Any number crunchers on here?

[Sussex]

Or more specifically, people who know about tax.

I'm down to the last three for a new job and it's a bit of a hike in wages if I get it.

Isn't there a point at which the amount you earn means the tax you pay goes up a shed load (40k?). I'm gay when it comes to this sort of stuff so any advice would be grateful, thanks.

[yeo]

Mrs Spacey is the TEF tax advisor.

[Bedford Red]

32,400 is the amount it goes up to 40%.

http://www.adviceguide.org.uk/index/life/tax/income_tax_rates/index/life/tax/income_tax_rates.htm#IncomeTaxRatesIncometaxcurrentyear

[sonicyouth]

don't ask Sandy Gray.

[Sussex]

Really, I thought she was in marketing. Maybe I dreamt it.

Ah, sorry Spacey  :?  

[Sussex]

32,400 is the amount it goes up to 40%.

http://www.adviceguide.org.uk/index/life/tax/income_tax_rates/index/life/tax/income_tax_rates.htm#IncomeTaxRatesIncometaxcurrentyear

Thanks for the link Bedford.

Bollocks  :|

[yeo]

Im sure shes given advice on here about such matters.

and good luck with the job...

[Bedford Red]

Good luck with the job as well.

At least if you're paying more tax then you're earning decent money.

And it's only 40% on anything over 32.400 not all of it so it's not as bad as it sounds.

[mrs_spacey]

Its about £36k but as your tax rate goes up the National Insurance rate goes down so effectively the increase is only 8% - hardly a hike  :roll: .


You don't first pay any tax or National Insurance on the first £4895 (0%).

On the NEXT £2090 you pay tax at 10% + NI of 11% (22%)

On £2,090 to £32,400 you pay tax at 22% + NI of 11% (33%)

On anything above this you pay tax at 40% +NI of 1% (41%)

[ron dodgers]

when did they start charging 1% NI above 32400? Bastards - I thought it was capped?