Difference between earning £30k and £40k? Watch

koolkuzz
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#1
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#1
Am I right in saying that there is no difference in income (after tax) between earning £30,000/yr and earning £40,000/yr

http://www.hmrc.gov.uk/rates/it.htm
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Kemik
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#2
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#2
Net wage @ £30,000 gross = £22,623.65
Net wage @ £40,000 gross = £29,523.65

You're wrong if you mean you'd receive the same net amount after tax. I don't really understand your question.
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elsa_89
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No, you're not right. It's progressive.
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sil3nt_cha0s
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Tax system is progressive, meaning you're taxed 40% on every pound you earn above £34.6k, not 40% of your total income.
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mahaneap
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No. The highest tax rate only applies to income ABOVE the limit. So if the limit is £35,000, only £5000 of the £40,000 would be taxed at the higher rate.
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ledleyking123
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what would people say is a good set of money to be earning within the uk.
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PJ991
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(Original post by ledleyking123)
what would people say is a good set of money to be earning within the uk.
Depends what your ambitions are etc.

I think I could, on my own, live comfortably on about £17,000 net, but I would prefer on more.
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brokenangel
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£40000 take home = £31120
£30000 take home = £24000
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Fusilero
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(Original post by ledleyking123)
what would people say is a good set of money to be earning within the uk.
£20,000 net a year should be more or less fine for most people, don't expect a great house or anything but it's perfectly livable.
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Unknown?
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So when they advertise a job do they advertise the salary before tax or after it? :confused:
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Renal
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(Original post by Unknown?)
So when they advertise a job do they advertise the salary before tax or after it? :confused:
Before of course.
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JamesyB
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#12
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10k.

Can't believe nobody else said that.
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taheki
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#13
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(Original post by Unknown?)
So when they advertise a job do they advertise the salary before tax or after it? :confused:
Before
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Lé Nash
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if youre too stupid to not understand that theres a difference after tax between 30k and 40k then i'd hazard a guess youre not good enough to ever earn that much so i wouldnt worry about it
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jacketpotato
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#15
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:facepalm: it never ceases to amaze me how so many people have zero understanding of income tax... this has to be the 100th topic like this in the last week
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Frannnnn
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#16
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you can start buying tesco finest on 40k.
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The-Wi$e-One
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#17
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(Original post by JamesyB)
10k.

Can't believe nobody else said that.
Damn, was beaten to it, it must be the southern wit.
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mel0n
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#18
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(Original post by JamesyB)
10k.

Can't believe nobody else said that.
Beat me to it :sad:
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WoWZa
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#19
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The difference between a £30k and £40k salary is about £120 per wk which isn't *that* much anyway
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Fusion
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#20
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(Original post by jacketpotato)
:facepalm: it never ceases to amaze me how so many people have zero understanding of income tax... this has to be the 100th topic like this in the last week
I thought we all went through a phase of neglecting the marginal part of the tax system
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