| thieving government 21:44 - Feb 10 with 2608 views | zxcvbnm |
Just had my tax return back looking at 40% tax bracket
2011/12 - after 35000 charged at 40%
2014.15 after 31865 charged at 40%
Rack up the taxes and keep robbing us. Absolute tossers and they say most people are better off under the tories don't make me laugh |  |
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| thieving government on 21:50 - Feb 10 with 2577 views | TVOS1907 |
I'm by no means knowledgeable on fiscal policy, but doesn't 40% tax start somewhere in the £40-50K salary bracket? |  |
| When I was your age, I used to enjoy the odd game of tennis. Or was it golf? |
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| thieving government on 21:52 - Feb 10 with 2573 views | RAFCBLUE |
Meanwhile the Personal allowance has gone in the other direction:
11/12 - £7,475
14/15 - £10,000
Active decision to benefit low earner and pensioners paid for by those earning more than the median amounts.
It's not how they collect it but how where they spend/waste it that's the problem. |  |
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| thieving government on 21:59 - Feb 10 with 2555 views | off2div1 |
How many Dale fans earn over 30k |  | | |
| thieving government on 22:32 - Feb 10 with 2480 views | macro |
I think zx is correct my tax return to says 40% charged at 31000 ish but I'm not sure whether that's on top of the personal allowance so 41000 ish as a total |  | | |
| thieving government on 22:50 - Feb 10 with 2438 views | TVOS1907 |
| thieving government on 22:32 - Feb 10 by macro |
I think zx is correct my tax return to says 40% charged at 31000 ish but I'm not sure whether that's on top of the personal allowance so 41000 ish as a total |
Probably. We need an economist to bring us up to speed. | |
| When I was your age, I used to enjoy the odd game of tennis. Or was it golf? |
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| thieving government on 23:27 - Feb 10 with 2392 views | Dalenet |
| thieving government on 22:32 - Feb 10 by macro |
I think zx is correct my tax return to says 40% charged at 31000 ish but I'm not sure whether that's on top of the personal allowance so 41000 ish as a total |
I believe that the £31.8k allowance for paying tax at 40% is after you have earned £10k tax free. You are not entitled to any tax free allowance once you earn more than £120k. If you earn £150k you have no tax free allowance and pay 45% tax on anything over £150k.
Add National Insurance, VAT on most things you buy, fuel duty and VAT at two thirds the cost of fuelling the car, and you are left with £2.80 per week to spend on what you want. If you are lucky.
Can't beat nanny state |  | | |
| thieving government on 04:59 - Feb 11 with 2312 views | Nigeriamark |
| thieving government on 23:27 - Feb 10 by Dalenet |
I believe that the £31.8k allowance for paying tax at 40% is after you have earned £10k tax free. You are not entitled to any tax free allowance once you earn more than £120k. If you earn £150k you have no tax free allowance and pay 45% tax on anything over £150k.
Add National Insurance, VAT on most things you buy, fuel duty and VAT at two thirds the cost of fuelling the car, and you are left with £2.80 per week to spend on what you want. If you are lucky.
Can't beat nanny state |
If we were a Nanny state Like the Scandinavian countries it would not be so bad because you see what you get for your high tax ( schools services etc). Problem in the UK is with the stealth taxes we probably pay as much as in Scandinavia but as an earlier poster mentions Nanny is wasting it
However I am in South Africa and here tax quickly moves to almost 40 % and it is even worse in terms of services which is why you go private for schools health etc. Problem here is very few people even pay tax so they screw the ones who do. UK has millions of tax payers so can not really use this as an excuse |  | | |
| thieving government on 07:52 - Feb 11 with 2249 views | isitme |
The reason that the threshold has fallen is because personal allowances have increased to £10,000. You would still have to earn £41,865 before you start paying the 40% rate of tax, a similar amount to last year.
The real travesty is that under the last Government personal allowances failed to keep up with inflation and in many years did not increase at all. This fiscal drag pulled many middle earners into the 40% tax bracket and even worse caused many low paid earners to pay more tax.
Increasing personal allowances is a big step in the right direction for low paid earners, although even at £10,000 it is still some way off what it should be. Why anyone who is in receipt of tax credits should be paying tax in the first place is beyond me.
If you are lucky enough to be earning more than the 40% tax threshold I am sure that you cannot be too badly off? I know plenty of people who could only dream of such an income. [Post edited 11 Feb 2014 8:00]
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| thieving government on 07:55 - Feb 11 with 2242 views | downunder |
| thieving government on 21:59 - Feb 10 by off2div1 |
How many Dale fans earn over 30k |
Me...
in NZ dollars.
For comparison, if anyone is interested, we pay 19% tax, a very low ACC levy (National insurance) No capital gains and no death duties. G.s.t. (VAT) 15%
The weather is better, but the neighbours can be noisy. |  | | |
| thieving government on 09:53 - Feb 11 with 2117 views | JumeirahDale |
Big fat zilch over here (sorry). |  | | |
| thieving government on 11:01 - Feb 11 with 2036 views | D_Alien |
Thieving government? People not better off under the tories?
Vote them out then , and let Labour reduce your income tax.
