Earned £9200 last year, but only pay £6 tax per month?
I am worried that I am doing something wrong, and unknowingly deceiving the HM Customs and Revenue.
I am not any long a student, and I only have one job, where I am part-time and earned £9200 in the last fiscal year (13/14). How is it possible that I only pay £6 per month tax (and £23 per month in NI)?
That works out as £72 per year in taxes? WTF? That is 0.8% of my annual income. I thought taxes were supposed to be more difficult to afford?
I am not any long a student, and I only have one job, where I am part-time and earned £9200 in the last fiscal year (13/14). How is it possible that I only pay £6 per month tax (and £23 per month in NI)?
That works out as £72 per year in taxes? WTF? That is 0.8% of my annual income. I thought taxes were supposed to be more difficult to afford?
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You're only just over the tax threshold, that's why
Original post by RibenaRockstar
You're only just over the tax threshold, that's why
What on earth is a tax threshold? Does this mean I am a tax cheat?
Your tax free allowance for 2013/14 would ordinarily be £9440, unless you have a fancy tax situation, which is unlikely. So you've actually paid more tax than you should have paid, and will probably receive a nice cheque for £72 at some point in the next few years.
(edited 10 years ago)
Original post by Drewski
It means you're either a simpleton who never pays attention to anything in the news or budget or, as most suspect, are trolling.
Can't say I have ever watched a budget tbh. That kind of thing bores me.
I think £9200 is good for 24hrs a week (obviously a menial job, but in terms of pure money), that's why I don't ever want a full time job. But I feel bad not paying taxes.
I want 2 part time jobs, rather than one full time job. This means I would still be earning 13k per year or something but not all from one employer.
Would this mean I pay tax, or not?
Would I need to declare my other part-time job to my current employer so they can give me the correct payment?
Would this mean I pay tax, or not?
Would I need to declare my other part-time job to my current employer so they can give me the correct payment?
OP, don't worry. Over the year, I earn over the threshold, but April 06 to April 06, I earn less than the threshold, therefore paying a grand total of £0 in tax, which isn't half bad. Basically your wage isn't calculated January to December, but April to April
Original post by de_monies
OP, don't worry. Over the year, I earn over the threshold, but April 06 to April 06, I earn less than the threshold, therefore paying a grand total of £0 in tax, which isn't half bad. Basically your wage isn't calculated January to December, but April to April
Yes I am very aware of what a Fiscal year is, but how does that affect my OP?
I am also beginning to worry about the interest piling up on my Student Loan. I know I don't have to pay back a penny, but it just makes me concerned that I graduated and haven't done anything to start repaying it. And let's face it, probably never will at this rate.
Original post by Isambard Kingdom Brunel
Yes I am very aware of what a Fiscal year is, but how does that affect my OP?
I am also beginning to worry about the interest piling up on my Student Loan. I know I don't have to pay back a penny, but it just makes me concerned that I graduated and haven't done anything to start repaying it. And let's face it, probably never will at this rate.
I am also beginning to worry about the interest piling up on my Student Loan. I know I don't have to pay back a penny, but it just makes me concerned that I graduated and haven't done anything to start repaying it. And let's face it, probably never will at this rate.
Because you've been here for a while, I wouldn't sweat it with regards to your student loan repayments. For 3K people, the rate was bank of England base rate + 1%, so for 2011 starters like myself, this is AWESOME! because it means paying the loan back at 1.5% This is below inflation, hence in real terms, you're paying back slightly less
Not to mention that if you put it in a top savngs account, you can make money on the loan you borrowed from the gov't
For 9K people it's a different ball game altogether, and they have every right to be annoyed and worry about the mounting inflation (essentially they're looking at 5% loans! )
I wouldnt worry about your student loan at all tbh
The actual term for that £9,440 amount is the personal allowance, below which no tax is paid. The personal allowance increases to £10,000 for the 14/15 tax year. You can check your tax code as the personal allowance minus one digit followed by L shows you your personal allowance. It used to be "944L" for £9,440, this year it will be "1000L", unless you are on an emergency tax code, or have some kind of company P11D benefit. The number of jobs you have is irrelevant, largely, in terms of the personal allowance, if total income is below it.
