tintory@lemm.ee to World News@lemmy.worldEnglish · 8 months agoRishi Sunak considers tax cut for top earners after byelection defeatswww.theguardian.comexternal-linkmessage-square42fedilinkarrow-up1164arrow-down16cross-posted to: world@lemmy.worldallagainstausterity@lemm.eeworldnews@lemmy.mlunitedkingdom@feddit.uk
arrow-up1158arrow-down1external-linkRishi Sunak considers tax cut for top earners after byelection defeatswww.theguardian.comtintory@lemm.ee to World News@lemmy.worldEnglish · 8 months agomessage-square42fedilinkcross-posted to: world@lemmy.worldallagainstausterity@lemm.eeworldnews@lemmy.mlunitedkingdom@feddit.uk
minus-squarekilleronthecorner@lemmy.worldlinkfedilinkEnglisharrow-up1·8 months agoDepends how you look at it. You lose £1 of PA for every £2 earned over £100k, which is an effective 50% tax rate. Plus it adds the irritation of having to file a tax return even though you’re on PAYE
minus-squarelennier@kbin.sociallinkfedilinkarrow-up2·8 months agoYou also lose £2k worth of tax free childcare instantly as soon as you earn £100k, a rare instance of it actually being possible to earn less money by getting a payrise
minus-squarekilleronthecorner@lemmy.worldlinkfedilinkEnglisharrow-up2·8 months agoIt’s worth fiddling with your pension contributions to avoid that. Also I’m not sure how the new childcare policy factors into it. I really need to look into it.
minus-squarePerson264@lemmings.worldlinkfedilinkEnglisharrow-up1·8 months agoYeah it’s not quite as simple as I put in my comment
Depends how you look at it. You lose £1 of PA for every £2 earned over £100k, which is an effective 50% tax rate.
Plus it adds the irritation of having to file a tax return even though you’re on PAYE
You also lose £2k worth of tax free childcare instantly as soon as you earn £100k, a rare instance of it actually being possible to earn less money by getting a payrise
It’s worth fiddling with your pension contributions to avoid that.
Also I’m not sure how the new childcare policy factors into it. I really need to look into it.
Yeah it’s not quite as simple as I put in my comment