Christmas Bonus (No idea where to post this)

axel132132

Hi,

This is a question about tax on bonus not sure which section i should have posted this as i could not find anything on tax - sorry again

I get a Christmas bonus of 500 dollars... sounds weird but i work for an american company and it comes from the owner of the company i believe.

This works out at roughly £300 when converted.. This is then taxed at 20% so £240 after tax

This is a nice bonus, but as the rest of us I HATE PAYING TAX!!

I only ask because i heard that bonus' are not taxed and this is how business owners get around paying loads of tax. Just a query really if theirs any way of getting out of paying for it ha.

Cheers

Darksparkle

Bonuses are taxed the same way as your salary.

The company doesn't pay tax on it, you do and the company pays it over on your behalf.

axel132132

Another way governments cons us out of all our hard earned cash lol!

ViolaLass

How is it a con? You earn, you pay. You could always ask not to be paid a bonus.

CLAPTON

axel132132 wrote: »

Another way governments cons us out of all our hard earned cash lol!

lets say some-one earns 20,000 per annum
and a second person earns 1,000 plus a 19,000 bonus

do you think both should pay the same NI and tax as each other or that one should pay more than the other?

Wayne_O_Mac

axel132132 wrote: »

I HATE PAYING TAX!!

Do you hate public services too?

redpete

axel132132 wrote: »

This is a nice bonus, but as the rest of us I HATE PAYING TAX!!

Some of us consider paying (some) tax as a necessary cost of living somewhere that public services are provided free at the point of delivery.

booksurr

axel132132 wrote: »

This is a nice bonus, but as the rest of us I HATE PAYING TAX!!

move to America then and hope you never need a public funded service or heaven forbid health care not paid for by your employer - who as a result pays you less money because that is a tax in disguise, the difference is it also lines the pockets of health care shareholders

agrinnall

You work for an American company, ask to be transferred to work there. You probably will pay less tax, but we'll be interested to get your view on having to pay for all those things that your taxes pay for here.

worried_jim

axel132132 wrote: »

Another way governments cons us out of all our hard earned cash lol!

You are not too bright are you?

kidmugsy

axel132132 wrote: »

This works out at roughly £300 when converted.. This is then taxed at 20% so £240 after tax

This is a nice bonus, but as the rest of us I HATE PAYING TAX!!

Contribute the £240 to a personal pension and your problem is solved.