Oh, wait a minute... |  |
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| thieving government on 11:17 - Feb 11 with 2020 views | 49thseason |
2000—01: £4,385
2001—02: £4,535
2002—03: £4,615
2003—04: No change
2004—05: £4,745
2005—06: £4,895
2006—07: £5,035
2007—08: £5,225
2008—09: £6,035
2009—10: £6,475
2010—11: No change
2011—12: £7,475
2012—13: £8,105
2013—14: £9,440
2014—15: £10,000
Dont forget that Gordon the moron did away with the 10p introductory rate of tax which cost low paid workers. Whilst you might groan at paying tax, I guess its better to be paying it than be in the position of not paying it because you have no income.
My best (amateur) advice is to stash as much money as possible in equity ISAs and a SIPP and quit the rat race as soon as possible. |  | | |
| thieving government on 12:42 - Feb 11 with 1916 views | watford_dale |
| thieving government on 11:17 - Feb 11 by 49thseason |
2000—01: £4,385
2001—02: £4,535
2002—03: £4,615
2003—04: No change
2004—05: £4,745
2005—06: £4,895
2006—07: £5,035
2007—08: £5,225
2008—09: £6,035
2009—10: £6,475
2010—11: No change
2011—12: £7,475
2012—13: £8,105
2013—14: £9,440
2014—15: £10,000
Dont forget that Gordon the moron did away with the 10p introductory rate of tax which cost low paid workers. Whilst you might groan at paying tax, I guess its better to be paying it than be in the position of not paying it because you have no income.
My best (amateur) advice is to stash as much money as possible in equity ISAs and a SIPP and quit the rat race as soon as possible. |
All rates for this year and next, click on following link:
http://www.hmrc.gov.uk/rates/it.htm#2a | | | |
| thieving government on 15:15 - Feb 11 with 1800 views | Vespa |
| thieving government on 11:17 - Feb 11 by 49thseason |
2000—01: £4,385
2001—02: £4,535
2002—03: £4,615
2003—04: No change
2004—05: £4,745
2005—06: £4,895
2006—07: £5,035
2007—08: £5,225
2008—09: £6,035
2009—10: £6,475
2010—11: No change
2011—12: £7,475
2012—13: £8,105
2013—14: £9,440
2014—15: £10,000
Dont forget that Gordon the moron did away with the 10p introductory rate of tax which cost low paid workers. Whilst you might groan at paying tax, I guess its better to be paying it than be in the position of not paying it because you have no income.
My best (amateur) advice is to stash as much money as possible in equity ISAs and a SIPP and quit the rat race as soon as possible. |
Fook those ISA's and Sipps, too easy for the Gov' to raid in times of crisis, remember Cyprus?
Pay your mortgage asap and then buy gold Sovereigns and Britannias and hide the fookin lot of 'em, but not all in one place.
No advice intended, do your own research. [Post edited 11 Feb 2014 15:19]
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| Up the Dale, C'mon Hornets |
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| thieving government on 18:03 - Feb 11 with 1690 views | pnc4eva1 |
No one should complain as we all need to pay more tax to maintain services. That way poor companies like Amazon, Starbuck's etc can make ends meet by not paying their taxes. |  |
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| thieving government on 20:24 - Feb 11 with 1607 views | pioneer |
| thieving government on 18:03 - Feb 11 by pnc4eva1 |
No one should complain as we all need to pay more tax to maintain services. That way poor companies like Amazon, Starbuck's etc can make ends meet by not paying their taxes. |
Its called capitalism - see the price of inequality by Joe Stiglitz for a more in deth analysis of not so much the 'what' but the 'why' this happens. | | | |
| thieving government on 21:38 - Feb 11 with 1564 views | matthewdale1983 |
Got to agree. I am in the 40% bracket and I can assure you once the taxman has taken his chunk you don't get much more than say some one on say 21000. I agree the 10000 is good for low invome earners but why hit middle income people. The way it works is it tax free up to 10000, between 10000 to 32000 you pay 20% and 32000 and upto the next bracket you pay 40%. Coupled with NI and student loans deduction at 10% then you can see why those earning around 40000 to 50000 aren't actually earning as much as you think. | | | |
| thieving government on 22:10 - Feb 11 with 1532 views | macro |
Nat ins contributions go up in April again | | | |
| thieving government on 09:09 - Feb 12 with 1470 views | fermin |
| thieving government on 21:38 - Feb 11 by matthewdale1983 |
Got to agree. I am in the 40% bracket and I can assure you once the taxman has taken his chunk you don't get much more than say some one on say 21000. I agree the 10000 is good for low invome earners but why hit middle income people. The way it works is it tax free up to 10000, between 10000 to 32000 you pay 20% and 32000 and upto the next bracket you pay 40%. Coupled with NI and student loans deduction at 10% then you can see why those earning around 40000 to 50000 aren't actually earning as much as you think. |
Take home pay for someone on £21,000 with or without a student loan is about £1,420 pm. For someone on £42,000 (ie just into the 40% tax bracket) with a student loan net pay would be about £2,450 (or £2,610 without a student loan). For £50,000 it would be about £2,780 pm and £3,000 respectively.
I would have thought a pre-tax income of £42,000 probably puts someone in the top 15% in the country these days. £50,000 would be in the top 10%. I have always thought it odd that these types of salaries are called middle income.
I also think the value of a salary does depend on where you live due to the cost of property. For example, where I live to rent a two-bedroom flat/house would be a minimum of £800 pm, more likely about £1,000 pm. In Rochdale it would be about half this, I believe (from looking online). You would be very lucky to buy such a property here for less than £200,000 and often a lot more in a good area (could be £500,000+) ie beyond a sensible mortgage level even for someone on £50,000. |  | | |
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