out of my fucking bonus, it seems
60% tax.

SIXTY PERCENT TAX. what's the point, eh?
( rachelswipe with a fork, Thu 15 May 2014, 15:26, 5 replies, latest was 11 years ago)

We should return to the 95% rate of the 1960s

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:27, Reply)

Removing the upper limit on NI contributions was a sneaky move.

( Fucking hell Jeff I am not a robot, Thu 15 May 2014, 15:28, Reply)

it's one of those stupid reverse loopholes, like if you earn £100 - £120k, you pay a higher rate of tax than someone who earns £120,001 upwards
typical fucked up labour policy that makes no sense.
( rachelswipe with a fork, Thu 15 May 2014, 15:32, Reply)

That awful Labour party
Luckily the Tories removed it when they came into office four years ago, yeah?
( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:35, Reply)

they had enough shit to clean up, i guess

( rachelswipe with a fork, Thu 15 May 2014, 15:37, Reply)

I don't think you understand how income tax rates work.

(dozers, do fuck off ur a nob m8, Thu 15 May 2014, 15:36, Reply)

which bit of that do you think is incorrect?
www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10828657/Tax-system-flaws-leave-professionals-paying-60-per-cent.html
( rachelswipe with a fork, Thu 15 May 2014, 15:36, Reply)

the 'higher rate' is only on the 20k between 100 and 120.
Someone on, say, 140 will pay 20% on the first 42 or so, then 40 on the next bit up to 140 (assuming no pension conts). At no time is 60% the marginal rate or even the rate on whole income.

The telegraph are misleading you.
(dozers, do fuck off ur a nob m8, Thu 15 May 2014, 15:41, Reply)

but they still earn more and yet pay tax at a lower percentage
this is the bit that does not make sense.
( rachelswipe with a fork, Thu 15 May 2014, 15:51, Reply)

no, the rate is not lower.
Do the sums.
(dozers, do fuck off ur a nob m8, Thu 15 May 2014, 15:53, Reply)

How does the 40% you got to keep compare with the minimum wage?

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:28, Reply)

who cares

( Naked Ape call me Caitlyn, Thu 15 May 2014, 15:29, Reply)

actual lol

( MEATSNAKE Richard Hammond, Thu 15 May 2014, 15:29, Reply)

swipe, apparently

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:31, Reply)

it was earned by working my arse off, sometimes 7 days a week, giving up nights out, holidays, weekends...

( rachelswipe with a fork, Thu 15 May 2014, 15:31, Reply)

I'm sure it was, but that wasn't my question

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:32, Reply)

Well we need some figures mate, what does the average minimum wage slave get as a bonus?

( MEATSNAKE Richard Hammond, Thu 15 May 2014, 15:32, Reply)

I would assume that if you are on minimum wage, you are unlikely to be receiving any bonuses
Apart from the bit of swipe's that goes towards your housing benefit
( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:33, Reply)

Oh, well I would say in comparison it's better.

( MEATSNAKE Richard Hammond, Thu 15 May 2014, 15:35, Reply)

So what is she moaning about?

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:38, Reply)

rag week

( MEATSNAKE Richard Hammond, Thu 15 May 2014, 15:41, Reply)

ouch? How'd you manage that?

( Naked Ape call me Caitlyn, Thu 15 May 2014, 15:29, Reply)

I'm guessing: with a fucking enormous bonus

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:29, Reply)

absolutely not, i am not a banker
it was a very generous gesture on the part of the firm to reflect some really hard work, but a few thousand. not a six figure silly level bonus like some people get.
( rachelswipe with a fork, Thu 15 May 2014, 15:31, Reply)

Not a partnership though, is it?

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:32, Reply)

it's demotivating, is what it is

( rachelswipe with a fork, Thu 15 May 2014, 15:33, Reply)

Should've thought of that when you kept both X chromosomes, instead of converting one to a winning Y

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:37, Reply)

there is nothing more depressing than getting your bonus letter, getting excited and then seeing how much you've been raped i tax

( Naked Ape call me Caitlyn, Thu 15 May 2014, 15:37, Reply)

I imagine opening a letter to see you've had your benefits cut
because somebody on more yearly salary than you're likely to see in a decade has lobbied to have their tax rate cut, would be a bit of a downer, too. Especially if it means you can't keep your six guaranteed-to-turn-out-as-car-thieves children in Iceland frozen burgers.
( Kroney, Thu 15 May 2014, 15:40, Reply)

yeah, but seriously though I wanted to go skiing

( Naked Ape call me Caitlyn, Thu 15 May 2014, 15:50, Reply)

Get paid via Cyprus. Just sayin'.

