tax year (april) if you feel as you paid too much income then send your P60 ( if you worked for same company for whole tax year) to revenue and customs and they will refund you the over paid income tax!
well atleast that was my situation last year when i over paid 300 in tax 
hope that help 
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MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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Higher rate tax sucks ass...
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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Indeed it does
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willay
Moderator
Organiser: South East, National Events
Premium Member
Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline
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higher tax rate is scary, if and when my next rise comes I need to ensure I dont end up with less in my pocket because of the higher band
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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You lot want to become a director - zero income tax 
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BigSte
Member
Registered: 27th Aug 02
Location: Sheffield
User status: Offline
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quote:
Originally posted by willay
higher tax rate is scary, if and when my next rise comes I need to ensure I dont end up with less in my pocket because of the higher band
This is impossible - if your rise takes you into the 40% band then only the element that crosses over will be taxed at 40%, not the whole lot.
Massive misconception that people have that earning more money means less in your pocket when you go into higher rate band.
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willay
Moderator
Organiser: South East, National Events
Premium Member
Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline
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thats very interesting to know Ste, thank you
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MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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quote:
Originally posted by BigSte
quote:
Originally posted by willay
higher tax rate is scary, if and when my next rise comes I need to ensure I dont end up with less in my pocket because of the higher band
This is impossible - if your rise takes you into the 40% band then only the element that crosses over will be taxed at 40%, not the whole lot.
Massive misconception that people have that earning more money means less in your pocket when you go into higher rate band.
What I and Robbo were referring to was everything you earn above the bracket...the government takes a big fat 40% of it. Then you have NI on top.
It's actually annoying.
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BigSte
Member
Registered: 27th Aug 02
Location: Sheffield
User status: Offline
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yeh I got that mate, but people in general seem to think that once you cross over into top band that everything gets taxed higher.
I feel ur pain brother, 40% plus NI is bloody extortionate.
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willay
Moderator
Organiser: South East, National Events
Premium Member
Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline
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40% is absolute filth aint it, tax is fucking silly even under the higher band.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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20% isnt THAT bad - its a fucker but its not so bad when compared to some other countries especially given the high standard of living we have here.
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--DAN--
Member
Registered: 3rd Feb 03
Location: Bottesford. Drives;3 Series
User status: Offline
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quote:
Originally posted by Robbo
Love it when people say this... the tax is exactly the same
Only time tax stops makign things worthwhile is ona 2nd job where you are paying basic rate tax on all earnings!
I get sick of trying to explain this to my staff, I have worked 30 plus hours of overtime a week for years and the tax rate(%) remains the same, I have a terrible time trying to get people to work overtime when we are really busy because they are convinced the tax man is going to come and rape them.
Oh and Ste - I have to go and accept/reject a new contract offer tomorrow and and knowing that about the higher tax band has come at just the right time
[Edited on 26-03-2009 by --DAN--]
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willay
Moderator
Organiser: South East, National Events
Premium Member
Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline
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dunno, when you see like 400-600 quid go on tax/ni its still hurts
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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Going into the 40% bracket doesn't make you worse off
Also doing more hours doesn't make you worse off through tax, you are still earning, just not as much
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Surely that was common sense, much like you dont get taxed on your earnings upto approx £6k.
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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I know that feeling Willay, £450 tax and £200 NI
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