income less than outgoings

AimeesMum_2

I understand perfectly well...£15,000 for 3 years is £45,000. I have been on £28,000 for 3 years paying roughly £3.5k per year tax so that's £11k back, then roughly £5.8k a year at least (don't expect to not be promoted in the next 40-45 years) is £232k in tax!!! And that's not including an national insurance or my wages going into the British economy or the fact that I employed someone full time for a period of 7 years who also pays into the tax system.

somethingcorporate

AimeesMum wrote: »

I understand perfectly well...£15,000 for 3 years is £45,000. I have been on £28,000 for 3 years paying roughly £3.5k per year tax so that's £11k back, then roughly £5.8k a year at least (don't expect to not be promoted in the next 40-45 years) is £232k in tax!!! And that's not including an national insurance or my wages going into the British economy or the fact that I employed someone full time for a period of 7 years who also pays into the tax system.

£45,000 * 10 (tenfold as per your original claim) = £450,000 so your £232k is not even close to your original estimation.

My £15k is a very conservative estimation too.

Plus you'll still be getting CB for quite a chunk of that time, so you can reduce your annual tax contribution by £1.8k at least per year.

So, overall I'm not convinced you would be a net contributor and certainly nowhere near the magnitude you seem to think you will be.

lighting_up_the_chalice

somethingcorporate wrote: »

£45,000 * 10 (tenfold as per your original claim) = £450,000 so your £232k is not even close to your original estimation.

My £15k is a very conservative estimation too.

Plus you'll still be getting CB for quite a chunk of that time, so you can reduce your annual tax contribution by £1.8k at least per year.

So, overall I'm not convinced you would be a net contributor and certainly nowhere near the magnitude you seem to think you will be.

You're making the schoolboy error of only factoring in income tax. Surprising, given your screen name.