Ducati Sporting Club UK > General > Idle Chat > Big hole blown in wallet..

[dickieducati]

Originally posted by andyb
tax..i have to pay 30% ( and 40% this time of year) every month!

That means every third day i do nothing!!

how true.

[andyb]

how true.

[andyb]

Jason, are you exempt from paying tax then?

[madmav]

Originally posted by andyb
tax..i have to pay 30% ( and 40% this time of year) every month!

That means every third day i work is for nothing!!

so what do you do with the other 6 days
sleep in the car on the watford gap services

[andyb]

6 days..I think you find i only ever do a max of 4 in a row!

[Jon]

Originally posted by andyb
tax..i have to pay 30% ( and 40% this time of year) every month!

I thought you either paid 40% a year or didn't!!!

[andyb]

My understanding is you pay the rate applicable to what your earnings are.

So if your a lowly paid P/Person earning 26000 p/a you would pay normal rate. If towards the end of the year with overtime you moved into the next tax bracket ( which i believe is at 33000 and above- to 40%) you pay that rate on whats over that banding.

[Jon]

But you said month to month, when your real earnings can't be worked out till the year end.

[andyb]

My gross for the year appears every month on my wage slip, going up as the year goes on.

All i know is that as you get to the end of the financial year say jan/ feb/mar monthly wages if Overtime is offered and due to your earning so far in the year you are aproaching the level of the next tax bracket, you will pay the higher tax on those earnings putting your gross above that level.

This may well be as a result of what your annual salary is, you cannot predict the extra like overtime.

[cashburning748r]

So if your a lowly paid P/Person earning 26000 p/a you would pay normal rate.

Lowly... that's not a bad salary is it?