Ducati Sporting Club UK - Big hole blown in wallet..

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JasonBoswell

12-Feb-2005 22:38

Quote:

Originally posted by Jon
I may be wrong here, but I thought Jason was refering to the fact that he has to pay his tax bill. This would mean he is self employed and not on P.A.Y.E. That would also be the first part of it, the second part due in July. Its not the amount, its the time of year and the fact that you could have had a fantastic year last year. Then go and have a crummy year this year.
But unlike those on P.A.Y.E. He has got to pay his tax plus 50% more based on predicted profits. (based on last years accounts). So you see, he ends up paying the taxman in advance of his earnings.

Sorry Jon, no I'm a permie so on PAYE. Just that a while back I got a redundancy pay-out (I took em to the cleaners!) that as it happens had only basic rate tax deducted. It was only in my last tax return that I realised, thus the big bill.

JasonBoswell

12-Feb-2005 22:40

Quote:

Originally posted by Lily
oh bugger.. now i feel guilty for putting your cheque in the bank :(

do you know that it's cleared yet???!!!! :frog:

Redruth

12-Feb-2005 22:53

I'm sorry if I appear to be the voice of reason here, Jason, me ol' china, but it isn't that complicated to work out what tax is due. There are 2 things that are certain in life, death and taxes. You must have known you'd underpaid on a redundancy pay out :rodent:

Glad you are once again a 'permie', though. Moral of the story, ask the Inland Revenue for a tax guide, (they're free) do a simple calculation and don't get caught short again Boswell (how are those Angels doing, BTW? ):lol:

andyb

13-Feb-2005 00:03

;)

chicken

13-Feb-2005 00:14

Quote:

Originally posted by JasonBoswell

Sorry Jon, no I'm a permie so on PAYE. Just that a while back I got a redundancy pay-out (I took em to the cleaners!) that as it happens had only basic rate tax deducted. It was only in my last tax return that I realised, thus the big bill.

That must have been some payout!
From my hazy memory of my tax exams several years ago, the first £30k of redundancy settlements are tax free.

If £2.7k was owed on the difference between basic and higher rate then it sounds like your total payout would have been about £46k.

You do have my sympathy Jason - but only if you are buying!

Loz	13-Feb-2005 09:43

Quote:

Originally posted by chickenThat must have been some payout!
From my hazy memory of my tax exams several years ago, the first £30k of redundancy settlements are tax free.

If £2.7k was owed on the difference between basic and higher rate then it sounds like your total payout would have been about £46k.

You do have my sympathy Jason - but only if you are buying!

I believe Chicken's right, unless the redundancy is being considered as normal pay (it can be where redundancies are not "genuine", eg a pre-arranged handshake at the end of a fixed term employment - this is meant to close a tax loophole).
If your redundancy was less than £46K, you need to find out whether the payment was treated correctly for tax purposes. Good luck.

Er, £46K, not £46. D'oh.

[Edited on 13-2-2005 by Loz]

Redruth

13-Feb-2005 10:45

Quote:

Originally posted by Loz

I believe Chicken's right, unless the redundancy is being considered as normal pay (it can be where redundancies are not "genuine", eg a pre-arranged handshake at the end of a fixed term employment - this is meant to close a tax loophole).
If your redundancy was less than £46, you need to find out whether the payment was treated correctly for tax purposes. Good luck.

The dangers of giving away a little bit of information to people who can work out that actually Jason, you should have been buying the drinks all of last year!
:lol::lol:

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