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Author overtime and tax
Cosmo
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Registered: 29th Mar 01
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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
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Registered: 10th Nov 02
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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
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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
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Registered: 16th Apr 07
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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
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26th Mar 09 at 16:58   View User's Profile U2U Member Reply With Quote
On just over £31k a year?!
Graham88
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26th Mar 09 at 17:00   View User's Profile U2U Member Reply With Quote
Correct
MarkM
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Registered: 11th Apr 01
Location: Liverpool
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26th Mar 09 at 17:07   View User's Profile U2U Member Reply With Quote
I'm sodding off to Dubai...
Ben G
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Location: Essex
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26th Mar 09 at 17:16   View User's Profile U2U Member Reply With Quote
tax is a mo'fo
a_j_mair
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Registered: 23rd Jan 04
Location: Scotland
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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
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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
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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
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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
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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
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Registered: 19th Apr 02
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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
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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
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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
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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
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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
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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
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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
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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
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Location: London
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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
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Registered: 30th Dec 07
Location: Buckhaven, Fife
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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
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26th Mar 09 at 20:06   View User's Profile U2U Member Reply With Quote
Awesome shit, cheers mate
Ant
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Registered: 12th May 02
Location: Hereford and Worcester
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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%

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