Harry Monk:
DSMRookie:
Everyone is happy about the wage rises etc but very few realise that everything else will get more expensive ( inflation) so we didn’t really get anywhere.Not really. If wages in road transport rise by 30% and this in part causes inflation to rise to, say, 6% then our spending power increases.
Agreed. What a dumb way of looking at it ! “Meh, if I ask them for more money then everything else will just cost me more, so I’ll keep quiet and keep working for my £9/hr” 
.
DSMRookie:
My problem is that as of last week I’ve been taxed 40%. I need to talk to payroll so they hide the money somehow [emoji23] like give me less an hour but give me loads of tax free bonuses instead.
This is NOT a “problem”!!!
You are NOT “being taxed at 40%”!
You can earn around £12,500 tax free (your allowance, shown by the tax code on your payslip) more if married,have a mortgage etc (check with an accountant! This is from memory, and old memory at that!)
Then, anything you earn between that and £50,270 is taxed at 20%.
When you hit £50,271 (happy days!!! 
) you are then taxed at 40% ONLY on money OVER the £52,271.
So, let us say that last year you grossed £50,000.
£50,000 - £12,570 = £37,430 taxable @ 20% = £7,486 to be paid.
This year, (you lucky person! 
) you expect to earn £60,000.
This year Woohooo! 
Take home approx:
£48,622.40p
Crack open the champagne! And stop worrying about supporting the NHS, schools, the police etc a little more than before. You are in the money!
(I have not included National Insurance in this.It will IIRC remain the same. )
ps If you are concerned, you really should get an accountant, even if only for a chat and a quick scan of your situation. once or twice a year. Any money-juggler will be able to save you far more than it would cost. The simplest way is to simply “cap” your own earnings at say, £900.00 pw, and send the rest into a pension scheme. (or to me!)
Also be aware, and more savvy people will I hope, correct me if I am wrong, but all deductibles. (Uniform-laundry, PPE purchased (boots, Hi-Viz, Hard-hats, gloves), Sat-navs, Maps (? anyone still buy maps??) Sleeping bags, etc. Meals away from home, if paid by you (?) And all training paid for by you CPC, ADR etc. ALL will be deductible at the higher rate. Get saving those receipts! And get an accountant!
DCPCFML:
Harry Monk:
DSMRookie:
Everyone is happy about the wage rises etc but very few realise that everything else will get more expensive ( inflation) so we didn’t really get anywhere.Not really. If wages in road transport rise by 30% and this in part causes inflation to rise to, say, 6% then our spending power increases.
Agreed. What a dumb way of looking at it ! “Meh, if I ask them for more money then everything else will just cost me more, so I’ll keep quiet and keep working for my £9/hr”
At no point did I say I’m on 9£ ph, I’m filling my boots like everyone else [emoji16]
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wakou:
DSMRookie:
My problem is that as of last week I’ve been taxed 40%. I need to talk to payroll so they hide the money somehow [emoji23] like give me less an hour but give me loads of tax free bonuses instead.This is NOT a “problem”!!!
You are NOT “being taxed at 40%”!
You can earn around £12,500 tax free (your allowance, shown by the tax code on your payslip) more if married,have a mortgage etc (check with an accountant! This is from memory, and old memory at that!)
Then, anything you earn between that and £50,270 is taxed at 20%.
When you hit £50,271 (happy days!!!
So, let us say that last year you grossed £50,000.
£50,000 - £12,570 = £37,430 taxable @ 20% = £7,486 to be paid.
This year, (you lucky person!
- £12,570 = £47,430 taxable.
Of which £7,729 is @40% = £3,891.60p, + the £7,486 @20% = total tax £11,377.60.
So last year take home approx £42,514.This year Woohooo!
Take home approx:
£48,622.40p
Crack open the champagne! And stop worrying about supporting the NHS, schools, the police etc a little more than before. You are in the money!
(I have not included National Insurance in this.It will IIRC remain the same. )
ps If you are concerned, you really should get an accountant, even if only for a chat and a quick scan of your situation. once or twice a year. Any money-juggler will be able to save you far more than it would cost. The simplest way is to simply “cap” your own earnings at say, £900.00 pw, and send the rest into a pension scheme. (or to me!)
Also be aware, and more savvy people will I hope, correct me if I am wrong, but all deductibles. (Uniform-laundry, PPE purchased (boots, Hi-Viz, Hard-hats, gloves), Sat-navs, Maps (? anyone still buy maps??) Sleeping bags, etc. Meals away from home, if paid by you (?) And all training paid for by you CPC, ADR etc. ALL will be deductible at the higher rate. Get saving those receipts! And get an accountant!
