Higher Rate Income Tax

Matt

Does anyone know at what point you have to start paying the higher rate of tax on your wages notsure.gif

shunter

It's all here...

http://www.hmrc.gov.uk/rates/it.htm

For 2007-2008 looks like it when you earn more than £34,600.

vocky

sounds about right :roll:

baldie87

least theyve highered it. i want dave cameron in, brown is shi.te

vocky

it should be earnings over £45k 😃

and over £100k should be 50% :roll:

over a million 60% :shock:

Matt

Sweet, just working out how much OT I can do this year without paying the higher tax.

Jamee

wish i had the option to earn over that!!!!
Any jobs going?

Daz

The ways its goin they will have all our wages and just give us back enuff to live on...

furn

i hate the bastard goverment i pay higher rate tax before i even think about ot , then you pay council tax fuel tax vat on everything you buy fart tax every time you fricking fart.

touchy subject for me

i agree with vocky 45k plus for higher rate.

Matt

It's shite. I'm surpised at just how low it is, and with a pathetic £5.5k personal allowance, I can do £6k in OT next year. At this rate, that should see me about 5 months worth of OT. Past that point, I ain't going to bother, as the government aren't getting any more out of me.

I take it it's a sliding scale, so you only pay 40% on anything past the £34.5k mark?

Daz

I aint got aclue att....as i dont even earn half that...

dodger

Matt said:
It's shite. I'm surpised at just how low it is, and with a pathetic £5.5k personal allowance, I can do £6k in OT next year. At this rate, that should see me about 5 months worth of OT. Past that point, I ain't going to bother, as the government aren't getting any more out of me.

I take it it's a sliding scale, so you only pay 40% on anything past the £34.5k mark?

that is what i'm lead to believe as well.

vocky

Matt said:
It's shite. I'm surpised at just how low it is, and with a pathetic £5.5k personal allowance, I can do £6k in OT next year. At this rate, that should see me about 5 months worth of OT. Past that point, I ain't going to bother, as the government aren't getting any more out of me.

I take it it's a sliding scale, so you only pay 40% on anything past the £34.5k mark?

it's only 40% on earnings above £34.5k, it's not so bad, you just need to break the £40k to make it worthwhile :lol:

Matt

Cheers Neil. At the rate we are doing OT at the minute, if we don't get something sorted soon, £40k doesn't seem that unreasonable a target next year to be honest.

2_2SRi

Just worked out if I carry on the same all year as to what ive earnt so far i`ll be at £34k ish :? Without no extra overtime shifts, just the odd hour before and after work...... and I work 4 on 4 off shifts.

JohnnyN

I never realised that you paid a higher rate once over £34.5k

Thats me fooked then. Bloody tax is a pain in the ass.

:evil:

Matt

It's nearer to £40k in total though John, as you get the first £5.5k tax free (Personal Allowance), so add that to the £34.5k, you need to be pretty close to a basic salery for £40k (I think thats right?)

JohnnyN

If thats the case I should just be inside the limit.

Daz

I shud be fine...i'm more like 25k under the limit

Sjdickso

I am Deff fine too LOL