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overtime question


leemond2008
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It depends entirely on your salary. Everybody has a different tax code, but very broadly speaking in the UK you will pay 20% on anything you earn between 8k and 43k (8k personal tax free allowence + the 34.5 K base rate bracket) and then you will pay 40% on anything you earn above £43k until you hit the 50% threshold, which you will pay on anything you earn above £150k a year.

What you could do is set yourself up as a limited company in the Cayman islands and sell yourself, or at least the UK part of yourself, a pencil. Then declare that you paid £400,000,000 for the pencil and you probably wont have to pay any tax at all. (well, it worked for Starbucks didnt it?)

 

Fancy a job?

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Working time directive covers hours worked, 11 between shifts, and a rest period between em.

With experience though I have found passive resistance is always best, ie don't so no, just say nothing and don't do it or give a reason why you can't

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It always amuses me when people say they don't want to earn more because they'd pay more tax. I can fix it so you don't pay any tax, don't earn over £10k. I'd rather pay a million in tax though.

 

People often think overtime is taxed at a higher rate than regular pay. If they earn 20k, the first 10k is tax free, then 20% on the rest, making £2k of tax. That looks like the overall rate is 10%. Any more you earn is taxed at 20%, so it look like its double taxed. I think this will be what's behind the story OP has heard.

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It always amuses me when people say they don't want to earn more because they'd pay more tax. I can fix it so you don't pay any tax, don't earn over £10k. I'd rather pay a million in tax though.

 

People often think overtime is taxed at a higher rate than regular pay. If they earn 20k, the first 10k is tax free, then 20% on the rest, making £2k of tax. That looks like the overall rate is 10%. Any more you earn is taxed at 20%, so it look like its double taxed. I think this will be what's behind the story OP has heard.

 

40% tax is waiting to kick your arse at about 40k.......

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