How much can you earn before...

goRt

Sisyphean_Task wrote: »

Would it make you feel better if higher NI only applied to the £150k tax threshold?

Thanks for the clarification.
Would I feel better - not really, if the principle is sound (falt rate tax), then why pick a 'high' number to then change tack.

My view is - a single form of taxation (VAT) which we can all avoid (by not buying 'things'), that reduces all of the overheads in tax collection meaning the total tax take will be less. Nice and simple and we all stop wasting time trying to find errors in the tax system.
I realsise there'll be problems if this is only enacted in the UK, but our aim should be to reduce the people we all have to carry through the tax burden

tobrien

Don't forget - 60 year old retired women lose the £6475 personal allowance - it drops to £1090 and affects your personal pension @20% if you should have one.

Sylvan

tobrien wrote: »

Don't forget - 60 year old retired women lose the £6475 personal allowance - it drops to £1090 and affects your personal pension @20% if you should have one.

So from a married couple's combined tax allowances totalling £12950 (at age 64) they drop to £10580 when she hits 65?
That doesn't seem fair.

richxantos

How about this one.....

Student Loan: guaranteed £3,563 (to be paid back when earning £15k+);
Plus £1,863 on a sliding scale depending on parental income;
Less than £50,778 - all the £1,863;
More than £60,478 - none of the £1,863.

Maintenance Grant: £2,906 (doesn't have to be paid back);
Sliding scale:
Parental income less than £25,000 - all the £2,906;
Parental income over £50,020 - none of the £2,906.

My eldest offspring went to university in 2002. In theory, the middle one will cease being a student in 2010 and the youngest will graduate in 2012. We will have had 13 post A Level 'student-years' in the family and, so far, have managed to avoid bankruptcy or being taken away by men in white coats, just!

Welshwoofs

Mr_MTM wrote: »

To get a clearer picture of what the typical man or woman in the street earns you need the median, or most common, salary. No idea what this is but it will be several thousand pounds lower than the 'average.

According to National Statistics Online:

The results of the 2008 ASHE show that median weekly pay for full-time employees in the UK grew by 4.6 per cent in the year to April 2008 to reach £479.

So that makes the median annual salary £24,908

Primrose

It would help if you included in the table, the figure incorporating personal allowances for the Over 65's too. There's a lot of them about !

KeithPD

£25,800 approx... AVERAGE UK SALARY
Please please can we really stop banging this out as the UK average...
My wife earns £13,000 a year before tax..... myself about 10,000 and the "average" wage around here is about £13,000 apart from local council jobs.... where they can start at £20,000!!!

mrsshopaholic

mrsshopaholic wrote: »

According to your list my Husband should not be paying any tax, he earns £5959 a year and is under 65 years of age but every week he is paying tax!!! Anyone tell me how I can sort this out??

Well I've just been onto the tax office and his tax code is wrong. they've now corrected and we will get a refund.
Not much but better in our pockets than theirs!!:T

Terry_D

mrsshopaholic wrote: »

Well I've just been onto the tax office and his tax code is wrong. they've now corrected and we will get a refund.
Not much but better in our pockets than theirs!!:T

Well done Mrs Shopaholic - more to spend on shopping now!

scrattox

KeithPD wrote: »

£25,800 approx... AVERAGE UK SALARY
Please please can we really stop banging this out as the UK average...
My wife earns £13,000 a year before tax..... myself about 10,000 and the "average" wage around here is about £13,000 apart from local council jobs.... where they can start at £20,000!!!

Well, sorry but, look, if, as has been quoted on here the median salary is around £25k, then that means that if you took all the salaries in the country, sorted them in numerical order and took the middle one, it would be £25k.
So if your wife and yourself earn £13,000 and £10,000 then you're below average earners. Simple statistics I'm afraid. Whether you think you are Mr. Average or not, if you earn £10,000, you're not!

The median is a pretty sensible average for this kind of figure. The "mean" (add up all the salaries and divide by the number of earners) is less reliable because a small number of very large earners can skew the figure, but the median is just the salary of the "middle" earner. If you earn less than this, then more then half of the population (of wage earners) earn more than you. If you earn more than this, then more than half of the population earn less than you.

Why would you think someone would want to put out a misleading "average" ?