I will, last week I got 600 something £ out of 1k+ [emoji848] that’s 40% or thereabouts
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I will, last week I got 600 something £ out of 1k+ [emoji848] that’s 40% or thereabouts
Something wrong there! What is your tax code? It will be on your payslip/statement. 1275L or similar. But might also have some letters. It is poss that your alllowance is not being taken into account. Ask payroll or the tax office to make sure that it is! You will get back any overpayments, in April if not before…
HTH!
Baby baby baby -EH!!
Show me the money!
wakou:
I will, last week I got 600 something £ out of 1k+ [emoji848] that’s 40% or thereabouts
Something wrong there! What is your tax code? It will be on your payslip/statement. 1275L or similar. But might also have some letters. It is poss that your alllowance is not being taken into account. Ask payroll or the tax office to make sure that it is! You will get back any overpayments, in April if not before…
HTH!
Happened to me a couple of years back, started a job and was being stopped 20% on all my earnings, i.e. the tax-free allowance wasn’t being taken into account. I sorted it out online through the Personal Tax Manager thing and got a huge rebate.
Harry Monk:
wakou:
I will, last week I got 600 something £ out of 1k+ [emoji848] that’s 40% or thereabouts
Something wrong there! What is your tax code? It will be on your payslip/statement. 1275L or similar. But might also have some letters. It is poss that your alllowance is not being taken into account. Ask payroll or the tax office to make sure that it is! You will get back any overpayments, in April if not before…
HTH!Happened to me a couple of years back, started a job and was being stopped 20% on all my earnings, i.e. the tax-free allowance wasn’t being taken into account. I sorted it out online through the Personal Tax Manager thing and got a huge rebate.
I will have to call the HMRC obviously because something is not right. They changed my tax code to 1118 or something similar, I received a letter about it. I need to talk payroll as well
So they can hide the money somehow [emoji23]
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DSMRookie:
I will have to call the HMRC obviously because something is not right. They changed my tax code to 1118 or something similar, I received a letter about it. I need to talk payroll as well
So they can hide the money somehow [emoji23]Sent from my iPhone using Tapatalk
Yes, give them a call. I don’t know why they would lower your tax code unless you owe them money or have an attachment order for child maintenance or something like that. In my experience if you are overtaxed, you always get the money back sooner or later.
wakou:
DSMRookie:
My problem is that as of last week I’ve been taxed 40%. I need to talk to payroll so they hide the money somehow [emoji23] like give me less an hour but give me loads of tax free bonuses instead.This is NOT a “problem”!!!
You are NOT “being taxed at 40%”!
You can earn around £12,500 tax free (your allowance, shown by the tax code on your payslip) more if married,have a mortgage etc (check with an accountant! This is from memory, and old memory at that!)
Then, anything you earn between that and £50,270 is taxed at 20%.
When you hit £50,271 (happy days!!!
So, let us say that last year you grossed £50,000.
£50,000 - £12,570 = £37,430 taxable @ 20% = £7,486 to be paid.
This year, (you lucky person!
- £12,570 = £47,430 taxable.
Of which £7,729 is @40% = £3,891.60p, + the £7,486 @20% = total tax £11,377.60.
So last year take home approx £42,514.This year Woohooo!
Take home approx:
£48,622.40p
Crack open the champagne! And stop worrying about supporting the NHS, schools, the police etc a little more than before. You are in the money!
(I have not included National Insurance in this.It will IIRC remain the same. )
ps If you are concerned, you really should get an accountant, even if only for a chat and a quick scan of your situation. once or twice a year. Any money-juggler will be able to save you far more than it would cost. The simplest way is to simply “cap” your own earnings at say, £900.00 pw, and send the rest into a pension scheme. (or to me!)
Also be aware, and more savvy people will I hope, correct me if I am wrong, but all deductibles. (Uniform-laundry, PPE purchased (boots, Hi-Viz, Hard-hats, gloves), Sat-navs, Maps (? anyone still buy maps??) Sleeping bags, etc. Meals away from home, if paid by you (?) And all training paid for by you CPC, ADR etc. ALL will be deductible at the higher rate. Get saving those receipts! And get an accountant!
Its amazing how many people think they pay 40% tax on all earnings when they hit 50k. Including train drivers.
Your nearly right with you sums. Above 50K you lose married allowance and if above 60k you lose all chiild benefit. So don’t open the champagne yet.
Plus you haven’t taken away NI which is a big lump aswell. -12% upto 50k then -2% after.
So easily way to work out if paid weekly is 50271 / 52 = 966.75. Anything above 966.75 per week u pay 40% tax & 2% NI = 42%
So when you take off NI of £5078 from your figure. Take home is £43489. So a lot less than you stated.
And everyone thinks your rich.
You don’t have to “hide” anything. You are earning decent money for doing a highly skilled job. The tax that we all pay is to there to provide a decent country for us all to live in. You should be proud that you are contributing to it!
Also. What age are you?
No matter, but if you have a workplace pension scheme, and are a member, fire in as much as you can afford. Your employer, be it agency or FT, might match your contributions.
