jamesey Posted March 14, 2013 Share Posted March 14, 2013 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 Link to comment Share on other sites More sharing options...
gnvqsos Posted March 14, 2013 Share Posted March 14, 2013 If you only earn £10k you will avoid the 40pc rate. Link to comment Share on other sites More sharing options...
whiteowl Posted March 14, 2013 Share Posted March 14, 2013 41450 unless my Maths is wrong. The second table is talking about taxable income after you've taken your personal allowance off (I think ! ) Link to comment Share on other sites More sharing options...
JFKvsNixon Posted March 14, 2013 Share Posted March 14, 2013 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. Link to comment Share on other sites More sharing options...
jamesey Posted March 14, 2013 Author Share Posted March 14, 2013 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:| Link to comment Share on other sites More sharing options...
JFKvsNixon Posted March 14, 2013 Share Posted March 14, 2013 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. Link to comment Share on other sites More sharing options...
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