Caporegime
Won't you just get it back come April? If you overpaid underpaid?
Cheesyboy is correct.
@Raikiri the allowances have already been used with his normal wages so the bonus is taxed at a 'BR' rate effectively, which is the 20% tax, 12% NI and 9% Student loan
I always cry when my bonus comes in. Damn taxman!
Well I guess that clarifies it, let's just pray for a tax rebate, had 200 quid about 8 years ago, since then I've owed 200 quid to them but never got anything else back.
I know @Kemik doesn't get out of bed for less than ten but let's call it sweeping up and be done with it.
22.5k a year is my salary
The tax rate in this country is truly reprehensible.
It’ll get rebated at some point, I tend to get a rebate once a year for overpaid tax.
I reckon it'll get a recalc at the end of tax year, you'll probably get a cheque through the post as they then think your bonus is your usual salary. It'll level out.
Is it? Be glad you don’t live in most of the rest of Europe then.
Seriously though, educate yourself before you make up your mind on something. There’s lots of ways of measuring this because there are so many different taxes to take into account on top of income tax. In all the measures I have seen the U.K. is way down the list countries which tax their citizens the most. We’re around average globally and below average when compared to the rest of Europe. For example France and Germany raise significantly more in tax from their citizens.
So arrogant to suggest I am uneducated because my opinion is different to yours, the tax as a % of GDP is shockingly differently between other countries like AUS, USA and the UK.
We pay 32% basic rate income tax, 20% VAT, 13% payroll tax and then 19% corporation tax.
Not to mention capital gains tax, stamp duty, and the myriad of other unnecessarily complex and fragmented taxes.
So arrogant to suggest I am uneducated because my opinion is different to yours, the tax as a % of GDP is shockingly differently between other countries like AUS, USA and the UK.
We pay 32% basic rate income tax, 20% VAT, 13% payroll tax and then 19% corporation tax.
Not to mention capital gains tax, stamp duty, and the myriad of other unnecessarily complex and fragmented taxes.
The difference between lower rate and higher rate is a trick anyway and people fall for it. The difference isn't 40% vs 20%. It is 42% vs 32%.
If you are still paying student loans then it is 51% and 41%.
Higher (until you hit 100k+) and lower earners benefit from the tax free allowance equally. It's so much closer to a flat tax system than people are aware. I think it should be much more progressive. Higher earners are far more able to use salary sacrifice in a meaningful way as well.
The USA has very different taxation depending on where you live. In some places I'd argue it is worse than the UK. Those tend to be the nicer parts of the USA with good public services. It is also massively complex with a myriad of federal and state taxes.
Then you have healthcare to pay for which Americans pay through the nose for.
It's true that the difference is more like 42% vs 32%, however you have to bear in mind that the employees also in practice pay employers NI too.
The only fair system is a flat tax, it's immoral to charge different groups different levels of taxes.
So arrogant to suggest I am uneducated because my opinion is different to yours, the tax as a % of GDP is shockingly differently between other countries like AUS, USA and the UK.
We pay 32% basic rate income tax, 20% VAT, 13% payroll tax and then 19% corporation tax.
Not to mention capital gains tax, stamp duty, and the myriad of other unnecessarily complex and fragmented taxes.