bickster Posted August 30 Moderator Share Posted August 30 4 minutes ago, Rds1983 said: Someone on 60k a year shouldn't be paying 5% less tax than someone worth over a million times that amount. It's not even that though is it, isn't there a banding where people just over the higher tax threshold pay more tax as a % than people on a higher amount (£120k maybe). I'm sure I read that somewhere 1 Link to comment Share on other sites More sharing options...
Rds1983 Posted August 30 VT Supporter Share Posted August 30 4 minutes ago, bickster said: It's not even that though is it, isn't there a banding where people just over the higher tax threshold pay more tax as a % than people on a higher amount (£120k maybe). I'm sure I read that somewhere A quick Mooney says: https://www.gov.uk/income-tax-rates Band Taxable income Tax rate Personal Allowance Up to £12,570 0% Basic rate £12,571 to £50,270 20% Higher rate £50,271 to £125,140 40% Additional rate over £125,140 45%" So 40% at 50k and 45% at 125k and all the way up. Link to comment Share on other sites More sharing options...
bickster Posted August 30 Moderator Share Posted August 30 10 minutes ago, Rds1983 said: A quick Mooney says: https://www.gov.uk/income-tax-rates Band Taxable income Tax rate Personal Allowance Up to £12,570 0% Basic rate £12,571 to £50,270 20% Higher rate £50,271 to £125,140 40% Additional rate over £125,140 45%" So 40% at 50k and 45% at 125k and all the way up. Nah, it's something to do with NI that's just income tax Link to comment Share on other sites More sharing options...
Rds1983 Posted August 30 VT Supporter Share Posted August 30 Just now, bickster said: Nah, it's something to do with NI that's just income tax Have you got a source? Link to comment Share on other sites More sharing options...
bickster Posted August 30 Moderator Share Posted August 30 Just now, Rds1983 said: Have you got a source? Just something I remember reading a few months back Link to comment Share on other sites More sharing options...
sidcow Posted August 30 VT Supporter Share Posted August 30 2 hours ago, blandy said: Nailed on it’ll make them cross. Even Arkwrights need to pay tax. Link to comment Share on other sites More sharing options...
blandy Posted August 30 Moderator Share Posted August 30 43 minutes ago, bickster said: Nah, it's something to do with NI that's just income tax It's to do with personal allowance, I think - it falls by £1 for every £2 you earn between £100k and £125k - So you earn 2 quid, but then lose one quid of that from your allowance, so get taxed on that one quid you've lost, or something like that? 1 Link to comment Share on other sites More sharing options...
blandy Posted August 30 Moderator Share Posted August 30 Just done an interweb look and I found this Interactive marginal tax rate chart - June 2024 - Tax Policy Associates 1 Link to comment Share on other sites More sharing options...
bickster Posted August 30 Moderator Share Posted August 30 6 minutes ago, blandy said: It's to do with personal allowance, I think - it falls by £1 for every £2 you earn between £100k and £125k - So you earn 2 quid, but then lose one quid of that from your allowance, so get taxed on that one quid you've lost, or something like that? Yss, that seems familiar Link to comment Share on other sites More sharing options...
blandy Posted August 30 Moderator Share Posted August 30 So the 60% is the 40% tax rate, plus the 20% tax on the lost allowance = 60%. Link to comment Share on other sites More sharing options...
MakemineVanilla Posted August 30 Share Posted August 30 Has anyone ever refused overtime because they resented paying the tax? Link to comment Share on other sites More sharing options...
Rds1983 Posted August 30 VT Supporter Share Posted August 30 1 hour ago, bickster said: Just something I remember reading a few months back Posting unsubstantiated info without the source material. I thought better of you. How did it come to this? Next stop, the Fallem Angels thread. Spoiler Only joking Luckily @blandywas here to save the day. Now if someone could explain it to me like a 5 year old that'd be great. Link to comment Share on other sites More sharing options...
bickster Posted August 30 Moderator Share Posted August 30 2 minutes ago, Rds1983 said: Posting unsubstantiated info without the source material. I thought better of you. How did it come to this? Next stop, the Fallem Angels thread. Reveal hidden contents Only joking Luckily @blandywas here to save the day. Now if someone could explain it to me like a 5 year old that'd be great. I posted a question, which you posted an incorrect answer to and Mr Bland saved your blushes. Lets get this correct shall we 1 Link to comment Share on other sites More sharing options...
MakemineVanilla Posted August 30 Share Posted August 30 9 minutes ago, Rds1983 said: Posting unsubstantiated info without the source material. I thought better of you. How did it come to this? Next stop, the Fallem Angels thread. Reveal hidden contents Only joking Luckily @blandywas here to save the day. Now if someone could explain it to me like a 5 year old that'd be great. I am sure his favourite aftershave just has to be Lynx! Link to comment Share on other sites More sharing options...
sidcow Posted August 30 VT Supporter Share Posted August 30 2 hours ago, MakemineVanilla said: Has anyone ever refused overtime because they resented paying the tax? I refuse overtime daily. Well I work over pretty much every day but don't get paid for it anyway. Salary is as salary does. Link to comment Share on other sites More sharing options...
limpid Posted August 30 Administrator Share Posted August 30 Has anyone floated working for four days yet? I'm wondering if it might help me get the number of unpaid hours down a bit. Link to comment Share on other sites More sharing options...
Genie Posted August 30 Share Posted August 30 2 hours ago, MakemineVanilla said: Has anyone ever refused overtime because they resented paying the tax? A guy who I worked with missed out on his bonus and tried to spin it as a positive because it meant he’d pay less tax. He’s was a div. 2 Link to comment Share on other sites More sharing options...
Genie Posted August 30 Share Posted August 30 5 minutes ago, limpid said: Has anyone floated working for four days yet? I'm wondering if it might help me get the number of unpaid hours down a bit. I’d certainly be up for 10x 4 rather than 8x 5 hour working week but I can’t see it happening at my place. I start early (7am) so I’d still be done at a reasonable time. Link to comment Share on other sites More sharing options...
limpid Posted August 30 Administrator Share Posted August 30 37 minutes ago, Genie said: I’d certainly be up for 10x 4 rather than 8x 5 hour working week but I can’t see it happening at my place. I start early (7am) so I’d still be done at a reasonable time. If it becomes law, then it's the law. Like all the other reasonable adjustments they have to make. We'll have to wait and see. Link to comment Share on other sites More sharing options...
Genie Posted August 30 Share Posted August 30 5 minutes ago, limpid said: If it becomes law, then it's the law. Like all the other reasonable adjustments they have to make. We'll have to wait and see. Company can still reject the request. I don’t think they will be told they have to honour all requests. We work with a lot of overseas suppliers, it would be quite easy I think to justify staying in 5 days to be aligned with our suppliers. Link to comment Share on other sites More sharing options...
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