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10p tax change
melie3
Posts: 340 Forumite
in Cutting tax
hi all,
new to this forum, so be nice to me lol
i work part time, and my average salary is 4.5k p/a.
i know from april the 10% tax is being removed and 20% introduced. i just have been thinking if i done some O/T say perhaps a grands worth, and takes me into the tax threshold , is it gonna be worth my while, i mean could i end up being worse off and have to do more O/T to break even. is this tax change going to make part timers worse off, i know that normal earners will be slightly worse off. ive not heard anything about it since annouced last yr
cheers for any advice
kind regards mel
new to this forum, so be nice to me lol
i work part time, and my average salary is 4.5k p/a.
i know from april the 10% tax is being removed and 20% introduced. i just have been thinking if i done some O/T say perhaps a grands worth, and takes me into the tax threshold , is it gonna be worth my while, i mean could i end up being worse off and have to do more O/T to break even. is this tax change going to make part timers worse off, i know that normal earners will be slightly worse off. ive not heard anything about it since annouced last yr
cheers for any advice
kind regards mel
0
Comments
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currently you can earn 5225 per annum before any tax is due.
however we dont yet know the new figure for 2008 so it isn't possible to see the precise effect of cancelling th 10% band0 -
You will be better off even if you are into the tax band as you only pay 20% on the income that is above the personal allowance. Not the whole amount.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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