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jay_w_uk | Higher rate (40% of income tax affect you? (UK)? |
For Up to £33,300k p.a, it's 22%, then it goes up to 40%.
Are you therefore worse off earning £33,400 than if you were earning £33,299?
How does it affect other things like Pension etc? |
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Jason O
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no because you pay 40% of everything over 33,300. so on 33,400 you will pay £100 at the higher tax bracketr and so earn an extra £61 than if you earned £33,299 |
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Col. Hannibal Smith
 |
As the others have said below, you are only taxed at 40% after your net relevant earnings exceed £33000.
With regards to the effects of higher rate income, there are several things:
Personal Pension contributions - you are given basic rate relief of 22% at source. As a higher rate earner and therefore entitled to 40% relief, you can claim the extra 18% either through your tax code, in which case you need to supply your annual contribution amounts to HMRC or claim it as a refund at the end of the tax year.
Expenses/Benefits - these also become liable at 40%
Savings Income - 20% is deducted at source on bank/building society interest, but as a higher rate payer, they become liable at 40%, so you have to pay tax on the extra 20%
Dividend Income - 10% tax at source, higher rate amount is 32.5%, so you pay extra tax on the 22.5% difference |
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Nick
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star this? |
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Ronaldobhoy
 |
No, because you only start paying tax at the higher rate for earnings over the £33300 threshold. Sof if you earn £33,400, you pay the tax at 22% on £33,300 (well - 0% on the first £4,000 or so, then 22%) and 40% on the £100 over the threshold.
It does mean that pay rises once you're over that limit fell like a lot less, as you only get 60% of it in your pocket rather than 80%. |
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Barry Von Leotard III
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The 40% only applies to the amount earned over 33k. |
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I hate pink
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idk i am in USA |
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Jez
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Not that worse off because you only pay excess (ie anything over) and it doesn't affect your tax allowance etc. |
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Robin the Electrocuted
 |
Everyone here is right about the 40% being charged on earnings above £33k.
A pension deducted from your gross pay before taxes are paid, so if you earn £40k and are contributing £7k into a pension a year then you will have a taxable salary of £33k (and therefore only fall into the 22% bracket) |
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Marky
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No, because you only pay 40% tax on the amount OVER £33,300 (not sure of that figure, but I assume you are correct). The rest is taxed at a lower rate - mostly at 22%, but the first £6,000 or so is not taxed. |
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Ragga
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Higher rate tax chips in at £33,301 anything above 33,300 is taxed at 40%. .i.e if you earned £33,400 then to find only the difference between £33,300 and £33,400, .i.e £100 would be taxed at 40%
If you were taking a pension then you are allowed a maximum of 17.5% of your annual income earned. This amounted is deducted from your total income then the balance is taxed.
So in the case above if you were earning £33,400 p.a. you first have to deduct 17.5% and then tax the balance. |
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suerye
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No, because you only pay 40% tax on your taxable income over £33,300, not on the whole lot.
NIC is payable at a flat 11% rate and does not increase with monthly pay. |
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