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Allamooshtemarm | If my gross pay pa is £35000 (UK) and my personal allowance is £6000, will I have to pay 40% income tax? |
The HM Revenue site states 40% tax on income of over £34,800, but it is not clear if this is nett of personal allowance. Thus if my pa is £6000 my taxable pay is £29000, or does it mean 40% is applied to gross income over £40800? |
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Ivan
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Income tax is based on your Taxable Income which starts after NI, Personal Allowances etc have been taken out. Both your satements are correct.
If you gross £34800 and have £6000 PA then your taxable income is indeed £28800 (34800-6000) and below the 40% threshold.
In this example, you would not reach your 40% threshold until you gross £40800 (6000+34800).
I'm not sure whether you are thinking you pay 40% on it all.
You would pay 22% on your taxable income upto £34800 and 40% only on the balance above that.
In the example above if we raise your gross to 45000, you would pay 0% on £6000, 22% on £34800 and 40% on £4200.
PS: Above should read 20% not 22%. Thanks Steffi. |
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Capt Jack
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It's the income over and above the personal allowance.
You pay 0% on the first £6000 and 20% on the taxable £29,000. As your taxable pay isn't over £34,800, you don't pay 40% tax.
Also note, any money you put in a pension is tax free too, so deduct that from the taxable income.
Any reasonably inteligent person should be able to figure out tax bands. |
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steffi
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Ivan is nearly right, but behind the times on Basic Rate tax, which is now 20%. Look at www.hmrc.gov.uk/rates. You have to earm £40835 before you pay Higher Rate. That includes personal allowance of £6035.
Incidently, anyone liable to Higher Rate no longer has to complete Tax Return, unless they are a Company Director, also have large amounts of untaxed income, or claim massive expenses in employment. The Government decreed this, I think it was about three or four years ago. |
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David C
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Higher rate tax starts at £34,800 for year 2008/09. This is after deduction of your personal allowance of £6035, so you can earn up to £40835 & still pay at 20% |
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Daniel C
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Its on Gross, you will only pay 40% on the £200 you earn over the £34,800 threshold so its not really going to affect you.
The only problem is that once you are over this threshold you have to fill in a self assessment even if you are on payroll, its easy enough to do as you just fill in whats on your Y/E P60 but can be hassle if you fill it in wrong, for the sake of £200 which you will only see about £100 of it after tax and NI, ask them in the final month to pay you £200 less and save yourself the hassle |
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DF
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If it's based on gross, you would only pay 40% tax on the £200 between £34800 and £35000, it it's net, then you won't pay any 40% at all. |
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alphacenturi
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See a financial advisor who specialises in Tax, they can help you out with things like this as there are plenty of ways to get around it.
I don't really want say much more, you never know whose reading this.
Another problem is when you just scrape through and then the company go and give a pay rise, sometimes it's better not to take it.lol
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alginon77
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sorry high tax for you its on gross earnings
i pay it to |
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elliottdude22 aka da #1 hatta
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only if barak is president |
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