New addition anyone earning over 35k a year gets 40% tax ive worked it out not to work 6 days and stick to 5 and only earn max £130 a day. Im panicking if anyone can tell me why not to panic or agree this is total bull crap from the government please calm me down or explain.
Now before some of you come on here saying you cant earn that much etc i have 52nd week payslip and my gross pay was 37701.91 and gross for tax was £35319.07 and i will scan it in for proof if needed.
Danny27404:
eh? Im being serious read the article posted today the date on it is today.
You do know you only pay the higher tax on the amount you earn over the threshold? You don’t pay 40% tax on all your earnings, you still have your tax free element and you pay the lower rate on your earnings between that and when the higher rate kicks in.
You are only going to be paying 40% on £318.07, the amount you have earned above the £35,001. The limit before you start paying tax has gone up £1000 so you will still be better off than last year.
Danny27404:
so itd be the 319 pounds that’d be taxed then? i thought it was the whole lot
£318.07 taxed at 40% = £127.23
Not paying tax at 20% on £1000 increase before tax is due = £200 saved
£200 - £127.23 = £72.77 better off.
Your national insurance went up though. I saved £200 then national insurance went up £137 they dont give much do they lol
NI went up from 11% to 12% but the level before you start paying it went up by £19 to £139 so earning up to £35k it won’t really make much difference apparently according to that article you linked to…
Rob K:
Talking of avatars it’s way beyond time you changed yours. You’ve had that for over 7 years.
I didn’t realise it was that long. I might look for something else.
Rob K:
Interesting fact: Did you know that he bangs his head faster in different browsers?
I didn’t know that.
I’ve only been on here for nearly four years, but I remember the circular maroon “keep Edinburgh tidy” avatar, …I didn’t get the joke at the time, and so I just had to ask…
At a complete guess, I’d say the headbanger has been here for around 2-3 years.
Rob K:
Talking of avatars it’s way beyond time you changed yours. You’ve had that for over 7 years.
I didn’t realise it was that long. I might look for something else.
Rob K:
Interesting fact: Did you know that he bangs his head faster in different browsers?
I didn’t know that.
I’ve only been on here for nearly four years, but I remember the circular maroon “keep Edinburgh tidy” avatar, …I didn’t get the joke at the time, and so I just had to ask… /quote]
