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What can I earn so I don't go into 40% tax bracket


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hi someone at work said the tax bracket for 40% is 34kish , surley this isnt right i thought it was 41k but looking at the gov sight i think this is right , can anyone tell me different , wasnt it 43k last year?

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

 

Why don't you want to go into the 40% pay bracket? It wont cost you any extra money, you are only taxed at a higher rate on the money that took you over the threshold, so if you earn only £1K over the threshold, you are only taxed on the £1K at the higher amount, and the rest of your income you are taxed at the standard amount.

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Why don't you want to go into the 40% pay bracket? It wont cost you any extra money, you are only taxed at a higher rate on the money that took you over the threshold, so if you earn only £1K over the threshold, you are only taxed on the £1K at the higher amount, and the rest of your income you are taxed at the standard amount.

 

oh i didnt know that phew im getting rather close to the 40k mark and theres still some weeks left yet , gulp:|

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oh i didnt know that phew im getting rather close to the 40k mark and theres still some weeks left yet , gulp:|

 

It's a nice problem to have, so don't feel to stressed about it as you'll still see an increase with your net pay.

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