If you are lucky enough to have maxxed out your pension contributions, consider an accountant! An ISA for anything above the threshold (£50,270) might be advantageous!
Or, If you have a mortgage, and are young, consider upping the repayments.
Above all, rejoice and be happy that you are able to sell your skills and expertise into a market which is currently desperate for what you provide!
ps thanks to @truckerjimbo who knows more than me on this subj!
wakou:
You don’t have to “hide” anything. You are earning decent money for doing a highly skilled job. The tax that we all pay is to there to provide a decent country for us all to live in. You should be proud that you are contributing to it!
Also. What age are you?
No matter, but if you have a workplace pension scheme, and are a member, fire in as much as you can afford. Your employer, be it agency or FT, might match your contributions.
If you are lucky enough to have maxxed out your pension contributions, consider an accountant! An ISA for anything above the threshold (£50,270) might be advantageous!
Or, If you have a mortgage, and are young, consider upping the repayments.
Above all, rejoice and be happy that you are able to sell your skills and expertise into a market which is currently desperate for what you provide!
ps thanks to @truckerjimbo who knows more than me on this subj!
I am happy to be able to contribute, I know a lot of people are out of job etc, but then there’s a limit Boris!! Mr Johnson said that people who worked through the pandemic will pay less tax… and he was lying (big surprise that is ).
I am 28.
I don’t have a mortgage at the moment because I can’t save up for deposit. [emoji35]
Thanks for the advice though
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Don’t get me wrong I think Boris and his band of horrors are… less than satisfactory… bit I don’t recall it being said that those who worked through the pandemic will pay less tax?
Besides even if it was true it wouldn’t be a significant drop, a penny in a pound maybe? Is it really worth knotting about something you’re already paying anyway?
toonsy:
Don’t get me wrong I think Boris and his band of horrors are… less than satisfactory… bit I don’t recall it being said that those who worked through the pandemic will pay less tax?Besides even if it was true it wouldn’t be a significant drop, a penny in a pound maybe? Is it really worth knotting about something you’re already paying anyway?
I remember they said they think about it or something amongst those lines, the same time they were saying that people working from home will get tax relief, don’t ask me why but they do [emoji16]
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DSMRookie:
toonsy:
Don’t get me wrong I think Boris and his band of horrors are… less than satisfactory… bit I don’t recall it being said that those who worked through the pandemic will pay less tax?Besides even if it was true it wouldn’t be a significant drop, a penny in a pound maybe? Is it really worth knotting about something you’re already paying anyway?
I remember they said they think about it or something amongst those lines, the same time they were saying that people working from home will get tax relief, don’t ask me why but they do [emoji16]
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They get a (small) amount of tax relief as a portion of their domestic bills (electric, heating, phone/broadband etc) is now regarded as a legitimate business expense and so is eligible for said relief. The amount of relief has been set at £6 per week. For a basic rate tax-payer this will reduce their tax bill by about £62 for the year.
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DSMRookie:
toonsy:
Don’t get me wrong I think Boris and his band of horrors are… less than satisfactory… bit I don’t recall it being said that those who worked through the pandemic will pay less tax?Besides even if it was true it wouldn’t be a significant drop, a penny in a pound maybe? Is it really worth knotting about something you’re already paying anyway?
I remember they said they think about it or something amongst those lines, the same time they were saying that people working from home will get tax relief, don’t ask me why but they do [emoji16]
It is entirely proper that people who were and are still “WFH” have tax relief!
They are now using…
Lighting, heating, internet, phone bills, electricity, their own PC’s, laptops and phones., Zoom, Windows, etc etc. All of this is a “saving” to their employers. Who would naturally have otherwise got “relief” on expenditure for those things!
An old git remembers:
I was once on holiday. OFF WORK! I was staying with my then girlfriend who was French, at her home in Brittany. Three days into my much-needed and well-deserved break, the phone rang:
“O, Steve, I know you are on holiday, but can you get to Luxembourg for tomorrow, Alan* is stranded there and it has to be double-manned.”
I am a reasonably flexible and co-operative bloke, so a couple of hours using my girlfriend’s computer, phone, time and car, I got an overnight TGV, Rennes>Paris>Lux. And “saved the day”.
Before I left, I passed to my GF a €50.00 note. And I made sure I invoiced the company for it!
*Alan was my TM at the time, but because I was on hols, he had had to take on the job himself!
And… Does anyone else find offensive the TV advert for, I think “Wickes” , wherein a woman is WFH, and is “shamed” in to buying a new kitchen? IMHO, she should be able to deduct THAT from her tax as well!
(ps, a cousin of mine once boasted that he had deducted expenses for his yacht, as a legitimate business expense, on the grounds that he “entertained clients” on it.)
Pubs can’t get beer and food because of the driver shortage now. It’s not even the busy time of year in road transport yet. Will be interesting to see how the next few months play out.
