PAYE 6 Years on
Discussion
Just done my 2011/2012 tax return
I was lucky enough to have earned (gross) almost exactly what I did in 2004/2005, (after a number of
learner years)
Yet somehow the tax man managed to raise his share of my earnings by a whopping 15% (100% paye)
I am perhaps a little more "left of centre" than most of the PH'ers however I am now left thinking enough is enough. I pay for my kids education, we have our own medical insurance, made my own pension provesions, never taken any benefits (beyond universal ones such as child benefit)
Arrrrh - rant over
I was lucky enough to have earned (gross) almost exactly what I did in 2004/2005, (after a number of
learner years)
Yet somehow the tax man managed to raise his share of my earnings by a whopping 15% (100% paye)
I am perhaps a little more "left of centre" than most of the PH'ers however I am now left thinking enough is enough. I pay for my kids education, we have our own medical insurance, made my own pension provesions, never taken any benefits (beyond universal ones such as child benefit)
Arrrrh - rant over
Puggit said:
If your earned over £100k then Darling created a nice surprise in his final budget to lose your tax free allowance, essentially this creates a 60% tax rate for £100k-£112k.
I'm hitting back by looking at tax avoidance methods...
Not that it effects me, but that's 'interesting' - thanks.I'm hitting back by looking at tax avoidance methods...
qureshia said:
Just done my 2011/2012 tax return
I was lucky enough to have earned (gross) almost exactly what I did in 2004/2005, (after a number of
learner years)
Yet somehow the tax man managed to raise his share of my earnings by a whopping 15% (100% paye)
I am perhaps a little more "left of centre" than most of the PH'ers however I am now left thinking enough is enough. I pay for my kids education, we have our own medical insurance, made my own pension provesions, never taken any benefits (beyond universal ones such as child benefit)
Arrrrh - rant over
Isnt that what labour voters want? Youre supporting the state and the unemployed and the people that cant or dont want to work.I was lucky enough to have earned (gross) almost exactly what I did in 2004/2005, (after a number of
learner years)
Yet somehow the tax man managed to raise his share of my earnings by a whopping 15% (100% paye)
I am perhaps a little more "left of centre" than most of the PH'ers however I am now left thinking enough is enough. I pay for my kids education, we have our own medical insurance, made my own pension provesions, never taken any benefits (beyond universal ones such as child benefit)
Arrrrh - rant over
qureshia said:
Just done my 2011/2012 tax return
I was lucky enough to have earned (gross) almost exactly what I did in 2004/2005, (after a number of
learner years)
Yet somehow the tax man managed to raise his share of my earnings by a whopping 15% (100% paye)
I am perhaps a little more "left of centre" than most of the PH'ers however I am now left thinking enough is enough. I pay for my kids education, we have our own medical insurance, made my own pension provesions, never taken any benefits (beyond universal ones such as child benefit)
Arrrrh - rant over
Don't just rant. Do something.I was lucky enough to have earned (gross) almost exactly what I did in 2004/2005, (after a number of
learner years)
Yet somehow the tax man managed to raise his share of my earnings by a whopping 15% (100% paye)
I am perhaps a little more "left of centre" than most of the PH'ers however I am now left thinking enough is enough. I pay for my kids education, we have our own medical insurance, made my own pension provesions, never taken any benefits (beyond universal ones such as child benefit)
Arrrrh - rant over
After being kneed in the balls by HMRC last year, this time I went with an accountant. Last week I got my bill. It was under £1000 so I had to pay it all before the end of this month. I couldn't believe how low it was. Fair enough, part of the reason was that they claimed back some of what I overpaid last year (which HM struggled to find when I tried to get it back), but still, it is remarkable how low it all is. I actually checked with the accountant to ensure there was no mistake but she said as long as I could prove my claims - which I can and a little more just in case - then that's it for me.
Derek Smith said:
Don't just rant. Do something.
Another good plan: http://moneytothemasses.com/readers-question-i-ear...This is a lovely way to get back money as money added to pensions is not taxed - meaning you can reclaim 20% tax relief on the money paid in to your pension.
The company are also pleased not to be paying some NI contributions.
Rude-boy said:
DonnyMac said:
Why are you doing a tax return if you're PAYE?
If you are 40% you have to, it's the law.Over £100k needs to, but not simple 40% earners...
Puggit said:
Rude-boy said:
DonnyMac said:
Why are you doing a tax return if you're PAYE?
If you are 40% you have to, it's the law.Over £100k needs to, but not simple 40% earners...
Puggit said:
lose your tax free allowance, essentially this creates a 60% tax rate for £100k-£112k.
Yes, there are some very aggressive "effective" tax rates where the allowances are being withdrawn. This is especially tough on pensioners where oldsters pay an effective rate of 30% tax on income between £25,000 and £30,000 p.a.This whole concept of raiding savers and pensioners to make good the bankers' recklessness is a national disgrace.
Ozzie Osmond said:
Puggit said:
lose your tax free allowance, essentially this creates a 60% tax rate for £100k-£112k.
Yes, there are some very aggressive "effective" tax rates where the allowances are being withdrawn. This is especially tough on pensioners where oldsters pay an effective rate of 30% tax on income between £25,000 and £30,000 p.a.This whole concept of raiding savers and pensioners to make good the bankers' recklessness is a national disgrace.
"Make good the bankers' recklessness"
They're doing it to pay for big houses for illegal immigrants and for SKY TV and fags for people who can't be bothered to work.
Puggit said:
Rude-boy said:
DonnyMac said:
Why are you doing a tax return if you're PAYE?
If you are 40% you have to, it's the law.Over £100k needs to, but not simple 40% earners...
However, there is not an automatic requirement for a 40% PAYE earner to do so. Often times they really should as they might not be paying enough tax on income outside of their salary (such as dividend income or bank interest received) or they might be missing out on extra tax reliefs avaialble on personal pension amounts they pay or donations they make to charity during the tax year.
Anyone who is in the Higher Rate Bands should review their situation each year to ascertain if they really should be making self assessment returns.
randlemarcus said:
Puggit said:
Rude-boy said:
DonnyMac said:
Why are you doing a tax return if you're PAYE?
If you are 40% you have to, it's the law.Over £100k needs to, but not simple 40% earners...
Should have checked my facts, sure it was 40% at one time but heyho!
I have to do one as a Company Director (natch this being PH an all).
Eric Mc said:
Company directors do not automatically have to submit self assessment tax returns.
Like any other person, they only need to do so if they have income that needs to be taxed under self assessment.
Interesting as it is most certainly up there on the HMRC link the other poster provided but for some reason i would trust your advice over a bloody word HMRC says!Like any other person, they only need to do so if they have income that needs to be taxed under self assessment.
That said I also get a letter each year (or have for the last 3!) from HMRC telling me I have to so like a good boy I do. First year I owed them about 20p, last year they owed me about £200 and this year I owe them £70ish so all in I'm 'up' on them at the minute, and not a little unsmug that for once in my life I had filed before the month has even broken into the teens
Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff