'Taxman to take almost half a new graduate’s starting salary'

tinkerbell84

What's your interest here, big daddy?

dmg24

tinkerbell84 wrote: »

What's your interest here, big daddy?

A recent grad that can't work out the tax system?

dmg24

Bigdaddy wrote: »

oh please, such a naive comment! Not even going to grace that with an answer.

Please do elaborate, because I can't see anything naive in Onw's answer.

tinkerbell84

dmg24 wrote: »

A recent grad that can't work out the tax system?

Funny how in so few posts he's recommended the services of some company, isn't it.

He's very knowledgeable of tax forms too.

Something tells me there's a spammer in our midst

Oldernotwiser

Bigdaddy wrote: »

oh please, such a naive comment! Not even going to grace that with an answer.

Naive? Moi? You have got to be joking!

Northern_girl_2

Wiggynut wrote: »

The report calculates that a new graduate on an average starting salary of £27,155 would be left with only £13,862.26 a year to spend after student loan repayments, direct and indirect taxation, national insurance, pension contributions and council tax.
http://www.timesonline.co.uk/tol/news/politics/article2767109.ece

:eek:

This is a bizarre article. This is apprently a prediction for 5 years times but is acutally the case now for recent graduates and pretty much everyone.

I graduated 2 years ago and coincidently earn almost exactly the average graduate wage. About 1/3 of this goes at source for income tax, NI and student loan repayments. Factor in council tax, VAT, duty on alcohol and cigarettes and pension payments (not sure why this is included because it doesn't go to the tax man) then 50% of my income easily goes on tax.

Sorry to break it to the OP but it isn't a prediction its already the reality of our tax system.

aqueoushumour01

about 30% of my earnings disappears before it hits my bank account. the rest, vat, petrol and alcohol are expenses and so I think it's a little unfair to include that although it does show just how much goes to the government.

Incidentally, everyone is paying these taxes not just grads. The only difference is the fact that grads pay loan repayments. I guess it's a case of 'welcome to the real world'

Cardelia

tinkerbell84 wrote: »

Guess what. It's super easy to split your tax code if you need to. It's also easy to get HMRC to check whether you have paid too much or too little tax at the end of each tax year.

It's not always "super easy" to get employers to co-operate with your attempts to be put in the correct tax bracket. Particularly if you work for a supermarket whose name begins with S and ends with ainsbury's, who are notoriously unreliable when it comes to such matters.

The_One_Who

If you aren't doing law, investment banking, engineering or a medicine/dentistry/vet degree then you're doing well to start on anything above £22,000. The vast majority don't earn anything like £27,000 as soon as they leave university.

You should do some research and learn how much tax you should be paying, it's easy enough to find out. If you think there is something wrong then chase it up, don't just assume that everything is right. To be honest I'd be perfectly happy living on £14,000 a year, my family (of four) managed.

Gemmzie

The £27k is in five years time for new graduates then not now.