corsasport.co.uk
  Not logged in [Login - Register]  
You Are Not Registered Or Not Logged In  

Corsa Sport » Message Board » Off Day » overtime and tax


New Topic
New Poll 		  <<  1    2  >> Subscribe | Add to Favourites

You are not logged in and may not post or reply to messages. Please log in or create a new account or mail us about fixing an existing one - register@corsasport.co.uk

There are also many more features available when you are logged in such as private messages, buddy list, location services, post search and more.


Author overtime and tax
Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
26th Mar 09 at 16:53   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by willay
dunno, when you see like 400-600 quid go on tax/ni its still hurts


Agreed, it is painful still
willay
Moderator
Organiser: South East, National Events
Premium Member

Avatar

Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline
26th Mar 09 at 16:55   View Garage View User's Profile U2U Member Reply With Quote
its disgusting, but I guess I do enjoy abit of shonky free healthcare.
Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
26th Mar 09 at 16:56   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Graham88
I know that feeling Willay, £450 tax and £200 NI


Hows that work - as to pay £450 tax you'd be on roughly £30k, but at that wage NI would be £225?
Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
26th Mar 09 at 16:57   View User's Profile U2U Member Reply With Quote
I made rough figures

Just checked, it's £232
Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
26th Mar 09 at 16:58   View User's Profile U2U Member Reply With Quote
On just over £31k a year?!
Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
26th Mar 09 at 17:00   View User's Profile U2U Member Reply With Quote
Correct
MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
User status: Offline
26th Mar 09 at 17:07   View User's Profile U2U Member Reply With Quote
I'm sodding off to Dubai...
Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
26th Mar 09 at 17:16   View User's Profile U2U Member Reply With Quote
tax is a mo'fo
a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
26th Mar 09 at 17:28   View User's Profile U2U Member Reply With Quote
so making top line 500 then over time to 600 a week my tax and NI will be the exact same?
Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
26th Mar 09 at 17:29   View User's Profile U2U Member Reply With Quote
It'll be the same %, so wont be a different band - but obviously wont be the same actual figure.
Carl
Member
Registered: 9th May 04
Location: Jimmy Bennett's la la land.
User status: Offline
26th Mar 09 at 17:37   View User's Profile U2U Member Reply With Quote
I wish to be in a position to be moaning about the higher tax bracket. Although I'd defiantly be moaning about it if I was.
Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
26th Mar 09 at 17:46   View User's Profile U2U Member Reply With Quote
So I have got the right end of the stick when I see is a if you earn 60k, up to 40k is 20% tax (or whateverr the rate is, I don't know), but for the 40k to 60k you get taxed 40% just on that 20k?
Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
26th Mar 09 at 17:50   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Graham88
So I have got the right end of the stick when I see is a if you earn 60k, up to 40k is 20% tax (or whateverr the rate is, I don't know), but for the 40k to 60k you get taxed 40% just on that 20k?


0-6035 is zero rate
6036 to 34800 is 20%
34800+ 40%

Or something like that.
CorsAsh
Member
Registered: 19th Apr 02
Location: Munich
User status: Offline
26th Mar 09 at 17:56   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Ste W
not unless it puts you over the £40k band.


[Edited on 26-03-2009 by CorsAsh]
Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
26th Mar 09 at 17:58   View User's Profile U2U Member Reply With Quote
as pointed out above, that sort of view is wrong...unless you feel earning only 60% of anything over £40k isnt enough.
Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
26th Mar 09 at 18:00   View User's Profile U2U Member Reply With Quote
Shit, it's £34800? Damn, thought I was going to be under it on my next payrise! My overtime this year has cleared that, yet I haven't been taxed 40%?
Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
26th Mar 09 at 18:06   View User's Profile U2U Member Reply With Quote
The band goes up to approx £37k next financial year so you may be OK.
CorsAsh
Member
Registered: 19th Apr 02
Location: Munich
User status: Offline
26th Mar 09 at 18:11   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Cosmo
as pointed out above, that sort of view is wrong...unless you feel earning only 60% of anything over £40k isnt enough.
Depends how far above the bracket you go. I did a load of overtime last year, had a bonus etc, and ended up with very little extra after everyone had taken their slice.

German tax works differently to English though, strange bands.
Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
26th Mar 09 at 18:15   View User's Profile U2U Member Reply With Quote
At the end of the day, you'll still earn approx 60% of your 'wage' on any any amount earned over £40k. So it depends how much you are on, but to me 60% is better than nothing!!
Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
26th Mar 09 at 18:33   View User's Profile U2U Member Reply With Quote
Exactly Cosmo, people talk about it as if you're losing out, you're still earning, so how is that losing out?
Tommy L
Member
Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
User status: Offline
26th Mar 09 at 18:56   View User's Profile U2U Member Reply With Quote
I think people forget about personal allowance as well
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
26th Mar 09 at 19:30   View User's Profile U2U Member Reply With Quote
I dont like paying 40% tax but at the end of the day it was one ofmy first goals in life
Boycey
Member
Registered: 30th Dec 07
Location: Buckhaven, Fife
User status: Offline
26th Mar 09 at 19:45   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Graham88
Shit, it's £34800? Damn, thought I was going to be under it on my next payrise! My overtime this year has cleared that, yet I haven't been taxed 40%?


You get a tax free amount of around 6k, its called a personal allowance. So basically you would start getting taxed 40% on anything that you make after £40800. Its going up to £43400 starting in April though
Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
26th Mar 09 at 20:06   View User's Profile U2U Member Reply With Quote
Awesome shit, cheers mate
Ant
Member
Registered: 12th May 02
Location: Hereford and Worcester
User status: Offline
27th Mar 09 at 14:19   View User's Profile U2U Member Reply With Quote
im sure NI is only 1% once you pass the UEL so combined your looking at 41% upto the UEL will be 31%

  <<  1    2  >>
New Topic
New Poll

Corsa Sport » Message Board » Off Day » overtime and tax 23 database queries in 0.0202770 seconds