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People earning over £60000 should have a 0.8 to the pound tax rate? Watch

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    (Original post by cleverasvoltaire)
    I doubt it will disadvantage me too much. Also doing plentiful work experience.
    There are others better informed than me on this, but from what I've heard you would be extremely hard-pressed to win pupillage from the sort of chambers that would pay you £70k in your first year with anything less than an outstanding Oxbridge first and much else besides - have a look at the new recruits at these places from the last few years online. It would be a near insurmountable disadvantage for the aspirations you have for yourself in the profession not to achieve a first-class degree.

    Work experience like shadowing barristers and judges? This is stuff that every serious pupillage applicant has five times over. It's really expected nowadays but more to give applicants an idea of what it's like than for any real weight on a CV.
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    (Original post by cleverasvoltaire)
    So I, as a future law student, become a barrister after working extremely hard for 3 years at Cambridge, get a starter salary of say 70,000 pounds and then only get to keep £14,000 of it? What sounds fair to me is I keep what I earn, you keep what you earn. Plain and simple.
    Certainly don't think a Cambridge Law Degree is where you're heading after showing such ignorance/misunderstanding of the uk tax system in this post

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    (Original post by Birkenhead)
    There are others better informed than me on this, but from what I've heard you would be extremely hard-pressed to win pupillage from the sort of chambers that would pay you £70k in your first year with anything less than an outstanding Oxbridge first and much else besides - have a look at the new recruits at these places from the last few years online. It would be a near insurmountable disadvantage for the aspirations you have for yourself in the profession.

    Work experience like shadowing barristers and judges? This is stuff that every serious pupillage applicant has five times over. It's a requirement really.
    I plan to have an outstanding first, from Cambridge. And yeah, that sort of work experience basically.
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    (Original post by chumaniward)
    Certainly don't think a Cambridge Law Degree is where you're heading after showing such ignorance/misunderstanding of the uk tax system in this post

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    I think it is where I'm heading, for some strange reason. Must be the 14 A*s at GCSE. I apologize I don't know how to do my taxes at the age of 17, I really do, however I'll be earning enough to never have to do my own taxes.
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    So what would be the point of working hard then? If you're saying that people who have worked hard all of their lives to earn(yes earn) their money, why should they be taxed 80%. We may as well all just give up on aspirations and be lazy buggers. Bloody left wing hippy. 50% is perfectly fine, go higher and you kill the middle class off the bat and force people abroad.
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    I think there should be a wall built around your neighbourhood as an independent city-state so you can impose your 80% tax rate and see how many rich people will stay to help you out.
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    (Original post by cleverasvoltaire)
    I think it is where I'm heading, for some strange reason. Must be the 14 A*s at GCSE. I apologize I don't know how to do my taxes at the age of 17, I really do, however I'll be earning enough to never have to do my own taxes.
    Do you think a salary of £70,000 is "earning enough to never have to do my own taxes"?
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    **** that. I'd just up and leave the country.
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    (Original post by EatAndRevise)
    Do you think a salary of £70,000 is "earning enough to never have to do my own taxes"?
    I am presuming I won't be earning that much forever.
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    (Original post by cleverasvoltaire)
    I think it is where I'm heading, for some strange reason. Must be the 14 A*s at GCSE. I apologize I don't know how to do my taxes at the age of 17, I really do, however I'll be earning enough to never have to do my own taxes.
    I'd really be careful of being this confident. I am at a school similar to yours (fees same; but I'm on scholarship - not for financial reasons) and got 12A*s at GCSE. That's nothing really special. I applied for a course at Oxford (which is, admittedly, more competitive than Cambridge law) and got an interview but absolutely ****ed the interview up and didn't get in. I will be reapplying this year but it still hit me hard. Don't be cocky, because you can easily mess up and feel like a failure.
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    (Original post by cleverasvoltaire)
    I am presuming I won't be earning that much forever.
    "never"
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    (Original post by cleverasvoltaire)
    I think it is where I'm heading, for some strange reason. Must be the 14 A*s at GCSE. I apologize I don't know how to do my taxes at the age of 17, I really do, however I'll be earning enough to never have to do my own taxes.
    If you earnt 70k a year:
    10 600 is personal allowance. 59 400 is taxable.
    Of the 59 400, 31 785 is paid at basic rate. 6 357 is the maximum tax.

    This leaves you with 36 028 after basic and personal allowance.

    59 400 - 31 785 = 27 615. This number is the value on which you pay the higher 40% tax on. This means you pay 11 046 in higher rate tax.

    Add those two together, you paid 17 403 in tax.
    This leaves you with after-tax cash of 52 597.

    In effect, a 70 000 yearly income is taxed at 24.86%, so a quarter.

    * Without other taxes (NI, IT, CGI, Council etc.) < This would probably pull you up to 30 - 35%, depending on whether you engage in pensions / stock trading.
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    (Original post by EatAndRevise)
    Do you think a salary of £70,000 is "earning enough to never have to do my own taxes"?
    It is.
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    (Original post by cleverasvoltaire)
    I am presuming I won't be earning that much forever.
    I've done work experience with two barristers, both of whom won exhibitions to Oxford and went on to to their DPhils/PhDs. One of them has only just stopped living off his parents. The Bar is full. You will need a doctorate/lecturing experience to get a pupil large/tenancy at OEC/Brick Court et al.
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    (Original post by EatAndRevise)
    "never"
    Your vitriolic assessment of my academic ability and my prospects in the legal career has made me decide to change my current course and instead do a health and beauty Btec. Thanks for your witty and well informed comment.
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    (Original post by cleverasvoltaire)
    I think it is where I'm heading, for some strange reason. Must be the 14 A*s at GCSE. I apologize I don't know how to do my taxes at the age of 17, I really do, however I'll be earning enough to never have to do my own taxes.
    I don't suppose you've heard of a poster on here by the name 'im so academic'?

    She spent about ten years on here deriding universities outside of Oxbridge and telling everyone about her stellar academic achievements and how she was set for the good life in one of these ivory towns.

    She is now in a Great Sulk in exile at Durham.
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    (Original post by SotonianOne)
    It is.
    It isn't.

    I'm sorry to break it to you, but a salary of £70,000 certainly doesn't make you rich.
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    Good point op! in fact, lets just make it 100% so nobody can earn above 60,000. It's not fair to make more money than that
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    (Original post by cleverasvoltaire)
    Your vitriolic assessment of my academic ability and my prospects in the legal career has made me decide to change my current course and instead do a health and beauty Btec. Thanks for your witty and well informed comment.
    Good luck. I've heard some great things regarding Health and Beauty courses, I'm sure you'll fit right in
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    (Original post by EatAndRevise)
    It isn't.

    I'm sorry to break it to you, but a salary of £70,000 certainly doesn't make you rich.
    A 70k salary certainly doesn't make you rich but it does give you enough funds for tax consultancy.
 
 
 
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