Might be 75k basic, 44K after tax?
£75k is £37k after tax...
£75k is £37k after tax...
£75k is £37k after tax...
He made a rookie mistake and just halfed it......lolz
He is right....my apologies...for some reason I lived in the real world for aminute and forgot its 75k per week!Kendall is right no? Higher band tax in England is 50%
If you think someone who gets paid £3.9m per year will be bound by regular PAYE income tax rates then you are sadly misguided. Most people who earn that amount in 10 years would still employ a tax consultant to bring that bill right down.
But to the letter of the law, with no other factors considered, his tax would leave him with only half his wages.
What do you need to earn above to be obliged to pay 50% on your income?
No, it's legal. Everyone has to pay their taxes but you can be more efficient in the amount that you pay.
To the letter of the law, tax avoidance IS illegal and has heavy consequences. Tax efficiency is perfectly legal.
What do you need to earn above to be obliged to pay 50% on your income?
150k per annum
So how do you be more efficient? Examples?
I can't believe I was getting hammered for my tax calcs there :lol: I even double checked it to make sure.
Racky. Personal allowance is £6,475 where you pay no tax. You pay 20% on earnings between the personal allowance and £37,400. Then 40% on £37,401-£150,000... the 50% on any excess.
What do you need to earn above to be obliged to pay 50% on your income?