Alex C. Posted January 31, 2011 Share Posted January 31, 2011 Yes you will although not as much as him. Buying in at £10 (£12 - vat) and selling at £11.67 + VAT is £14 on the ticket price. That's still a profit of £1.67 as opposed to the smaller guys admitted profit of £2. My mistake I think vinyl shows it better when you start taking labour costs into account Link to comment Share on other sites More sharing options...
Sausage Dog Posted January 31, 2011 Share Posted January 31, 2011 This seems really unfair.People would be better off on benefits at this rate,I am so glad that I am emigrating at the end of the year. You clearly don't know much about the benefits system. We've already strated the whip round:hihi: Link to comment Share on other sites More sharing options...
Sausage Dog Posted January 31, 2011 Share Posted January 31, 2011 auto98uk, Alex C & truman - I thank you for the education and stand corrected. I've applied for a few jobs around the £40k mark lately so that is a bit of a relief! Last time we listen to any of your posts about the state of the economy Link to comment Share on other sites More sharing options...
mj.scuba Posted January 31, 2011 Author Share Posted January 31, 2011 Last time we listen to any of your posts about the state of the economy Lol, I'll still be sticking my two penneth in, you don't have to read it though, stick me on your ignore list. Link to comment Share on other sites More sharing options...
vinyl Posted January 31, 2011 Share Posted January 31, 2011 Last time we listen to any of your posts about the state of the economy At least scuba is big enough to admit when he's got something wrong. That's what discussions are for. Link to comment Share on other sites More sharing options...
chem1st Posted January 31, 2011 Share Posted January 31, 2011 That 50% tax isn't any higher than the 40% tax. Because NI falls from 11>1 (soon to be 12>2) Either way 52% effective tax rate. Link to comment Share on other sites More sharing options...
Bassman62 Posted January 31, 2011 Share Posted January 31, 2011 Imagine when we used to have supertax at 90+% .And single people were taxed more than married people. Link to comment Share on other sites More sharing options...
Obelix Posted February 1, 2011 Share Posted February 1, 2011 That 50% tax isn't any higher than the 40% tax. Because NI falls from 11>1 (soon to be 12>2) Either way 52% effective tax rate. Yes it is. The upper earnings limit for NI is about £820 a week, so about £43,000 after that limit you pay NI at only 1% Your marginal tax rates are roughly for a person claiming full tax free allowance. First £6475 is tax free About 33% up to 43k a year. (22% income tax and 11% NI) From £43k onwards 41% (40% income tax and 1% NI) up to 100k At 100k, the tax free allowance is withdrawn at a rate of £1 for every £2 earned, so from £100k to £113k you face a tax rate of 61% made of the 40% rate and withdrawal of allowances From there to £150k it's back to 41% From there upwards it's 51%. However there are also penalties for those stuffing more than 20k a year into a pension that means they lose tax relief on that and get double taxed on your pension so the effective rate is even higher than that. Link to comment Share on other sites More sharing options...
wednesday1 Posted February 1, 2011 Share Posted February 1, 2011 Maths clearly isn't your subject. No wonder he's a Tory! Link to comment Share on other sites More sharing options...
Dress4Less Posted February 1, 2011 Share Posted February 1, 2011 You only pay the 40% tax on earnings over the upper limit,you also add your tax allowance to the limit before you start paying. Link to comment Share on other sites More sharing options...
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