I quit my well paid job over this... I own property too so they added gross rents to my salary to determine the tax rate. So I had to put loads into a SIPP or get hit with 60% tax PLUS 13.5% NI (73.5%) Russia tax 13% I'm leaving the UK and will never pay taxes here again. I've had a chilled 7 months of not working and I'm going to work in Asia around December. I cannot do even a shelf stacking job as I'd be taxed 40% due to owning property and it would cost me 57k to put those in an LTD. So not worth it. Easier to leave the UK
Great Video!! I’m in this situation and my base salary is 125k, paying in to pensions is the answer like you suggest. They changed my tax code to 3750L or something like that after the last self assessment
To pay 60k per year you need to go from 110k to 50k. So you also save 40% tax. This is the best way provided you can live on 50k salary but your pension will thank you
Ireland is even worse as if you have a couple that both work and one gets ill or disabled then the one that can't work gets No working tax credit, and if they get a taxable benefit then the basic tax credit and the High rate cut off point drops by the amount on working tax credit so if the working partner pays higher rate tax it is in effect charged twice on the benefit payment that is 40% plus 40% =80% tax. Plus PRSI plus Universal Social Charge.
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Uk tax rate for basic paye is 40% already! 20% direct and 20% stealth, called VAT.
Add things like fuel duty if you own a car hikes it up even more. Even the unemployed pay tax if we were to include Vat. Ridiculous
I quit my well paid job over this... I own property too so they added gross rents to my salary to determine the tax rate. So I had to put loads into a SIPP or get hit with 60% tax PLUS 13.5% NI (73.5%)
Russia tax 13%
I'm leaving the UK and will never pay taxes here again. I've had a chilled 7 months of not working and I'm going to work in Asia around December.
I cannot do even a shelf stacking job as I'd be taxed 40% due to owning property and it would cost me 57k to put those in an LTD. So not worth it.
Easier to leave the UK
So important to utilise pension contributions. Especially earning over £100k.
@@dominic8218 especially when you are before retirement and you throw all your money in pension
Cheers Ian, useful information 👍
Great Video!! I’m in this situation and my base salary is 125k, paying in to pensions is the answer like you suggest. They changed my tax code to 3750L or something like that after the last self assessment
To pay 60k per year you need to go from 110k to 50k. So you also save 40% tax. This is the best way provided you can live on 50k salary but your pension will thank you
Ireland is even worse as if you have a couple that both work and one gets ill or disabled then the one that can't work gets No working tax credit, and if they get a taxable benefit then the basic tax credit and the High rate cut off point drops by the amount on working tax credit so if the working partner pays higher rate tax it is in effect charged twice on the benefit payment that is 40% plus 40% =80% tax. Plus PRSI plus Universal Social Charge.
Don't forget we must also have the royal family pays 60% tax , otherwise its unfair to the people in the country.
Uk business owners need to start refusing to pay vat and tax .this will make the government think about spending money on refugees
Once all this currency has been poured into pension funds they will then nationalise the lot
Just think that 60% of your working life going in tax, shocking.
Earn a little more, and it jumps to 67.5%, right Ian?
No
@IanShadrackInvesting , yes, you're right! I was not taking the deducted personal allowance into the equation. Thanks for the quick reply!