How much tax

Replies

By kerry.

Re: How much tax
Fri 3 Jul 2009 14:54

Hey EL, now as far as I know the tax code you are given governs what you can earn.
E.G. your tax code is 346 so this should mean that you can earn £3,460 before you have to pay any tax.
If you're getting roughly £110 per week then that would be times 52 (assuming you get paid for holidays)
That comes to £5,770 (if ive added it up right).
£5,770 minus £3,460 = £2,310 so you would pay tax on the £2,310
I'm a bit out of touch with how much the rate is but say it's 20% then you'd have to work out what 20% of £2,310 is.
I work it out roughly at £460.
So then I presume you would divide that £460 over the 52 weeks which would be around £10 pw tax (maybe a bit less)
Sorry I havent got a calculator so I've just done these rough calculations in my head and on paper, they could be wrong.

Now I have a kitchen fitter in and Ive just asked him and he thinks you're allowed to earn £5k before tax nowadays but he's not too sure as he's self employed and it's different.
If that is the case then you'd only pay the 20% odd on the £770. So it'd be even less.
In any case it wont be much at all.

By kerry.

Re: How much tax
Fri 3 Jul 2009 14:56

You need to phone your tax office and your employer should give you their office number for their employment.

By graham

Re: How much tax
Fri 3 Jul 2009 20:42

Starting rate is indeed 20%. You will pay £8.67 a week.

By EL

Re: How much tax
Sun 5 Jul 2009 19:46

Thanx you guys i did speak to my personnel but she didn't have a clue, i did ring the tax office and was kept on hold for ages every time i rang i think it was because they are changing there system so they can't access anyones file, but i only had a question for them which you answered so cheers