( Fucking hell Jeff I am not a robot, Thu 15 May 2014, 15:42, Reply)

i need more details on this for future plans

( Naked Ape call me Caitlyn, Thu 15 May 2014, 15:50, Reply)

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA.
* pauses for breath *

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
( Fucking hell Jeff I am not a robot, Thu 15 May 2014, 15:37, Reply)

why is this funny?

( rachelswipe with a fork, Thu 15 May 2014, 15:38, Reply)

Because you'll never make partner in your current firm.

( Fucking hell Jeff I am not a robot, Thu 15 May 2014, 15:39, Reply)

oh, right

( rachelswipe with a fork, Thu 15 May 2014, 15:45, Reply)

yeah you will, you get em champ!

( Naked Ape call me Caitlyn, Thu 15 May 2014, 15:51, Reply)

it's perfectly possible
but not at my level, i'm still too junior
( rachelswipe with a fork, Thu 15 May 2014, 15:55, Reply)

But it must take your overall pay bracket somewhere between 100,000 and 140,000
so you're not exactly hard done by are you.
(Bazongaloid, Thu 15 May 2014, 15:38, Reply)

Didn't you read?
She works REALLY hard
( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:40, Reply)

I've never understood this argument.
It's as if nurses don't work hard, or that if someone cleans the streets really, really, really hard they ought to be paid 500K a year.
(Bazongaloid, Thu 15 May 2014, 15:51, Reply)

even you can't think that this policy makes sense

( rachelswipe with a fork, Thu 15 May 2014, 15:46, Reply)

No, you're quite right - you need the money more

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:47, Reply)

No I don't,
I'd rather they simplified the system and said up to £10,000 tax free, up to £50,000 20%, up to £100,000 40% up to £1,000,000 60% and maybe above that 65%, or possibly not bother. But also make it apply to any income regardless of whether it's shares, or paye or earnings from renting out your property or whatever.

The complexity is where it is possible to fiddle the sums to pay very little tax when earning obscene amounts. It's wrong when someone earning a million pays proportionally less then someone 40K.

But equally, if your take home pay in a year is over 100K, you're doing pretty fucking well and shouldn't complain too loudly.
(Bazongaloid, Thu 15 May 2014, 15:50, Reply)

40% is fine
i don't have a problem with that. and i agree with most of what you say re any income.

but 60% is demotivating. who would want to work that hard when they are giving 2/3's of it away?
( rachelswipe with a fork, Thu 15 May 2014, 15:54, Reply)

Exactly how much harder does someone earning £500,000 work than someone earning £35,000?
I imagine they probably sit in an office, probably a nicer office, and have someone to bring them coffee, probably nicer coffee too.

The job they do may be judged to be worth that much more, but what are they actually doing that is so much harder that it deserves a near exponentially greater (I'm being figurative here) degree of reward?
(Bazongaloid, Thu 15 May 2014, 16:02, Reply)

It's more to do with the level of responsibility the job carries, be that responsibility for securely employing others, shareholder return etc.

( Fucking hell Jeff I am not a robot, Thu 15 May 2014, 16:04, Reply)

it's not just about working hard, and you know it, although that is a part of it
you get paid for your skills too. not everyone can be a brain surgeon. that is why the top consultants earn so much money.
( rachelswipe with a fork, Thu 15 May 2014, 16:07, Reply)

They do, they earn very high salaries and pay a reasonable proportion of that back in tax
What they have left allows them to live a very nice lifestyle, not rich beyond the dreams of avarice, but very comfortable and without many worries, assuming they don't have gambling habits or crack addictions.
(Bazongaloid, Thu 15 May 2014, 16:11, Reply)

crack £10 salad
(Reverend Fister "a disciplined fuckwit", Thu 15 May 2014, 16:18, Reply)

not really the point is it

( Naked Ape call me Caitlyn, Thu 15 May 2014, 15:51, Reply)

No, it's exactly the point.

(Bazongaloid, Thu 15 May 2014, 15:51, Reply)

but it's earned
it's not given. eg today i should really be in bed, but i'll be here til about 9pm, and i was at my desk by 8.
( rachelswipe with a fork, Thu 15 May 2014, 15:54, Reply)

And you are rewarded commensurately

(Bazongaloid, Thu 15 May 2014, 16:00, Reply)

but then some pricks nicks more than half of it
doesn't seem fair really
( Naked Ape call me Caitlyn, Thu 15 May 2014, 16:00, Reply)

Are you suggesting that Swipe has paid over £50,000 in tax this year?
Because if you are, I might remind you that you are a bent spastic.

