Tesco employee save as you earn.

minidannii

LongTermLurker wrote: »

Do you save £20 from your pre-tax salary? If so, as a basic rate tax payer each £20 would be equivalent to £16 if you had drawn it and put it in your pocket - thus 60 months would only "cost" you £960 - then you get the option of cheap shares as well??

I don't know if SAYE does come from gross salary, but other share save schemes do.

save as you earn is non taxed

LongTermLurker

Dr_Funkenstein wrote: »

i want to work for tesco

how do you get into it? can you help me please? :A

Apply for a job??
Do well at the interview??

LongTermLurker

minidannii wrote: »

save as you earn is non taxed

You mean contributions aren't from taxable income, or that the bonus at the end isn't taxed? The former matches my suspicions, which explains why the OP thought it wasn't such a good deal when it would actually be a great deal, even ignoring any gains from shares.

minidannii

LongTermLurker wrote: »

You mean contributions aren't from taxable income, or that the bonus at the end isn't taxed? The former matches my suspicions, which explains why the OP thought it wasn't such a good deal when it would actually be a great deal, even ignoring any gains from shares.

well it doesn't show as taxed on my wage, they will be taxed if you take them out early, i have my free shares which you get a year after you start £400 i can take out now, but they will be taxed but if i wait till 2011 they will be tax free

am trying to save money to move out, so am not in desperate need of the money, so i would rather wait till they are tax free

opinions4u

LongTermLurker wrote: »

You mean contributions aren't from taxable income, or that the bonus at the end isn't taxed? The former matches my suspicions, which explains why the OP thought it wasn't such a good deal when it would actually be a great deal, even ignoring any gains from shares.

The contribution is paid from income after tax has been deducted (unlike pensions).

The bonus (or interest) paid on the scheme is tax free.

Any gains from shares are subject to CGT (although most individuals will find that their annual allowance will more than cover this).

LongTermLurker

opinions4u wrote: »

The contribution is paid from income after tax has been deducted (unlike pensions).

The bonus (or interest) paid on the scheme is tax free.

Any gains from shares are subject to CGT (although most individuals will find that their annual allowance will more than cover this).

Thanks, not so good as the sharesave my company's running then. However, mididannii's description suggests they are taken from gross income and the description of how you can take a taxed gain early, or a tax-free gain on maturity, matches our scheme.

well it doesn't show as taxed on my wage, they will be taxed if you take them out early, i have my free shares which you get a year after you start £400 i can take out now, but they will be taxed but if i wait till 2011 they will be tax free

LongTermLurker

Dr_Funkenstein wrote: »

how do you apply for jobs? ive never had a job so i never learnt this. ive never needed to because i made my own money but now there is less opportunity for me to so, i may start conventional work

I'll give you the benefit of the doubt - go see the Jobcentre people to start with.

financial_illiterate

I think some of you are talking at cross purposes.

I'm aware of two schemes: sharesave, which comes out of you net pay and the bonus isn't taxed at the end of the term, and sharebuild, which comes out of gross pay, and you're taxed if you sell your shares too early.

Sounds like the Tesco one might be the latter?

LongTermLurker

I think the names you use are marketing names, certainly I've never heard of sharebuild. A quick google lists the Halifax Sharebuilder, but nothing else useful. On the other hand, "sharesave" seems a more generic term and documented by HMRC. Saying that, "sharesave" is another term for Save As You Earn. It's not simple, is it?

Your second description matches what I understood though.

Metranil_Vavin

Troll-tastic