Bottom post of the previous page:
That's just the rates for income tax.Takeguru wrote:I looked myself, 20% is roughly what I pay and I feel that's too much
And then you go up a bracket and it's 40%? That's insane, why even work nearly half your work week if you'll never touch it?
The NHS is also funded by a separate 'totally not a tax guys' 'National Insurance Contributions'.
Which are 12% of your weekly income (I can't remember if that's calced pre or post tax) up to about a grand of weekly income, then it's 2% of the remaining weekly earnings.
Our tax system is stupidly complex.
We get a tax free allowance of the first 12k you earn per year
Then from that to 50k it's 20% on your income minus the allowance
After 50k it's 40% on your remaining earnings minus the previous calc - but above 100k you start losing that tax free allowance, at 125k you lose it entirely
Any incoming above 125k gets taxed at 45%
Although we salaries being as shit as there are in the UK, its not like most of us will ever pay the higher rate tax