And wrong to boot.
(Bazongaloid, Thu 15 May 2014, 16:03, Reply)

i meant of her bonus

( Naked Ape call me Caitlyn, Thu 15 May 2014, 16:03, Reply)

personally i would make bonuses under £5k or so tax free
they are incentives. bonuses for bankers etc are part of their salary, and should be taxed accordingly.
( rachelswipe with a fork, Thu 15 May 2014, 16:08, Reply)

And so is your bonus, so it is taxed accordingly.
Don't think of it as a 5K bonus, think of it as a 2.5K bonus. 2.5K you say? Wow, that's a lovely big sum of money. I could go on a really nice holiday for two weeks with that kind of money. An unexpected two week holiday all paid for? How lovely, what a bonus!
(Bazongaloid, Thu 15 May 2014, 16:13, Reply)

or GIMME BACK MY WEEKENDS AND EVENINGS, IT'S NOT WORTH IT
next year i might not work them. then nobody gets anything. well done, government. way to motivate people.
( rachelswipe with a fork, Thu 15 May 2014, 16:28, Reply)

You seem unhappy in your job.
You should probably have a good look at your life and think about doing something that actually makes you happy.
(Bazongaloid, Thu 15 May 2014, 16:29, Reply)

i like my job v much
but it's extremely demanding. maybe everyone with demanding jobs that pay well should chuck them in. the country would do just fine then.
( rachelswipe with a fork, Thu 15 May 2014, 16:34, Reply)

Are you not well paid for your demanding job?
You seem to be, maybe if you don't feel you are well paid enough you should work harder, or move to a job that's better paid. That would seem the sensible thing to do, right?
(Bazongaloid, Thu 15 May 2014, 16:38, Reply)

maybe i should shit out 3 crotchfruit and hold out my hand instead?
( rachelswipe with a fork, Thu 15 May 2014, 16:50, Reply)

Do you have any idea how hard it is looking after kids?

(Bazongaloid, Thu 15 May 2014, 16:54, Reply)

imagine if you put in all that effort, all those late nights and missed social occasions and everything
and someone took 60% of your kid's love and thought you should be damn grateful to get the remaining bit. what would you think of that person then, eh?
( rachelswipe with a fork, Thu 15 May 2014, 16:57, Reply)

You think money is equivalent to love? Interesting.

(Bazongaloid, Thu 15 May 2014, 17:03, Reply)

that does not answer the entirely serious question that i posed in any way

( rachelswipe with a fork, Thu 15 May 2014, 17:05, Reply)

I think it says a lot about you that the comparison came so easily to you.

(Bazongaloid, Thu 15 May 2014, 17:08, Reply)

Also, as I'm leaving London in the next couple of months, are you ever going to come for burritos?

(Bazongaloid, Thu 15 May 2014, 17:09, Reply)

YES!!! get it sorted.
clendrix should come too!
( rachelswipe with a fork, Thu 15 May 2014, 17:12, Reply)

and when you build in council tax, VAT, fuel duty, alcohol duty etc etc it probably will be more than 50%

( Naked Ape call me Caitlyn, Thu 15 May 2014, 16:04, Reply)

But why would you do that?
I mean, the only reason to try and tie in a series of totally unrelated issues would be to try and cover up the ridiculous assertion you made with distorted figures right?
(Bazongaloid, Thu 15 May 2014, 16:09, Reply)

more than half as income tax?
Doesn't happen.
(dozers, do fuck off ur a nob m8, Thu 15 May 2014, 16:05, Reply)

What about total deductions?

( Fucking hell Jeff I am not a robot, Thu 15 May 2014, 16:07, Reply)

well of course that can happen, but it's relatively straightforward to plan one's affairs to minimise personal taxes and maximise tax free allowances.
No doubt your IFA can advise you on this for a fee.
(dozers, do fuck off ur a nob m8, Thu 15 May 2014, 16:12, Reply)

typical "red"

( Naked Ape call me Caitlyn, Thu 15 May 2014, 15:56, Reply)

there's an effective 60% rate on earnings between 100k and 120k, due to losing the personal allowance by £1 for every £2 earned over 100k
You can avoid this by making gross pension contributions of the amount in excess of 100k, which will then receive tax relief at 60% while your tax remains at 40% in that portion.

