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tax on wagers

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 Topic moved: from General Bike Chat to Dear Auntie BCF... by G (16 Mar 2006 - 11:37)
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Itchy
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Joined: 07 Apr 2005
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PostPosted: 11:45 - 17 Mar 2006    Post subject: Reply with quote
babyyam wrote:
If you earn over £4895 you will then start to pay Basic Rate (currently 22%) on all the rest of your wages. Here is the BUT. If your employer's payroll software doesn't allow for the student allowance (not all of them do), or their payroll department doesn't know how to operate it, or they just don't want to use it, you are taxed normally and this is perfectly OK.


er are you sure ? , the government introduced a 10% lower rate on the first £2090 you earn over £4895 , anything above up to I think 31400 (might be last years figures) is taxed at 22% and anything above that 40% ,

Though I've not been in a payroll dept for a few months though if I AM mistaken this is a GOOD thing since my rebate will be all the fatter in a couple weeks.
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yambabe
World Chat Champion



Joined: 12 Jul 2004
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PostPosted: 14:51 - 17 Mar 2006    Post subject: Reply with quote
I'm certain. If you are on a student declaration you don't go onto cumulative when you hit the limit you go onto BR. The whole idea of the student thing is that you are declaring in advance that you won't earn over the limit, that's why it's only supposed to apply to students working during the holidays and not students working part-time all year.
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MarJay
But it's British!



Joined: 15 Sep 2003
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PostPosted: 15:02 - 17 Mar 2006    Post subject: Reply with quote
Stinkwheel,

You seem to mention the phrase 'pay zero tax' a lot.

You still pay tax, its just most students get paid less than the personal allowance.
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SoND
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Joined: 10 Jul 2005
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PostPosted: 22:25 - 18 Mar 2006    Post subject: Reply with quote
Might be a bit off topic but is overtime pay taxed?
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jok
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Joined: 06 Dec 2005
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PostPosted: 23:32 - 18 Mar 2006    Post subject: Reply with quote
SoND wrote:
Might be a bit off topic but is overtime pay taxed?

If you earn more than the tax-free quota, then yes it gets taxed like normal earnings.
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Villers
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Joined: 13 Sep 2004
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PostPosted: 01:26 - 19 Mar 2006    Post subject: Reply with quote
Unfortunately, when you work overtime for a legit company you pay tax on it.

I used to work and get paid weekly, at that point tax and pension/union/national insurance didnt seem so bad. Now I get paid monthly and looking at the 1/3 of what I earn going to blair and his cronies is thoroughly depressing. I pay more now into NI than my own personal pension, and I know I will never see the NI money again Sad
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Old Thread Alert!

The last post was made 18 years, 80 days ago. Instead of replying here, would creating a new thread be more useful?
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