The "quirk of £100k-£123k Threshold"

badmemory

Logical indeed! I have yet to hear an explanation of how you can be an actual person & not have a personal allowance. So anyone who earns over £100k is an entity not a person, actually that may well be logical (or not depending on how much you like sci fi).

[Deleted User]

badmemory wrote: »

Logical indeed! I have yet to hear an explanation of how you can be an actual person & not have a personal allowance. So anyone who earns over £100k is an entity not a person, actually that may well be logical (or not depending on how much you like sci fi).

I must correct you. You only gradually lose your status as a real person if you earn over £100k. At £111.5k you are exactly half a person and full entity status is not reached until £123k.

badmemory

[Deleted User] wrote:

I must correct you. You only gradually lose your status as a real person if you earn over £100k. At £111.5k you are exactly half a person and full entity status is not reached until £123k.

I stand corrected!

As an aside - whilst purdyoaten may have lost his password, badmemory actually lost her username, so this one is really appropriate, and still uses the same password.

Tiptop79

badmemory wrote: »

Well this may not seem like particularly good news, but with a K code they cannot take more than half your income. Have you received a breakdown on how the K code is calculated? Is it actually correct? Don't assume it is. Always, if they give you figures rather than the other way round, assume that their figures are incorrect & then prove to yourself how they are incorrect.

Thank you - I never received a breakdown, I just saw it on my wage slip this month after I checked my bank balance and thought my wages hadn't been paid in.

After I looked at my wage slip on line and saw how much tax they had taken, I calmed myself down before calling them as I was ready to burst into tears. The lady was helpful and said she could move some to next year, so I'd pay less tax next month and the month after (can't believe they can just grab it from you without any prior warning - and then not pay it back when you explain to them it has left you out of pocket)

Will see what the impact of my tax code is with Feb wages as I move all my salary into my pension. Wanted to use my bonus to pay off a huge chunk on my credit cards, but after finding this out I wouldn't see much of it after tax anyway, so at least if it goes in my pension pot, I will get it someday.

Single mom just trying to do my best for my 9-year-old while continuously feeling guilty about working full time, makes me question if it's even worth it!