You're welcome.
(dozers, do fuck off ur a nob m8, Thu 15 May 2014, 15:34, Reply)

Yeah, might place you on ignore for an hour or so

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:35, Reply)

you have the power to delete all of this man, and deletion is for winners

( MEATSNAKE Richard Hammond, Thu 15 May 2014, 15:40, Reply)

It's all about the timing though

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:42, Reply)

good, did i see al pipe up a moment ago? it's close....

( MEATSNAKE Richard Hammond, Thu 15 May 2014, 15:42, Reply)

Yeah, he's on my side
I'll wait 'til we've reached maximum NOT UPSET
( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:43, Reply)

I trust your judgement

( MEATSNAKE Richard Hammond, Thu 15 May 2014, 15:44, Reply)

I've actually got loads of work to do somewhere else, but I can't be bothered to get up

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:45, Reply)

I'm going to the pub shortly, but would happily stay to help decimate the majority of this thread,

( MEATSNAKE Richard Hammond, Thu 15 May 2014, 15:47, Reply)

You love a bit of lolitics

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:48, Reply)

I can *feel* the NOT UPSET building!

( MEATSNAKE Richard Hammond, Thu 15 May 2014, 15:50, Reply)

I'm not so sure about it now, Al has just made a really good point.

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:52, Reply)

I don't read his posts

( MEATSNAKE Richard Hammond, Thu 15 May 2014, 15:54, Reply)

Won't she let you?

( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:55, Reply)

i haven't asked.

( MEATSNAKE Richard Hammond, Thu 15 May 2014, 15:56, Reply)

I've been in the pub for nearly 3 hours.

( Fucking hell Jeff I am not a robot, Thu 15 May 2014, 15:48, Reply)

I have a 2nd viewing on my house this evening
then I'm off to the pub
( sporters I’m sincerely gratitude to you, Thu 15 May 2014, 15:50, Reply)

my dad started going on about this
but i can't spend it until i'm about 55 at that rate. fuck that. i want a holiday. i need it, because i work such fucking long hours!
( rachelswipe with a fork, Thu 15 May 2014, 15:36, Reply)

you get preferential treatment
Your contributions attract at least 40% relief but you'll probably become a basic rate taxpayer in retirement. Do the maths, yeah?
(dozers, do fuck off ur a nob m8, Thu 15 May 2014, 15:38, Reply)

Get Frog to knock you up
You'll get a really long holiday then.
( tangledupinblue hairy badge with moving eyes, Thu 15 May 2014, 15:39, Reply)

I read it as "I can't afford a holiday on the other 100 grand I earn, despite having no real outgoings"

( Kroney, Thu 15 May 2014, 15:41, Reply)

how's the job hunt?

( rachelswipe with a fork, Thu 15 May 2014, 15:47, Reply)

You cant spend it at all now though
Its fucking gone
( sporters I’m sincerely gratitude to you, Thu 15 May 2014, 15:43, Reply)

it's gone on yurt roofs :(

( rachelswipe with a fork, Thu 15 May 2014, 15:50, Reply)

You can't handle yurt roof

( sporters I’m sincerely gratitude to you, Thu 15 May 2014, 15:50, Reply)

Really? Nothing for this?
etc.
( sporters I’m sincerely gratitude to you, Thu 15 May 2014, 16:00, Reply)

£9.50 sun holidays.
Sorted.
( Muns, Thu 15 May 2014, 15:48, Reply)

I forgot to buy the Daily Mail for the free Lego
:o(
( sporters I’m sincerely gratitude to you, Thu 15 May 2014, 15:51, Reply)

Twat!

( Muns, Thu 15 May 2014, 15:52, Reply)

INORITE
Spiderman lego
( sporters I’m sincerely gratitude to you, Thu 15 May 2014, 15:52, Reply)

Spidertwat!

( Muns, Thu 15 May 2014, 16:11, Reply)

Does whatever a spidertwat can

( sporters I’m sincerely gratitude to you, Thu 15 May 2014, 16:18, Reply)

i was reading about this the other day, but you siad it better than i ever could you debonair financial copyeriter you

( Naked Ape call me Caitlyn, Thu 15 May 2014, 15:36, Reply)

I, for one, am squeaking contentedly having read this.

( Fucking hell Jeff I am not a robot, Thu 15 May 2014, 15:38, Reply)

hahaha

( sporters I’m sincerely gratitude to you, Thu 15 May 2014, 15:42, Reply)

OfficeGuffaw

(Reverend Fister "a disciplined fuckwit", Thu 15 May 2014, 15:57, Reply)