Jump to content

Recommended Posts

Hello! I've got a quick question about tax... I've been offered a job within my current company however I have a few concerns about the wage being offered... I currently earn about ?42k net, but this new job puts that at ?48k net (similar position to what I do now with a few added responsibilities. I was wondering what happens to my income when it goes into the higher tax band? Is all of it taxed at 40%? I've checked out this tax calculator but it only tells me what I will make, not which bands of tax I am paying, so I was hoping someone here can help?


Many thanks :)

PAYE tax rates and thresholds

2018 to 2019

Employee personal allowance

?228 per week

?988 per month

?11,850 per year

UK basic tax rate

20% on annual earnings above the PAYE tax threshold and up to ?34,500

UK higher tax rate

40% on annual earnings from ?34,501 to ?150,000

UK additional tax rate

45% on annual earnings above ?150,000


Different rates apply for Scotland,


More info..


https://www.gov.uk/guidance/rates-and-thresholds-for-employers-2018-to-2019



DulwichFox

brookeb Wrote:

-------------------------------------------------------

> Hello! I've got a quick question about tax... I've

> been offered a job within my current company

> however I have a few concerns about the wage being

> offered... I currently earn about ?42k net, but

> this new job puts that at ?48k net (similar

> position to what I do now with a few added

> responsibilities. I was wondering what happens to

> my income when it goes into the higher tax band?

> Is all of it taxed at 40%? I've checked out this

> tax calculator but it only tells me what I will

> make, not which bands of tax I am paying, so I was

> hoping someone here can help?

>

> Many thanks :)


You'll never lose through an increase that way - also a reduction in NI at some level around there


Between Primary Threshold and Upper Earnings Limit

12%

Above Upper Earnings Limit

2%

Upper Earnings Limit (UEL)

All employees pay a lower rate of National Insurance above this point ?3,863 per month

Think you're being spammed guys, the likelihood that someone intelligent enough to be on ?48k couldn't work this out for themselves, or wouldn't ask someone at work about it, is zero. The fact that they only joined the forum to ask this question is a bit of a giveaway too. It's just trying to make you go to the linked page.


ETA reported

LOL, no one spotted that they mention ?42K NET to ?48K NET... By definition, net means AFTER tax, so clearly they would be ?6K better off after tax, so they wouldn't have to ask the question in the first place!


Agree with RendelHarris about it being a spam...or possibly an experiment...


But to answer the OP's question, No don't take it ;)

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Latest Discussions

    • Per Cllr McAsh, as quoted above: “We are currently updating our Enforcement Policy and changes will allow for the issuing of civil penalties ranging from £175 to £300 for visible smoke emissions, replacing the previous reliance on criminal prosecution. " Is anyone au fait with the Clean Air Act 1993, and  particularly with the state of 'Smoke Control' law and practice generally?  I've just been looking  through some of it for the first time and, afaics, the civil penalties mentioned  were introduced into the Clean Air Act, at Schedule 1A, in May 2022.  So it seems that, in this particular,  it's a matter of the enforcement policy trailing well behind the legislation.  I'm not criticising that at all, but am curious.  
    • Here's the part of march46's linked-to Southwark News article pertaining to Southwark Council. "Southwark Council were also contacted for a response. "Councillor James McAsh, Cabinet Member for Clean Air, Streets & Waste said: “One of Southwark’s key priorities is to create a healthy environment for our residents. “To achieve this we closely monitor legislation and measures that influence air pollution – our entire borough apart from inland waterways is designated as a Smoke Control Area, and we also offer substantial provision for electric vehicles to promote alternative fuel travel options and our Streets for People strategy. “We as a council support the work of Mums for Lungs and recognise the health and environmental impacts of domestic solid fuel burning, particularly from wood-burning appliances. “We are currently updating our Enforcement Policy and changes will allow for the issuing of civil penalties ranging from £175 to £300 for visible smoke emissions, replacing the previous reliance on criminal prosecution.  “This work is being undertaken in collaboration with other London boroughs as part of the pan-London Wood Burning Project, which aims to harmonise enforcement approaches and share best practice across the capital.” ETA: And here's a post I made a few years ago, with tangential relevance.  https://www.eastdulwichforum.co.uk/topic/278140-early-morning-drone-flying/?do=findComment&comment=1493274  
    • The solicitor is also the Executor. Big mistake, but my Aunt was very old, and this was the Covid years and shortly after so impossible to intervene and get a couple of close relatives to do this.  She had no children so this is the nephews and nieces. He is a single practitioner, and most at his age would have long since retired - there is a question over his competence Two letters have already gone essentially complaining - batted off and 'amusingly' one put the blame on us. There are five on our side, all speaking to each other, and ideally would work as a single point of contact.  But he has said that this is not allowed - we've all given approval to act on each others behalf. There are five on her late husband's side, who have not engaged with us despite the suggestion to work as a team, There is one other, who get's the lion's share, the typicical 'friend', but we are long since challenging the will. I would like to put another complaint together that he has not used modern collective communication (I expect that he is incapable) which had seriously delayed the execution of the will.   I know many in their 80s very adept with smart phones so that is not an ageist comment. The house has deteriorated very badly, with cold, damp and a serious leak.  PM me if you want to see the dreadful condition that it is now in. I would also question why if the five of us are happy to work together why all of us need to confirm in writing.             The house was lived in until Feb 23, and has been allowed to get like this.
    • Isn’t a five yearly electricity safety certificate one of the things the landlord must give for a legal tenancy?
Home
Events
Sign In

Sign In



Or sign in with one of these services

Search
×
    Search In
×
×
  • Create New...