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April Payslip - New Tax Codes

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Just looking at new tax and ni rates on the payslip and the net effect is I am around £14 better off. This was a bit unexpected but hey so is the weather!

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A lot of it is to do with the jump in NIC threashold from £5.2K to about £7K

+1. Not massively better off but better than a kick in the teeth. They should be taxing homes sales rather than income.

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Wife was moaning this morning that she's only £50 a month better off and that's after awarding herself a £3K payrise. Her words 'what's the point'. She's going to check with HR and if it's correct she's going to join the unwashed and go on benefits.

Edited by tomposh101

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Wife was moaning this morning that she's only £50 a month better off and that's after awarding herself a £3K payrise. Her words 'what's the point'. She's going to check with HR and if it's correct she's going to join the unwashed and go on benefits.

poor love, send her my commiserations :rolleyes:

Edited by athom

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Well nominally on paper :lol: you're better off but in reality you've all gotten pay cuts as everything has gone up by more than £14 a month.

yep, you're only better off if you don't smoke, drink, drive, eat, wash, need clothes etc.

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poor love, send her my commiserations :rolleyes:

Thank you. such a caring, sharing community on here :)

HR got back to her and it is correct. Paying an additional £100 a month tax on last years salary alone plus we lose the child benefit that's a big cut for us as I am a stay at home dad. Nice.

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Well nominally on paper :lol: you're better off but in reality you've all gotten pay cuts as everything has gone up by more than £14 a month.

Haha, thanks Ken.

I've discovered Home Bargains so for now have taken thus on the chin :)

Edit: loads of people at my wifes work are getting upset about the increased taxes as they had only really factored in the additional 1% NI and not the higher rate threshold being lowered (we saw it coming). Yes they are higher rare tax payersand some have becomehigher rate tax payers over night but they have borrowed to buy houses, drive nice cars and go on foreign holidays. it's a mess out there.

Edited by tomposh101

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Just looking at new tax and ni rates on the payslip and the net effect is I am around £14 better off. This was a bit unexpected but hey so is the weather!

Great news! You can afford that BTL now!

:)

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Wife was moaning this morning that she's only £50 a month better off and that's after awarding herself a £3K payrise. Her words 'what's the point'. She's going to check with HR and if it's correct she's going to join the unwashed and go on benefits.

She wont get a bean if she gives up her job.

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HR got back to her and it is correct. Paying an additional £100 a month tax on last years salary alone plus we lose the child benefit that's a big cut for us as I am a stay at home dad. Nice.

Stick the 40% pay in a SIPP. You can self administer and buy Gold/Farmland/Holiday Home with some providers or Gold/Silver ETFs with most.

If you can get your company to pay into it gross you also save NI as well as keeping the child benefit. Your employer will save a load of NI as well so they should be happy.

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@tomposh

I thought everyone got child benefit for 2 more years? Not lost it yet have you?

Tbh, I was surprised to be a few quid up considering I nearly pay higher rate tax

Yep! Not gone yet but we are no longer including this in our budget so we don't miss it when it's gone.

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Stick the 40% pay in a SIPP. You can self administer and buy Gold/Farmland/Holiday Home with some providers or Gold/Silver ETFs with most.

If you can get your company to pay into it gross you also save NI as well as keeping the child benefit. Your employer will save a load of NI as well so they should be happy.

what percentage of her salary can she allocate to a SIPP? also going to see about contracting out of the state second pension for a NI rebate of 1.6%

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what percentage of her salary can she allocate to a SIPP? also going to see about contracting out of the state second pension for a NI rebate of 1.6%

All of it - 100%

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@tomposh

I thought everyone got child benefit for 2 more years? Not lost it yet have you?

Tbh, I was surprised to be a few quid up considering I nearly pay higher rate tax

Oh please don't bring that friggin' annoying @ into HPC. That's why we have quote. ;)

Edited by pl1

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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