Tax.. and stuff

Hey Peoples.

Ok quick question..
I get paid a certain wage every month - which i get taxed the same, every month.
however as its christmas - i get a bonus - so i get paid more - for this month - which means my tax increased for this month.

am i entitled to claim this tax back? as this isnt my usual wage, or are they allowed to take most of my bonus money which i worked damn hard for?!

16 Comments

They can tax it...

all taxable

are you claiming for everything your entitled to?

even if you work for tesco etc - you can claim for washing said ''uniform''

ok not much but better in your pocket than theirs

Banned

of course its taxable lol

otherwise we would all get our employers to pay us £1 per month with the rest as a 'bonus' oO
Edited by: "csiman" 2nd Dec 2010

Yup, even Bankers get taxed on their huge bonus's.:(

...X)

You'll get taxed as if you were earning that rate for the rest of the year, so you might have lost most of it but you'll pay less tax in the coming months as you've effectively overpaid this month.

You'll only lose 20% of it assuming that's your tax rate (in the end).

Banned

Benjimoron

You'll get taxed as if you were earning that rate for the rest of the … You'll get taxed as if you were earning that rate for the rest of the year, so you might have lost most of it but you'll pay less tax in the coming months as you've effectively overpaid this month.You'll only lose 20% of it assuming that's your tax rate (in the end).


nah thats all wrong. tax will be 20% and it wont impact future earnings at all unless their total earnings for the year falls below the minimum tax threashold.

also NI will be charged on it too (about 12%)

i get mine friday most of it gone on tax !

csiman

nah thats all wrong. tax will be 20% and it wont impact future earnings … nah thats all wrong. tax will be 20% and it wont impact future earnings at all unless their total earnings for the year falls below the minimum tax threashold.also NI will be charged on it too (about 12%)



So if you got paid £1000 in April, then £100 each month after that. How much would you get taxed in each month and in total?

My understanding is that you'll get taxed at first then get a rebate as you go on in the year.

csiman

nah thats all wrong. tax will be 20% and it wont impact future earnings … nah thats all wrong. tax will be 20% and it wont impact future earnings at all unless their total earnings for the year falls below the minimum tax threashold.also NI will be charged on it too (about 12%)



forums.moneysavingexpert.com/sho…t=8

This is what I was saying, basically get taxed higher at the time but lower afterwards.

From his table:

Pay Tax in month
1 400.02
2 1999.65
3 199.63
4 199.63
5 200.35
6 399.82
Edited by: "Benjimoron" 3rd Dec 2010

Banned

Benjimoron

http://forums.moneysavingexpert.com/showpost.php?p=11344389&postcount=8This is what I was saying, basically get taxed higher at the time but lower afterwards.From his table:Pay Tax in month1 400.022 1999.653 199.634 199.635 200.356 399.82


Benjimoron

http://forums.moneysavingexpert.com/showpost.php?p=11344389&postcount=8This is what I was saying, basically get taxed higher at the time but lower afterwards.From his table:Pay Tax in month1 400.022 1999.653 199.634 199.635 200.356 399.82


true for a higher rate tax payer. Somehow I dont think the OP is

csiman

true for a higher rate tax payer. Somehow I dont think the OP is



"take most of my bonus money"

Well then it wouldn't be most of the bonus money gone, it would be 20%. This applied to all the people I used to manage a few years back and they certainly won't higher rate tax payers!

Banned

Benjimoron

"take most of my bonus money"Well then it wouldn't be most of the bonus … "take most of my bonus money"Well then it wouldn't be most of the bonus money gone, it would be 20%. This applied to all the people I used to manage a few years back and they certainly won't higher rate tax payers!


I think the OP was wildly exaggerating. It would be 32/33% BTW

anyway, whos your energy supplier now. My EON fix just eneded and they sent me a lovely letter telling me how they have switched me to their top rate standard price only for me to find out they have another product 10% cheaper lol

ended up switching to EDF as price is 10% lower, £100 signup bonus and £80 topcashback. Worth a look m8. And rates are guaranteed until end of march.

Gone for Scottish Power, nothing special, just change every so often to the cheapest on uswitch.

Banned

Benjimoron

Gone for Scottish Power, nothing special, just change every so often to … Gone for Scottish Power, nothing special, just change every so often to the cheapest on uswitch.


but all the ones I see say 12 month contracts.

scottish power just put their prices up btw

Banned

X) @ this thread.

"Can I pay less tax please?"

X)
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