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

TheBlueHorse

i don't think there is any "moral" duty to pay any tax. It is your duty to reduce your burden as much as humanly possible within the confines of the law. If you don't - your cash will just be guzzled and smoked by some workshy chav in a football top from Sports Direct.

danothy

I'm very curious to hear from someone who has a significantly larger percentage of their income go on alcohol duty than me ... or a large chunk on tobacco duty?

BobQ

danothy wrote: »

Is that a yes or a no?

The answer to your question "Do you know your tax burden" is Yes I do.

Whether you are paying too much or to little depends on whether you are PAYE or not. If you are self employed you are paying too much.

danothy

BobQ wrote: »

The answer to your question "Do you know your tax burden"

The answer to the question:

danothy wrote: »

Are you assuming I have avoided paying some tax?

HAMISH_MCTAVISH

danothy wrote: »

I'm very curious to hear from someone who has a significantly larger percentage of their income go on alcohol duty than me ... or a large chunk on tobacco duty?

That'd be me then.

Is there some kind of online calculator I can use to figure this out?

Or am I supposed to put in some actual work....

BobQ

danothy wrote: »

The answer to the question:

Not at all I was simply asking my own question in order to address your original question. There are many different ways you can end up with 29% income tax being paid.

Cyberman60

As 'Tax Freedom Day' is around the beginning of June, you must be on a low salary. Most people hand over just under 50% in tax which also includes VAT, NI, Council Tax, Road Tax etc. :mad:

danothy

HAMISH_MCTAVISH wrote: »

That'd be me then.

Is there some kind of online calculator I can use to figure this out?

Or am I supposed to put in some actual work....

Well I actually recorded all the tax I paid as I paid it this tax year, so you might have to do some actual number crunching.

danothy

BobQ wrote: »

There are many different ways you can end up with 29% income tax being paid.

I haven't paid 29.2% income tax. 29.2% of my income has gone to various taxes, both direct and indirect.

pathtofreedom

How are you tracking this exactly? I use ynab but having to break things down into categories to show vat for clothes or food or lady items, as well as car costs, council tax etc etc all that before I guess the simple ones then of income tax and NI to do that to be 100% accurate must be a mammoth amount of overhead.

For things like gas, electric or different insurances how do you work it out for those, as it wouldn't just be vat I think some might have other taxes rolled in.

I'm not asking to troll I'm just genuinely interested how you worked it out and what was included in the calculations. I guess if you buy a house and pay stamp duty, or have any capital gains in a year that is going to make quite a difference too.