Roger Mexico Posted February 20 Share Posted February 20 It's a classic piece of dishonesty isn't it. To call something the 'Standard' rate when it's only paid on a small part of the total income and 'Higher' rate when it's what most people pay on most of their income. Of course what it also disguises is that there's no real extra rate for higher earners. 4 Quote Link to comment Share on other sites More sharing options...
WTF Posted February 20 Share Posted February 20 we'd have been better off if Jessop had done the budget. 8 Quote Link to comment Share on other sites More sharing options...
thommo2010 Posted February 20 Share Posted February 20 Do people really have their head in the sand? It was known during the covid period it would take years to pay back the money paid to everyone to sit at home. It will only get worse unfortunately Quote Link to comment Share on other sites More sharing options...
Two-lane Posted February 20 Share Posted February 20 6 minutes ago, Roger Mexico said: there's no real extra rate for higher earners. That is where the tax cap comes in. Maybe you could make a FoI request for the total income of the tax cap people and the total tax they pay. No doubt some people think I should be grateful for the opportunity to pay a higher rate of tax than wealthy people - without whom I would be living in a cave.. Quote Link to comment Share on other sites More sharing options...
Hairy Poppins Posted February 20 Share Posted February 20 22 minutes ago, John Wright said: I only work part time. I’m under VAT threshold. I receive state pension and DLA/mobility. i no longer pay NI as I’m above state pension age. Of course I’ll resent paying more tax, and it will hurt. Im trying to look at what is being done to assist the weaker members of society. I think it’s pretty good. Fair enough. That's one interpretation. Quote Link to comment Share on other sites More sharing options...
asitis Posted February 20 Share Posted February 20 6 minutes ago, thommo2010 said: Do people really have their head in the sand? It was known during the covid period it would take years to pay back the money paid to everyone to sit at home. It will only get worse unfortunately Agreed but 30 years of profligacy and mismanagement haven't helped ! Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted February 20 Share Posted February 20 10 minutes ago, thommo2010 said: Do people really have their head in the sand? It was known during the covid period it would take years to pay back the money paid to everyone to sit at home. It will only get worse unfortunately There's a lot more to our situation than covid although it was always going to be a major factor. Fortunately covid itself has passed for the most part, the other factors will be with us for many years yet and may be still being created. 2 Quote Link to comment Share on other sites More sharing options...
Major Rushen Posted February 20 Share Posted February 20 This administration could not run a bath and they will get shock at the next election. Reactive government departments over budget. Where is the accountability to the public? Bye Alf you had a chance and blew it. 3 Quote Link to comment Share on other sites More sharing options...
finlo Posted February 20 Share Posted February 20 25 minutes ago, thommo2010 said: Do people really have their head in the sand? It was known during the covid period it would take years to pay back the money paid to everyone to sit at home. It will only get worse unfortunately They have no intention of paying back any of the money they stole from the Ni fund. 1 Quote Link to comment Share on other sites More sharing options...
Spyk3r Posted February 20 Share Posted February 20 2 hours ago, Ramon Eelman said: Hi thank you so much for taking a look, I'm still a bit confused though. The first £6396 you refer to is the £533/month lower earnings limit (LEL) I think?. On the https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/national-insurance-contributions/rates-and-thresholds/ it states that Employee's primary rate of NI (11%) is between the primary threshold and UEL. The primary threshold is £694 monthly or £8328 yearly. We apply the 11% between the primary threshold and the UEL. We also apply 1% above the upper earnings limit of £4,065 monthly (£48780) yearly. For an income of 45,000£ it would be: £45000 - £8328 = £36672 £36672 * 0.11 = 4034 I find national insurance classes to be pretty confusing. Where do you start paying national insurance as an employee? is it the LEL or the primary threshold? I've tried to validate our numbers by matching: https://www.locate.im/relocating/world/tax-and-ni/income-tax almost exactly in 23/24 (except for 1 pound rounding differences). "So if you do a calculation on your total for a Salary of £45,000 the correct taxation is £8,704.02 and NI is £755.21 making the total £9,459.23." So what we have for 23/24 is: £45 000 - £14500 = £30500 left £6500 * 0.1 = £650 tax £30500 - £6500 = £24000 left £24000 * 0.20 (23/24) = £4800 tax £4800 + £650 = £5450. This number also appears on the locate.im site. For 24/25 it would be £24000 * 0.22 + £650 and the total would be: £5930 Could you show me where I'm going wrong here? Apologies Ramon, I had it wrong - your calc is correct - I was applying the monthly to an annual amount - which was incorrect. I removed my post after I realised, but I think it was too late for your response! Quote Link to comment Share on other sites More sharing options...
Ramon Eelman Posted February 20 Share Posted February 20 Just now, Spyk3r said: Apologies Ramon, I had it wrong - your calc is correct - I was applying the monthly to an annual amount - which was incorrect. I removed my post after I realised, but I think it was too late for your response! No worries, it was good to double check everything. 1 Quote Link to comment Share on other sites More sharing options...
thommo2010 Posted February 20 Share Posted February 20 14 minutes ago, Major Rushen said: This administration could not run a bath and they will get shock at the next election. Reactive government departments over budget. Where is the accountability to the public? Bye Alf you had a chance and blew it. I am going to go out on a limb and say the next administration won't be any better Quote Link to comment Share on other sites More sharing options...
Banker Posted February 20 Share Posted February 20 39 minutes ago, thommo2010 said: Do people really have their head in the sand? It was known during the covid period it would take years to pay back the money paid to everyone to sit at home. It will only get worse unfortunately Yes & mostly government workers except for frontline healthcare workers & other essential services which didn’t include education! Quote Link to comment Share on other sites More sharing options...
Moghrey Mie Posted February 20 Share Posted February 20 2 minutes ago, thommo2010 said: I am going to go out on a limb and say the next administration won't be any better People always say, 'This is the worse government ever.' And then another one comes along............. 1 Quote Link to comment Share on other sites More sharing options...
Cambon Posted February 20 Share Posted February 20 1 hour ago, CrazyDave said: That is actually incorrect. You can only access the lower tax rate if you have been given a tax code. Your tax code can only be used against one job or pension. Any additional jobs or income are taxed at standard rate, now 22%. You are then able to claim any overpayment back in your tax return. If you do not have a tax code but have income where manx income tax applies, you are taxed at the standard rate, now 22%. 1 1 Quote Link to comment Share on other sites More sharing options...
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