Original post by Isambard Kingdom Brunel
I am worried that I am doing something wrong, and unknowingly deceiving the HM Customs and Revenue.
I am not any long a student, and I only have one job, where I am part-time and earned £9200 in the last fiscal year (13/14). How is it possible that I only pay £6 per month tax (and £23 per month in NI)?
That works out as £72 per year in taxes? WTF? That is 0.8% of my annual income. I thought taxes were supposed to be more difficult to afford?
I am not any long a student, and I only have one job, where I am part-time and earned £9200 in the last fiscal year (13/14). How is it possible that I only pay £6 per month tax (and £23 per month in NI)?
That works out as £72 per year in taxes? WTF? That is 0.8% of my annual income. I thought taxes were supposed to be more difficult to afford?
You can thank the coalition, by April of next year anybody earning £10,500 or less will pay no income tax (still pay National Insurance though).
As somebody else has said, you'll get that £72 back at some point.
Do you live at home, how do you survive with only 9k a year ?
Original post by russellsteapot
Your tax free allowance for 2013/14 would ordinarily be £9440, unless you have a fancy tax situation, which is unlikely. So you've actually paid more tax than you should have paid, and will probably receive a nice cheque for £72 at some point in the next few years.
I agree
Original post by Maths and cheesecake
Do you live at home, how do you survive with only 9k a year ?
How do students manage when they receive only 5k a year student finance, and perhaps another 2 - 4k from parents and/or part-time job.
I could manage on 9k a year, especially if living in shared accommodation and claiming housing and council tax benefit.
A single person on JSA, as well as Housing Benefit at, say, £50 a week, won't even receive 6k a year (about a grand more if over 25).
9k a year can easily cover living costs far if single, with no other adults to support, and careful budgeting,
Original post by Emma:-)
Do what you want.
But you get taxed on your OVERALL earnings. It doesnt matter how many jobs you have. All of your jobs and your earnings from them conrtibute to your tax allowance. You dont get 2/3/4 tax allowances because you have 2/3/4 jobs you know.
I have 2 jobs, but still get taxed based on what i earn on both jobs. Both jobs contribute to my tax allowance.
But you get taxed on your OVERALL earnings. It doesnt matter how many jobs you have. All of your jobs and your earnings from them conrtibute to your tax allowance. You dont get 2/3/4 tax allowances because you have 2/3/4 jobs you know.
I have 2 jobs, but still get taxed based on what i earn on both jobs. Both jobs contribute to my tax allowance.
actually not true. I know many people that have been told by the tax man that they have to have a separate tax code & allowance for each job they have & pay tax separately for each. or did I misunderstand your point.
Original post by Maths and cheesecake
Do you live at home, how do you survive with only 9k a year ?
I am currently living at home rent free. As soon as I get my second part time job, I am moving out. But I anticipate that won't be until nearer Xmas.
(edited 10 years ago)
Original post by Aph
actually not true. I know many people that have been told by the tax man that they have to have a separate tax code & allowance for each job they have & pay tax separately for each. or did I misunderstand your point.
yes, you might have a different tax code for each job you have- as in most cases you earn different amounts at each of your jobs- and you would pay tax on both jobs. But everyone has 1 tax allowance of £9440. If you had the £9440 tax allowance for each job you had- someone with 2 jobs would have a tax allowance of £18,880, which obviously isnt right. Basically, the £9440 you can earn before you get taxed is split between the 2/3/4 jobs that you have. And how much tax you pay in each job depends on how much you earn in each.
If you had a seperate £9440 allowance for each job (so with 2 jobs an allowance of £18,880 etc) then everyone would be having more than one job to avoid paying tax.
Original post by Dnator
Oh, is that really true though? Should I cancel my 40 job interviews?
Are you trying to be funny?
Because it isnt working.
Original post by Aph
actually not true. I know many people that have been told by the tax man that they have to have a separate tax code & allowance for each job they have & pay tax separately for each. or did I misunderstand your point.
No you don't cos it's garbage.
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