Do you know your tax burden for the last tax year?

danothy

I suppose I have avoided tobacco duty by not being a smoker ...

racing_blue

"The upper class keeps all of the money and pays none of the taxes. The middle class pays all of the taxes, does all of the work. The poor are there just to scare the **** out of the middle class." – George Carlin

CLAPTON

ukcarper wrote: »

Someone earning £26k on PAYE will lose 20% on income tax and NI.

and of course may gain child allowances, WTC, housing benefit depending upon circumstances

ukcarper

CLAPTON wrote: »

and of course may gain child allowances, WTC, housing benefit depending upon circumstances

And might not and will also pay all other taxes many people on PAYE pay more than 20% of the gross income in tax infact I just get a pension and I do.

Linda_D_2

thequant wrote: »

I've not done my final accounts up yet, although did a summary before the end of the last tax year so I could extract a final dividend.


The final accounts await my accountant using his magic pen in terms of allowable expenses. However since I am taxed at the corporation tax rate, my max liability is 20%.


However after tax efficient wages for me and my spouse and expenses I will be disappointed if the final figure comes above 10%


If anyone is paying over 20% then you are paying too much!

Does your spouse know about Roger the Lodger or is it a case of both of them doing your quant?

Loughton_Monkey

danothy wrote: »

I suppose I have avoided tobacco duty by not being a smoker ...

I have avoided a lot of it by simply buying my cigars at 50% of UK prices on board P&O Ferries whilst in French Jurisdiction. I assume I am, however, paying some towards our French "Friends".

NICHOLAS_2

Haven't worked it out yet and quite frankly i can't be bothered. All i know is business is booming so whatvever i owe it won't be such a stress to pay it.

danothy

NICHOLAS wrote: »

Haven't worked it out yet and quite frankly i can't be bothered.

Thanks, if everyone who wasn't interested in participating announced it that'd make deciding who goes on the ignore list much easier.

thequant

ukcarper wrote: »

Someone earning £26k on PAYE will lose 20% on income tax and NI.

good job I dont earn that much on PAYE, as near minimum wager I am on £10k a year

ukcarper

thequant wrote: »

good job I dont earn that much on PAYE, as near minimum wager I am on £10k a year

That's the trouble its very difficult if not impossible to reduce tax if you are employed on PAYE while it seems very easy for self employed and company directors to do it. One case I know company director earns minimum wage while paying his employees more.