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

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    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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    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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    No, you're not right. It's progressive.
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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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    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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    what would people say is a good set of money to be earning within the uk.
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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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    £40000 take home = £31120
    £30000 take home = £24000
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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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    So when they advertise a job do they advertise the salary before tax or after it? :confused:
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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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    10k.

    Can't believe nobody else said that.
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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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    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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    :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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    you can start buying tesco finest on 40k.
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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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    (Original post by JamesyB)
    10k.

    Can't believe nobody else said that.
    Beat me to it :sad:
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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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    (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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