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Title: 40% tax rate Post by: Gazza's Fat Mate on Sunday, July 13, 2008, 12:33:02 When does this kick in?
I understand that you have to earn 39k plus. (The actual tax rate is on earning of 34k but everyone gets 5k tax free) Am I right? Also are there any tax accounts on here? What would be the best way for my work to pay for my train fare which amounts to about 2.5k a year? I was thinking a one off lump sum bouns? any ideas? Title: Re: 40% tax rate Post by: Batch on Sunday, July 13, 2008, 14:23:48 No, it's a smidgen more that 39k gross for 08/09 isn't it ? I think the boundary is 36K + personal allowance of £5, 435 = £41.5K
Title: Re: 40% tax rate Post by: Bushey Boy on Sunday, July 13, 2008, 14:42:18 Its amazing what tea boys earn now days :D
Title: Re: 40% tax rate Post by: Simon Pieman on Sunday, July 13, 2008, 14:43:42 Train fare will be a taxable benefit so it gets added on to your salary for tax purposes. Wouldn't matter how it was paid (lump sum or monthly over tax year), you'll get taxed just as much throughout the year.
Title: Re: 40% tax rate Post by: Ardiles on Sunday, July 13, 2008, 16:24:35 No, it's a smidgen more that 39k gross for 08/09 isn't it ? I think the boundary is 36K + personal allowance of £5, 435 = £41.5K If I recall correctly, the upper rate did kick in at £36,000 - until Darling back tracked on the 10% tax band. The point at which this kicked in for higher rate tax payers has now been revised down to £34,800 (which has the effect of leaving higher rate tax payers no better or worse off since the 10% band revision). This new banding should kick in in September, with a back dating to the beginning of the tax year. Title: Re: 40% tax rate Post by: Simon Pieman on Sunday, July 13, 2008, 16:29:13 If I recall correctly, the upper rate did kick in at £36,000 - until Darling back tracked on the 10% tax band. The point at which this kicked in for higher rate tax payers has now been revised down to £34,800 (which has the effect of leaving higher rate tax payers no better or worse off since the 10% band revision). This new banding should kick in in September, with a back dating to the beginning of the tax year. PA will increase to £6,035 as well, so in reality you're only going to lose out on £600 x 40% = £240 a year Title: Re: 40% tax rate Post by: Ardiles on Sunday, July 13, 2008, 16:33:40 Si - I think the upping of the PA and lowering of the upper rate band were calculated so as to have a nil effect for upper rate tax payers. Darling's move was calculated to leave lower rate payers better off, but leave higher rate payers where they were.
Sheesh...it's Sunday afternoon and I feel as if I'm at work. [PS If I've missed the point of your post, I'll apologise up front right now.] Title: Re: 40% tax rate Post by: Simon Pieman on Sunday, July 13, 2008, 16:36:20 Si - I think the upping of the PA and lowering of the upper rate band were calculated so as to have a nil effect for upper rate tax payers. Darling's move was calculated to leave lower rate payers better off, but leave higher rate payers where they were. Yeah I think you're right actually.Sheesh...it's Sunday afternoon and I feel as if I'm at work. [PS If I've missed the point of your post, I'll apologise up front right now.] Although you have missed the point of the thread ??? Title: Re: 40% tax rate Post by: Ardiles on Sunday, July 13, 2008, 16:42:02 Thread?! Whay thread?
Title: Re: 40% tax rate Post by: Gazza's Fat Mate on Sunday, July 13, 2008, 18:30:12 Its amazing what tea boys earn now days :D I also shine shoes. Title: Re: 40% tax rate Post by: Bushey Boy on Monday, July 14, 2008, 07:13:04 I would of given you a job in that case
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