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

Wiggynut

Bigdaddy wrote: »

A bit for student bashing going here, which is uncalled for...these guys are NEW to the tax system and have had no reason or requirement to learn any of this before. The tax system id far from perfect and if in doubt ask. Presumably that is what the HMRC helpline is for!

Not many people and seasoned taxpayers know how the tax system works and I know plenty of directors who would not be able to calculate their own tax code!, not to mention junior staff at HMRC!!!!!!!

It's all too easy to throw mud at students.

thanks for that... it's weird how people assume I'm a little 18 year who has never worked... I'm 36 and paid for myself since I was 15!

I think the Times were exagerating... no one pays 50% in this country sod the student element!

I've been freelance before and the tax office messed up a lot.. very confusing! took 3 years for them to give me my money back... so I'm sure the tax system is confusing for most people (possibly exception for accountants )

JimmyTheWig

Wiggynut wrote: »

the times was talking about 50% tax only... they are not including student loan, council tax etc!

people pay 22% tax on their wages (higher for a 2nd job) even emergency tax isn't 50%!
I certainly havn't paid 50% tax for the last 22 years!

That's the whole point. They _are_ including these other taxes...

Wiggynut

Northern_girl wrote: »

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.

I think I just read it wrong... I mean it's not like anyone expects to receive wages and not pay any bills!
I did also think it was fact now... not a future prediction - I would have expected more from the Times.

Wiggynut

JimmyTheWig wrote: »

That's the whole point. They _are_ including these other taxes...

but most of people's wages tend to go on this sort of thing anyway... it's daft how they wrote this up!
paying the bills I do now would be a lot easier if I was actually on £27k!
I took the 'tax' part of this article too literal. :rolleyes: